Do EMIs Close your account if the company ownership is changed in public records ?

[kashmoney]

Hello Everyone


- Company based in the UK
- Changing 100% of the ownership
- Have several EMi accounts

- bank going to require updated KYC/Biometrics ?
Or
-The new owner have to update the information themselves ?

 

[CyprusLawyer101]

Its subject to terms of the agreement for the sale of the company. A buyer could insist on notifying the banks/ EMIs before settling full amount of acquisition.

Also note that if you make the change and do not notify the EMI chances increase to get your account closed