In the wake of COVID-19 and the increased uncertainty in carrying on business worldwide, the Australian Government has passed temporary safe harbour measures in order to offer flexibility to companies working through financial distress. In conjunction with the existing safe harbour provisions, the temporary changes provide an added measure of comfort to directors navigating a company’s position throughout uncharted territory.
National Cabinet Mandatory Code of Conduct – SME Commercial Leasing Principles During COVID-19 (Code of Conduct)
The National Cabinet announced a new mandatory Code of Conduct to apply to retail, office and industrial commercial leases during the COVID-19 pandemic (commencing from 3 April 2020). The purpose of this Code of Conduct is to impose a set of good faith leasing principles between current landlords and eligible tenants.
A raft of changes to the Residential Tenancies Act 2010 (NSW) (Act) and Residential Tenancies Regulation 2019 (NSW) (Regulation) will commence on 23 March 2020 (commencing date). New South Wales Landlords and agents should make themselves familiar with the changes – the main ones are summarised below.