This means that you, and other employees, should automatically be transferred to the new employer under the same terms and conditions as in your existing contract. It also states that the employees should be informed and consulted about the transfer of the business.
If the company you work for is in financial trouble, and has been sold to try and liquidate some business assets as part of insolvency proceedings, then TUPE may not apply. In some circumstances, terms and conditions may be varied and not all staff will automatically transfer.