NSW Terminating Lease Without Penalty?

[Dean26333]

A friend of mine opened a small restaurant a few month back. He signed a five-year long lease. Recently, his son was diagnosed late stage diabetes and only has two years of life left. Needless to say, he was devastated.

He wants to close down the business spend more time with his family. The landlord wouldn't let him go without the paying the penalty since there are still 4+ years on the contract. Is there any chance to terminate the contract without penalty?

 

[Rod]

Depends on the term of the lease.

Possible alternative is to sell the restaurant as a going concern and have the lease re-assigned to the new business owner.

 

[Dean26333]

Depends on the term of the lease.

Possible alternative is to sell the restaurant as a going concern and have the lease re-assigned to the new business owner.

Thanks for the reply.

He tried selling the business for months, but due to poor management and high rent. No one would want it even for free.

 

[KirstieCarroll]

Thanks for the reply.

He tried selling the business for months, but due to poor management and high rent.,, no one would want it even for free.

A friend of mine opened a small restaurant a few month back. He signed a five-year long lease. Recently, his son was diagnosed late stage diabetes and only has two years of life left. Needless to say, he was devastated.

He wants to close down the business spend more time with his family. The landlord wouldn't let him go without the paying the penalty since there are still 4+ years on the contract. Is there any chance to terminate the contract without penalty?

Have you tried contacting small business commissioner? It's the best way to do.

 

[Iamthelaw]

I don't see what the SBC would be able to do in this instance.

I also don't see a way out of this without a penalty of some sort.