When you sell a business that relies on a business premise to operate from, and there is a lease in place for that premise, the sale process needs to include some consideration of your ongoing obligations as the vendor.

Most commercial leases will have required a personal guarantee from the business operators (i.e. directors of the company running the company) which will usually continue to run once you have sold the actual business.

Prudentia Law recommends that you carefully consider negotiating a suitable exit from the lease when you sell the business.

This could include negotiating with the landlord to reduce the time the guarantee will continue to run.

This may not always be possible, but it is worth asking the question of the landlord to see if you can minimise any future liability you may have.