Commercial Law, 2010 Bar — Question IV-C

ESSAY

Venezia is a famous international fashion chain with outlets in Makati, Ortigas, and Manila. It has complied with the minimum capitalization required under the Retail Trade Nationalization Act and carries on retail business worth more than $3 million for each of its outlets. As its Manila outlet is not doing very well, it decides to sell all of its business there consisting of remaining inventory, furniture and fixtures and other assets to its competitor. What are the legal consequences of a failure to comply with the requirements of the Bulk Sales Law?

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