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Deltaberry, is there any recourse to the franchisor? Can the franchisor take over the lease?

Use a specialist retail leases solicitor not your run of the mill property lawyer. They have a great understanding of the retail leases act and how to apply it.

If you have any form of performance guarantee, enforce it. Serve the notice to lock them out, lock them out, cash any bank guarantee. Serve notice for debt recovery and get a judgement against them. Then go for bankruptcy. If you don't take appropriate action to minimise/mitigate your...