Last week the government announced that: the forfeiture moratorium is to be extended until 30th September 2020; Commercial Rent Arrears Recovery (CRAR) can only be used where tenants owe at least 189 days of unpaid principal rent; the draft Corporate Insolvency and Governance Bill has been amended, extending the temporary ban on the use of winding-up
In Boris Johnson’s first daily coronavirus update yesterday, he urged the general public to stop “non-essential contact” and “all unnecessary travel“, and to avoid social venues including “pubs, clubs and theatres“. Although supermarkets have been doing a roaring trade in pasta, hand sanitiser and loo roll in recent days, other retailers, restaurants and pubs have
In an earlier blog we discussed the High Court decision in the case of Thirunavukkrasu v Brar & Brar. The High Court confirmed that taking action pursuant to the Commercial Rent Arrears Recovery regime (CRAR) would amount to a waiver of a right to forfeit. The landlords subsequently appealed to the Court of Appeal, which
Hogan Lovells recently represented the landlords in SHB Realisations Limited and GB Europe Management Services Limited v Cribbs Mall Nominee (1) Limited and Cribbs Mall Nominee (2) Limited, a case confirming that it is possible in certain circumstances to forfeit a long lease granted for a substantial premium. Forfeiture Leases invariably include a right for
Although company voluntary arrangements have stolen the headlines this year, there are many other tenants, particularly those in the retail sector that are not seeking to reduce their rents but simply falling into arrears. This presents a significant headache for landlords trying to manage their property portfolios. There are a number of remedies available to
I am a landlord of commercial premises and my tenant has not paid its service charge contributions, despite repeated demands. Can I forfeit the lease? Quite probably but there are a number of points to check first. Does your lease expressly allow you to re-enter the premises and, if so, what triggers that right? If
You’re a landlord. A business tenant goes bust. Getting them out and getting the lease back may not be as easy as you think. It can be especially complex (and galling) where your tenant is succeeded by a new business with the same management, the same name and the same suppliers, still in your premises.