Are you also having hard discussions with your bank?
Landlords and tenants are feeling overwhelmed by the discussions that they need to have with each other, and with their banks. How do you start those hard discussions, and put your best foot forward, when you are also dealing with rapidly declining revenue and managing your workforce?
Meyer Vandenberg can help. We are not only experienced lawyers, but we have many skilled negotiators in our ranks, with years of commercial experience and business nous.
The outcomes that you are able to negotiate with your landlord/tenant could make or break your business over the next 6 months. You need to understand your bargaining position, and what is happening in the industry, to drive the best outcome for you.
Archie Tsirimokos is a commercial property lawyer and deal-maker with more than 35 years experience in the ACT property market. As the Chair of the Canberra Business Chamber, he has his finger on the pulse of the deals that are being done between landlords and tenants to get through COVID-19. You can have Archie on your side to skilfully guide you through your negotiations, or even undertake them on your behalf if that is what you need. Once terms are agreed, Meyer Vandenberg’s expert leasing lawyers can speedily document the lease variation so that both parties have certainty about the path forward.
If you feel that the parties would benefit from engaging in a more formal negotiation with an independent facilitator to help drive an outcome, mediation is a good option. Greg Brackenreg has extensive experience in assisting in the resolution of civil liability claims. Greg is recognised by Best Lawyers Australia for litigation and alternative dispute resolution. In order to appoint Greg to assist in reaching agreement, both parties need to consent to the appointment, so broach the idea with the other party and if agreed, contact Greg to get your mediation underway.
Fortunately for landlords and businesses, Australian lenders are showing a willingness to come to the party in terms of negotiated financial outcomes. Deferral of interest and repayments are helpful, but it is important to understand what happens at the end of the repayment holiday. Will loan repayments return to the same levels or higher? And what about the bank’s covenants – might they still be enforced during the COVID-19 crisis?
John Morrissey is a skilled finance lawyer, who had first-hand experience negotiating and re-documenting financing arrangements during the Global Financial Crisis in Ireland. John understands the business of banks, and can guide you through the re-negotiation and documentation of loan arrangements so that you can have peace of mind now, and at the end of the COVID-19 crisis.
Archie, Greg, John and our team of experienced property and finance lawyers are available to assist you now. To give your business the best possible chance of surviving the COVID-19 crisis, please call: