Section 235(2)

The definition of “successor” in subsection (1) has effect (subject to the necessary modifications) in relation to a case where— as it has effect where the previous owner and the new owner are wholly different persons. the person by whom an undertaking or part of an undertaking is owned immediately before a change is one of the persons by whom (whether as partners, trustees or otherwise) it is owned immediately after the change, or the persons by whom an undertaking or part of an undertaking is owned immediately before a change (whether as partners, trustees or otherwise) include the persons by whom, or include one or more of the persons by whom, it is owned immediately after the change,

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Source: legislation.gov.uk · retrieved 2026-09-04