The COVID-19 pandemic and its consequences have had a turbulent effect on the retail, leisure and hospitality sectors in the UK. Government regulations in response to the pandemic have required tenants to close their premises to the public for long periods of time, causing profits to plummet, whilst landlords have been faced with rent ceasing
There is just over a week left to participate in the Government’s consultation on the withdrawal or replacement of the protections it has put in place to protect commercial tenants during the COVID-19 pandemic. On 6 April 2021 the Government launched a consultation calling for those involved in the commercial property sector to participate in
The Government has confirmed that it will be renewing the measures it introduced to protect tenants in the commercial property sector unable to pay their rent due to the COVID-19 pandemic. Currently, commercial tenants benefit from a prohibition on landlords forfeiting commercial leases for non-payment of rent. This measure was due to expire on 31 March 2021, and despite the Government confirming in December 2020 that this would be the final extension to protections from the threat of eviction, the Government has announced that the restriction on forfeiture will in fact be extended until 30 June 2021.
The Government has also renewed the restriction on landlords using Commercial Rent Arrears Recovery (CRAR) to recover unpaid rent, which was due to expire on 31 March 2021, but has now been extended until 30 June 2021. This measure will increase the total number of days’ outstanding rent required for CRAR to be used to 457 days if CRAR is to be used between 25 March and 23 June, increasing to 554 days’ if CRAR is to be used between 24 and 30 June. It is not yet clear whether the Government will extend the measures introduced by the Corporate Insolvency and Governance Act 2020 restricting the use of statutory demands and winding-up petitions which is due to expire on 31 March 2021.
Continue Reading Commercial property evictions ban extended until 30 June 2021
The Government has confirmed that it will be renewing the measures it introduced to protect tenants in the commercial property sector unable to pay their rent due to the COVID-19 pandemic. Currently, commercial tenants benefit from a prohibition on landlords forfeiting commercial leases for non-payment of rent. This measure was due to end on 31
The Government has confirmed that it will be extending the temporary ban on commercial landlords issuing statutory demands and winding up petitions against commercial tenants who have not paid their rent during the COVID-19 pandemic. A statutory demand can be issued where a corporate debtor owes £750 to a creditor. If the debt is not
The Government has confirmed that it will be renewing the measures it introduced protecting tenants in the commercial property sector unable to pay their rent due to the COVID-19 pandemic. Currently, commercial tenants benefit from a prohibition on landlords forfeiting commercial leases for non-payment of rent and restrictions on landlords using commercial rent arrears recovery
The facility agreement is finally agreed. The execution versions of the ancillary documents have been deftly zipped and are ready for email circulation to the wider team. A real estate lawyer interjects that the charge needs to be executed in “wet
The UK government has confirmed today that it will be renewing the package of measures it introduced for tenants in the commercial property sector unable to pay their rent due to the COVID-19 pandemic, including extending the moratorium on forfeiture and the restrictions on issuing statutory demands and winding up petitions from 30 June until
The spread of COVID-19 has forced the mass closure of workspace and the implementation of work-from-home policies in the majority of industries.
As the UK contemplates easing lockdown measures, businesses are having to consider what the world of work will look like in the “new normal”. But what does that “new normal” look like and
As we approach the June quarter day, it is not only landlords who will be keeping a close eye on rent collection. For lenders rent collection is also very important.
So far we have largely seen that lenders have been supportive of landlords in relation to unpaid rent for the March quarter day – in