Sneakerboy and Regulation extension

The NSW Supreme Court has provided much needed guidance for tenants and landlords in relation to the Retail and Other Commercial Leases (COVID-19) Regulation 2020 (NSW) (Regulation). The Regulation commenced on 24 April 2020 and has recently been extended to 31 December 2020. The Regulation incorporates the leasing principles set out in the National Mandatory Code of Conduct (Code). In Sneakerboy Retail Pty Ltd trading as Sneakerboy v Georges Properties Pty Ltd [2020] NSWSC 996, the Court granted the tenant relief when their lease was terminated by the landlord for non-payment of rent and an alleged abandonment of the premises. In a secondary decision, Sneakerboy Retail Pty Ltd trading as Sn

Sweeping Insolvency Reform Proposal Announced

On 23 September 2020, Treasurer of Australia Josh Frydenberg, announced the Federal Government will propose a sweeping law reform of insolvency and administration practices. While no formal bill has yet been proposed, the Treasurer stated the key highlights of the proposed reform are to: Adopt key aspects of the US Chapter 11 bankruptcy process; Move from a “creditor in possession” to a “debtor in possession” model; Businesses with liabilities of less than $1 million will be able to keep trading for a period of 20 business days while they develop a debt restructuring plan, to be voted on by creditors and approved by more than 50 per cent of the creditors by value; Creditors will then have 15

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