Need to make early termination from existing commercial leasing

Viewing 3 posts - 1 through 3 (of 3 total)

Sandun
Participant
@chandanaabhayaratne
Join Date: 2016
Post Count: 1
January 30, 2016 - 3:52 pm
Hi All,
I had a small business with two year commercial lease agreement (ware house) and business was failed. Currently business and workshop not in operation and not making any money. I requested for early termination from my existing commercial leasing 04 months ago but property manager couldn’t find successful applicant. We are (me and my wife) signed as a personal guarantors for this lease but now we are in trouble to pay rent and out goings. Can you please advice me, how to solve this problem or please share your experience with me, how to face this situation?
Cheers,
Sandun.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
January 30, 2016 - 5:56 pm
Not much you can do really. Have you sought legal advice?
You should never give a guarantee if possible, and if you need to then just one person should.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Ian Macleod
Participant
@beagle
Join Date: 2013
Post Count: 3
February 9, 2016 - 12:53 pm
If your back is to the wall and you can’t pay the lease then you need to find someone who will stand in your shoes. If there is a business to be had, is it worth while advertising the business for sale at a bargain basement price in order to get someone to take over the lease? It’s a long shot but might be worth considering?
- This reply was modified 8 years, 9 months ago by Ian Macleod.
Ian Macleod | RP Emery and Associates - Legal kits
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