The sale or transfer of a business establishment in Panama will not affect third parties unless made public via a 3-day notice publicized in a newspaper of the place where the business is located.
The buyer of a business establishment should pay the purchase price no earlier than 30 days after the publication of the first newspaper notice.
During this 30-day period, creditors of the seller of the establishment can claim to have a right over the purchase price received by the seller even if their credits are not yet due and payable.
During this 30-day period, creditors of the seller can stop the transfer if the purchase price is 10% below fair market value and if the creditors offer to purchase the establishment in the same terms.
The seller and the buyer of the establishment may stop the creditors from exercising the above action by paying all credits that are due and payable or by granting a guarantee of payment in a future date.
These rules apply when the business establishment is sold or transferred as a whole or in one unit, as well as when it is sold or transferred in two or more parts to avoid treatment as the sale or transfer of a whole.
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