In short the legislation allows the Government to quickly enact laws and regulations to address the unique challenges to the business community brought about by the Covid 19 crisis. The Government has a keen interest in keeping businesses operating as much as possible.
Of particular interest are changes likely to be made to the Retail Leases Act 2010 (NSW) and the Residential Tenancies Act 2010 (NSW) to prohibit recovery of possession of the premises by lessors as well as preventing the termination of a lease. While no regulations have yet been introduced we anticipate it happening over the next few days. It remains to be seen if similar relief will be made available to lessees in commercial offices and other premises not covered by Retail Leasing Legislation. We will advise as soon as we are aware.
In the meantime, we have spent considerable time looking at other forms of relief available to Lessees either under the common law or the lease itself. Each lease is different and should be carefully considered. We are ready and available to assist. Please contact Ron Zucker, Alex Linden, Vincent Tripodina or Chelsea Woodward if you require advice.