Principal Rohan Harris, has had been quoted in an article in The Source Saturday, titled: Regulation on regulation
Are NSW retirement village operators about to be regulated out of existence? When will other states follow?
In the subsection of the article, titled 'Residents unlikely to fund plans', Rohan Harris, a Principal in Russell Kennedy's Corporate and Commercial team, advises that the cost of preparing the asset management plan could be included in the village's budget, if the residents agree.
In relation to preparing the asset management plan, Rohan said "This is well and good in theory, but doubtful in practice because it requires the residents' approval. Residents would need to see the benefit and be happy to share the additional cost of the plan, which is essentially the operator's responsibility."
"Well organised operators with existing capital management programs in place will deal with the new requirements and may have capacity to absorb or pass on any additional costs. Operators who have failed to meet base level capital maintenance standards that already exist will be found wanting."
The full article can be found on page 26-27 of the The Source Saturday, with Rohan's comments on page 29.
Rohan Harris is based in Russell Kennedy’s Sydney office where he leads the firm’s Corporate and Commercial practice. He has a key sector focus in both aged care and retirement living areas and assists providers and operators in both the not-for-profit and private sectors, principally in the areas of mergers and acquisitions, governance, due diligence, compliance and commercial contract matters.
With over 22 years’ experience, Rohan is a highly experienced and trusted commercial lawyer and works with his clients to help them pursue their commercial objectives and manage legal risk in their businesses. Rohan has also been recognised by Best Lawyers Australia for his expertise in Commercial Law in its 2022 listing.
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