New Code provides welcome clarity for retail landlords, tenants and banks

The new Code of Conduct for small and medium enterprises leasing principles during the COVID-19 crisis brings very welcome clarity to all parties involved. Australian Banking Association CEO Anna Bligh said the Code would give important guidance for all parties on managing a difficult issue for retail landlords, tenants and banks throughout the COVID-19 pandemic. “All parties involved should be commended for finding a way to resolve a very difficult situation in a relatively short period of time,” Ms Bligh said.   “The Code outlines a set of principles which are fair and equitable to all parties. They will give clarity to banks when they are dealing with tenants and landlords experiencing financial stress during this difficult time. “Today’s Code complements the assistance already on offer. As announced last week, banks have offered businesses with up to $10m in total loan facilities a six month deferral on repayments for loans attached to the business. As part of this initiative, if commercial landlords applied for assistance they would be required to commit to not evicting tenants throughout the COVID-19 crisis. “For those businesses with loans above $10m, being more sophisticated and complex, would be treated on a case by case basis

  anna bligh, australian banking association, covid, tenants and banks