Need to Know: Dealing with 2020’s June Quarter Day
The past three months have seen significant changes for almost all businesses in the UK as a result of Covid-19 and the closure of most high street units and many offices.
We have seen particularly swift action by the government to alter certain rules which usually apply to the commercial landlord and tenant relationship, including:
- Removing forfeiture as a remedy for arrears (with the courts initially refusing even to issue such claims)
- Other “breathing space” measures such as delaying the availability of Commercial Rent Arrears Recovery (“CRAR”)
- A proposed ban on winding-up petitions for coronavirus-related debts, which is already being applied by the courts
On 19 June, the duration of these changes was extended until at least the end of September and a new government code of practice was published to communicate “best practice” in discussions between landlords and tenants concerning arrears.
We appreciate the importance of landlords and tenants having a clear understanding of their legal position during this difficult time, particularly with the arrival of the June Quarter Day so soon after these latest government changes. With that in mind, we have brought together our most recent guidance on the issues here and some points of interest. Whether you prefer to read a briefing note or listen to a podcast discussion, there is something for you:
June Quarter Day Arrears:
- How do you solve a problem like arrears? Our latest Property Patter Podcast looks at recovering arrears as well as the latest position with restrictions on landlords' remedies introduced by the Government.
- Code of Practice for commercial property relationships during the COVID 19 pandemic: The voluntary code encourages landlord and tenant co-operation, read our latest insight here.
- Forfeiture moratorium: Click here for all you need to know about the further stay on business tenancy terminations.
- Commercial Rent Arrears Recovery (CRAR): As the amended CRAR Regulations come into effect, click here for the detail on those restrictions and the latest on the proposed legislation to confirm the additional tests for winding-up petitions.
- Corporate insolvency changes: what do they mean for landlords and tenants? Read our latest insight here outlining the headline provisions from the Corporate Insolvency and Governance Act including the new moratorium available to companies who need breathing space and more detail about the temporary restrictions on winding up petitions.
- Retail Recovery: Real estate and adapting business premises: Our Retail Recovery Podcast examines real estate and adapting business premises.
- What have the restrictions on commercial landlords’ remedies during COVID-19 meant in practice? This episode of our Property Patter Podcast considers what the restrictions on landlords’ remedies introduced by the Government to protect commercial tenants during COVID-19 have meant in practice.
- Real Estate Retail Repurposing: Read about our Real Estate Retail Repurposing Hub highlighting the opportunities for investors and developers in times of significant change
- As Government guidance continues to develop, our Employment team explore how businesses will need to translate this into specific actions to ensure a safe and successful return to work, in the first episode of their new podcast: To Furlough & Beyond.
- Alternatively, in our "Return to Work Ready" flyer (which you can download below) we have set out the range of areas for businesses to consider, to ensure you and your employees return to work safely.
For our latest Employment advice and insight click here.
For all our latest Coronavirus (COVID 19) Insights and Information from around the firm, please click here.
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