... be factored into property due diligence. The Court of Appeal ruled that where a lease granted on or after 1 January 1996 created a “new” tenancy for the purposes of the 1995 Act, the tenant is entitled to a release from liability when it assigns the lease and that its guarantor is entitled...

... to comprehend the true nature of assets and liabilities. Leasing is an activity whereby the use of an asset is separated from the ownership of that asset. The Accounting Standards Board, in its Statement of Principle, defines assets as “rights or other access to future economic benefits controlled by an entity...