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NSW Commercial Law - Am I Entitled My Bank Guarantee Back?

Discussion in 'Commercial Law Forum' started by Neil Jackson, 19 January 2016.

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  1. Neil Jackson

    Neil Jackson Member

    19 January 2016
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    Took over the lease in early 2015. Bought the plant and equipment off an old tenant. Got a bank guarantee as a rental bond.

    Exercised option to renew lease June 2015. The new lease had many changes apart from rent. I did not sign it.

    The landlord gave me the option not to sign. I went on a month to month basis. Soon after I gave 2 month's notice period.

    Got buyer for my plant and equipment but they hadn't signed the contract or the lease prior to me vacating shop. All items were left as I believed that this person was genuine. In mid-December, they advise they are not going ahead. The owner then denied me access. The owner has given me until mid-February to get all the items out, with access for a day

    Under Commercial Law, am I entitled to my bank guarantee back?

    Can I sell my plant and equipment up to, and after, mid-February?
  2. Sophea

    Sophea Well-Known Member

    16 April 2014
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    Hi Neil,

    If the bank guarantee was held as a rental bond then you should be entitled to it back provided there is no damage to the premises and you are not in arrears in your rental payments. Your lease should set out the conditions regarding use, withholding and repayment of the bond.

    Since the landlord is giving you an opportunity to get all of your plant and equipment out, I would jump at the chance to collect it when he grants you access, otherwise you may have much difficulty trying to recover it. In terms of selling it, you can do what you want with your plant once you have it. But since you have relinquished your rights to the property by ending your lease, you do not have right of access so you must obtain the landlord's consent in order to access your belongings.

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