To an asset sale
The parties to an asset sale are as follows:
Buyer/Purchaser: the purchasing company/partnership/sole trader.
Seller/Vendor: the selling company/partnership/sole trader.
The consideration on an asset sale will therefore be paid to the selling company/partnership/sole trader. In the case of a company this will mean that for the consideration to reach the shareholders the selling company will need to declare a dividend or be wound up by its shareholders.
To a share sale
The parties to a share sale are as follows:
Buyer/Purchaser: the purchasing company/partnership/individual(s).
Seller/Vendor: the selling shareholder(s) (which could be individual(s), company(/ies) or partnership(s)).
The consideration on a share sale will therefore be provided straight into the hands of the selling shareholder(s).