MST Lawyers is delighted to report that the Justice Legislation Miscellaneous Amendment Act 2018 (Vic) (Act) was passed by the Legislative Council on 18 September 2018 and received Royal Assent on Tuesday of this week.
This is great news for Victorian real estate agents as it provides certainty moving forward in relation to the question of whether rebate statements complied with the legislative requirements of the Estate Agents Act 1980 (Vic) and, more importantly, the effect of non-compliance on the ability of an agent to sue for or to retain commission.
On 1 July 2018, new Ipso Facto provisions introduced into the Corporations Act 2001(Cth)(The Act) by the Treasury Laws Amendment (2017 Enterprise Incentives No 2) Act 2017 (Cth) commenced as part of the Federal Government’s insolvency innovation reform packages. The new provisions have altered the contractual rights of parties against insolvent counterparties by imposing a stay on the enforcement of Ipso Facto clauses, preventing the termination of a contract upon the occurrence of certain insolvency events. The new provisions apply to nearly all contracts, agreements and arrangements entered into on or after 1 July 2018. However, some contracts and contractual rights are excluded from the operation of the provisions pursuant to statutory instruments.
Given the infancy of the new regime, many companies are yet to fully grasp the changes or the implications for their businesses and what may be required to protect their commercial interests appropriately. The nature of the changes may alter the way you do business with your customers or contract with your clients, so it is important that you understand both the changes and the measures required to mitigate the potential risks to you and your business.
Commercial leases generally contain ‘make good’ provisions requiring tenants to ensure that the premises is left in a certain condition at the end of the lease. Problems can arise when these provisions lack clarity as to the scope of the make good obligations. This article provides landlords and tenants with tools to navigate this contentious issue.
To the untrained eye, leases and licences may appear to effectively do the same thing. In reality, they are two very different beasts and it is important for anyone entering into one or the other, to understand some of the fundamental differences.
Learn about the differences in the nature, rights and obligations that arise under each arrangement.