Economy
Published: October 5, 2021
Submitting To: Finance and Expenditure Select Committee
Issue for Business: An Omnibus Bill making a number of changes to various pieces of legislation as a result of Covid-19 restrictions. Most of the changes are straightforward and logical but one issue in particular is problematic - the requirement for commercial tenants and landlords to come to an agreement to adjust the rent (including outgoings) due under their leases. This would mean the parties share the financial burden of the Covid-19 response with ways of resolving disputes if no agreement can be reached. BusinessNZ is concerned that this approach rides rough-shod over existing property rights.
Action: A submission has been made to the Finance and Expenditure Select Committee outlining our opposition to this proposal and recommending that Schedule 6, Part 4: Amendments to Property Law Act 2007 be deleted.
Outcome: This legislation has been passed into law under urgency with very minor changes to the original Bill. However, the minor amendments to the original Bill do not impact materially on the overall outcome.
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