Silverlake Property Holdings Pty Ltd ('Silverlake') owns a twelve-storey building in St Leonards NSW. In January 2022, Silverlake leased one floor of this building to AZLaw Property Pty Ltd ('AZLaw PPL'), a shelf company, which was set up by its three only directors and shareholders who run a successful law firm partnership. Silverlake wanted a long-term lease, so it offered the following incentives to AZLaw PPL in return for AZLaw PPL signing a ten-year lease at a monthly rate of $5,000 a month: (1) rent-free occupation of the premises for the first 18 months of the lease; (2) $75,000 to cover AZLaw PPL's renovation expenses in the premises; and (3) a $20,000 cash signing bonus paid to AZLaw PPL on execution of the lease agreement by AZLaw PPL. AZLaw PPL properly executed the lease, and then the three lawyers moved into the premises and continued their successful law firm partnership there. After 18 months, AZLaw PPL paid rent for three further months to Siverlake, but at the end of the third month, the lawyers promptly packed up and left the building, and AZLaw PPL did not pay any further rent.

Advise Silverlake Property Holdings Pty Ltd as to its legal rights under Corporations Act 2001