Authorised guarantee agreements: not clearly understood or properly used

By Lisa On-Iam

Authorised guarantee agreements (AGAs) have been the subject of much commentary in the last few years — principally because of decisions in Good Harvest Partnership LLP and K/S Victoria Street v House of Fraser (Stores Management) Ltd.

The interest generated by those cases is an indication of the complexities and uncertainties surrounding section 16 of the Landlord and Tenant (Covenants) Act 1995. It is this section that governs the creation, content and validity of an AGA.

The 1995 act introduced a new leasehold regime. Original tenant liability was abolished and, in most cases to which the act applies, a tenant will be released from all future liability when it assigns a lease…

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