If your business operates out of a premises which is to be, or has, been compulsorily acquired, it is likely that you will be eligible for business loss compensation. Compensation can in many cases be extraordinarily high and well beyond any initial offer from the acquiring authority.
Compensation will be commensurate with your financial loss – both in terms of the “hard” costs (which may include removalists, storage and fit out of new premises) and loss of income.
Calculating the loss can be complex : such matters as the location of the business, the type of business and the length of your lease will all have a significant impact. There are many more issues to be considered that impact the valuation of a business and what the loss associated with losing the premises are.
We help business owners by methodically working through the true value of the business and engaging the right experts to prepare reports such as valuations.
Having a team that understands the commercial realities and that knows the the right questions to ask and compensation headings to claim can s result in additional compensation, both in the type of compensation and the amount ultimately received.
Valuers are appointed to assess your financial disadvantage to present a counter-offer to the acquiring authority. This is a fairly scientific process. In some cases, other experts may be required to prepare reports to establish the value of the loss to your business. Accountants and other industry specific experts are also often required to prepare documentation and reports.
Your lawyer will liaise and negotiate with the authority in relation to compensation and, if necessary, issue proceedings in the Victorian Civil and Administrative Tribunal (VCAT).
It is important to appoint an experienced compulsory acquisition lawyer to act for you as soon as possible. Getting legal advice will help you work out the best options and how to maximise the compensation claim.
We co-ordinate and engage all the necessary parties involved to present your case and negotiate directly with the authority to get the best compensation possible.
