VIDEO: Understanding The Commercial Code Of Conduct And Commercial Leasing During COVID-19
The National Cabinet has released the Mandatory Code of Conduct for Commercial Tenancy. The Code sets out principles for landlords and tenants to negotiate amendments to leases when the tenant is a small or medium sized enterprise and suffering financial stress or hardship due to COVID-19. But what does this mean? What does it mean if you own a commercial property with a mortgage that needs to be serviced? What does it mean if you are an SME that cannot afford to pay rent?
This video insight covers these important questions:
- What is the Code?
- Is it really mandatory and what are my rights and obligations?
- Who does the code apply to?
- How do I demonstrate financial hardship?
- When do I need to offer a rent reduction?
- When can I ask for a rent reduction?
- What can be done if either party is being adversarial, dishonest or non-communicative?
The information is correct at the original recording date of 7 May 2020.
The information and any commentary contained in this presentation is general only and does not constitute legal or any other type of professional advice.
While every effort has been made to ensure accuracy at the time of recording, no liability is accepted for any error or omission or any loss which may arise from reliance on the information contained in this video insight. If you have a particular query or issue, we recommend that you obtain legal advice specific to your circumstances. We welcome you to contact Piper Alderman so that we can assist.
If you have any queries resulting from this video insight or need legal advice regarding the Code, please contact Margot King.