New South Wales Consolidated Acts

RETAIL LEASES ACT 1994 - SECT 41A

41A Protection of assignors and guarantors

(1) A person who assigns a retail shop lease in connection with the lease of a retail shop that will continue to be an ongoing business, or a guarantor or covenantor of the person, is not liable to pay to the lessor any money in respect of amounts payable by the person to whom the lease is assigned if the former lessee gave (before the start of the period of 7 clear days before the assignment is effected):

(a) the lessor a copy of the assignor’s disclosure statement as referred to in section 41 (a), and

(b) the proposed assignee a copy of the assignor’s disclosure statement as referred to in section 41 (b).

(2) This section does not apply to a former lessee, guarantor or covenantor or a lessor if the assignor’s disclosure statement contains information that is materially false or misleading or incomplete.