VCAT recently held that s 92 of the RLA 2003 prevents recovery of costs in a dispute between landlord and tenant of a retail premises lease of less than one year. Section 12 of the RLA 2003 states that the Act does not apply to retail premises leases of less than 1 year. However, the […]

Here is a record of an interview with Mark McInnes, former head of David Jones and current head of Premier Retail, discussing the closure of 50 stores in the Just Group announced recently. The interview contains commentary on the retail sector, and the future of retail tenancies in particular, including: comment on centres that are […]

As most readers are aware, Victoria has had a new disclosure statement under the RLA 2003 since 1 January 2011. A copy of the regulations with the new disclosure statement can be found here. I previously posted some comments on the new disclosure statement here. I have been looking at this again recently and have set […]

The final comments made by the Court in the Primary RE case related to the potential liability of Primary RE to a claim for damages for breach of the lease that accrued prior to its appointment as replacement RE. This argument appears to arise out of the operation of s 601FS (discussed in more detail […]

Another issue in the Primary RE case was whether a replacement RE can seek relief from forfeiture of part only of a terminated lease. Primary RE was appointed as replacement RE for only the 2007 scheme.  However, some of the leased land was used for other schemes as well.   Consequently, Primary RE would be able […]

In the Primary RE case, the Court held that relief from forfeiture would not have been granted in any event. The Court (see para [196]): did not accept that the financial prospects of a restructured scheme is a significant factor in the exercise of the Court’s discretion;  and accepted that the interests of the investors […]

The Federal Government recently published a discussion paper on Managed Investment Schemes. The discussion paper arises out of recent high profile collapsed managed investment schemes and raises issues in relation to the transfer of a viable MIS, restructuring a potentially viable MIS and winding up a non-viable MIS. A copy of the discussion paper is […]

In the Primary RE case, the new RE sought relief from forfeiture of leases terminated following breaches of the lease by the former RE. The landlord argued that the former RE would have been estopped from seeking relief from forfeiture because it had failed to make an application for relief from forfeiture following service of […]

Primary RE replaced the old Great Southern RE of the schemes in this litigation. Under s 601FS of the Corporations Act: If the responsible entity of a registered scheme changes, the rights, obligations and liabilities of the former responsible entity in relation to the scheme become rights, obligations and liabilities of the new responsible entity.  […]

In a recent Queensland Court of Appeal decision, the tenant had purported to exercise its option out of time. The Court upheld the primary judge’s finding that: the purported exercise of an option out of time constituted an offer by the tenant to enter a new lease on the same terms as the option;  and […]