Victoria has now passed the COVID-19 Omnibus (Emergency Measures) (Commercial Leases and Licences) Regulations 2020 (VIC) (“Regulations”).
The Regulations broadly follow the principles of the Mandatory Code of Conduct announced by the Federal Government in April 2020 with a number of significant exceptions.
The exceptions include that the amount of rent relief offered by landlords to tenants does not need to be directly proportionate to the reduction in the tenant’s turnover. Also, a formal rent relief offer process must be followed.
During these times of uncertainty, we have seen an unprecedented increase in Will enquiries from clients looking to ensure their affairs are in order as this global pandemic continues to evolve. However, whilst this pandemic appears to have been a driver for people to reassess their personal affairs; planning for the unexpected, for business succession and for your family should always be an ongoing process.
On 8 April 2020, the Fair Work Commission (FWC) made determinations temporarily varying 99 employment awards to alleviate some of the challenges employers and employees are currently facing due to the government imposed COVID-19 restrictions.
Prime Minister Scott Morrison yesterday announced a mandatory Code of Conduct (“Code”), to be legislated by the States and Territories, which is designed to enable commercial tenants to survive the implications of the COVID-19 pandemic.
With the rapid spread of COVID-19 throughout Australia and the subsequent restrictions imposed by the government to contain the spread, many individuals and organisations have been placed in an unprecedented predicament. The lockdown of certain non-essential activities and the government’s pleading for the public to remain at home and practice social distancing have left countless businesses with little to no customers, many of which are now facing severe financial hardship.
The Coronavirus (COVID-19) pandemic is a health crisis like no other and it is significantly affecting our community, businesses and individuals. On 22 March 2020, the Federal Government introduced a stimulus package which amends the insolvency regime in the Corporations Act 2001 (Cth) (the Act) and provides some relief to directors and businesses from the usual timeframes for payment of debts that could ultimately result in liquidation or bankruptcy.
As the COVID-19 situation continues to unfold, it is difficult to comprehend the added emotional and financial distress this global pandemic will have on vulnerable people and families going through separation. Increased restrictions may have significant impact on parenting and financial arrangements as well as circumstances involving family violence.
The outbreak of COVID-19 is impacting global markets across all industries and causing significant disruption to businesses around the world.
In this moment of uncertainty, and the situation rapidly changing, we are closely monitoring both State and Federal government proposals to ensure that your rights as Landlords and/or Tenants are protected. These proposals might include preventing Landlords taking possession of leased premises and facilitating rent relief for Tenants.