Commercial rent arrears: what are the latest restrictions on landlords’ remedies this quarter day?
There have been significant changes for almost all businesses in the UK as a result of COVID-19. Following the closure of most high street units and many offices during various Lockdowns, those businesses which manage to reopen will be trading under very different arrangements and face restricted operations for some time to come.
Following the swift action taken by government in March and April 2020 to alter certain rules which usually apply to the commercial landlord and tenant relationships, the remedies available to landlords have been restricted. There is also the prospect of further long-term changes for the commercial property world, as the government has announced that it intends to undertake a review of commercial landlord and tenant legislation during 2021. This will include consideration of Part II of the Landlord and Tenant Act 1954, different models of rent payment and the impact of COVID-19 on the market.
We appreciate the importance of landlords and tenants having a clear understanding of their legal position during this difficult time, The current restrictions on the remedies usually available to landlords of commercial property have therefore been brought together in our updates below.
Forfeiture moratorium: Click here for all you need to know about the current stay on business tenancy terminations.
Commercial Rent Arrears Recovery (CRAR): For the latest on the amended CRAR Regulations, click here for the detail.
Code of Practice for commercial property relationships during the COVID 19 pandemic: The voluntary code encourages landlord and tenant co-operation, read our insight here.
Corporate insolvency changes: what do they mean for landlords and tenants? The restrictions on winding- up petitions have been extended until 30 June 2021 – see here for further details. For a reminder of the headline provisions from the Corporate Insolvency and Governance Act – which introduced a new moratorium available to companies who need breathing space - read our insight here
This page is updated quarterly, if you have any questions, would like to discuss any aspects of this update further or receive future quarterly updates please contact Emma Humphreys or Laura Bushaway.
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