Full legislation
s.3
Transferee of business to be liable for liabilities of transferor
Subject to this Ordinance, whenever any business is transferred, with or without the goodwill thereof, the transferee shall, notwithstanding any agreement to the contrary, become liable for all the debts and obligations, including liability for tax charged or chargeable under the Inland Revenue Ordinance ( Cap. 112 ), arising out of the carrying on of the business by the transferor.