In the recent case of Willmott Growers Group Inc v Willmott Forests Limited, the High Court upheld the decision of the Victorian Court of Appeal which held that liquidators of a landlord company can use the disclaimer power in the Corporations Act 2001 to extinguish leases granted by that company. So what does this mean for tenants and does this have any effect on mortgagees of a landlord company?
Many people don’t realise there is a restrictive covenant affecting their title until they come to do some sort of renovation or development. There are ways of removing restrictive covenants from land, however, a modification to its terms may be sufficient to allow a particular development or proposal to proceed.
Property development can by a tricky business if you don’t do your homework from the outset.
It has long been a debated topic whether or not estate agents are legally permitted to draft special conditions for a contract of sale. This is a matter that should not be taken lightly, particularly given that the maximum penalty for contravening the law is two years imprisonment.