Strata Schemes Development Act 2015

If a lessor has brought legal proceedings to enforce a right of re-entry or forfeiture under a lease of a lot in a leasehold strata scheme, the Supreme Court may, on application by a mortgagee, chargee or covenant chargee of the lot make an order—

staying the proceedings on the terms the Supreme Court considers just and equitable, and

vesting, for the remaining term of the lease or a shorter term, the lease of the lot in the mortgagee, chargee or covenant chargee on the conditions the court considers just and equitable, including, for example, conditions relating to—

the execution of a dealing or other document, or

the payment of rent, or

costs, expenses, damages or compensation, or

the giving of a security.

The order may be made—

in proceedings brought for the purpose by the mortgagee, chargee or covenant chargee, or

in the proceedings brought by the lessor that are already in the Supreme Court.