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
RE: A COMPANY (INJUNCTION TO RESTRAIN PRESENTATION OF PETITION) The court considered an application for an injunction in light of the new Corporate Insolvency and Governance Bill 2020 (“CIGB”), which was published on 20 May 2020 and is expected to come into force in late June or early July – click here for more details
The recent spate of high-profile company voluntary arrangements (CVAs), including those of BHS, Store 21 and more recently Love Coffee, The Food Retailer Group and Blue Inc, has placed this corporate rescue tool back in the spotlight. CVAs can be a useful mechanism for turning around a failing business, but it is clear that they
The UK Court of Appeal has swept aside existing rules governing when administrators have to pay advance rents falling due before their appointment. In what will be seen as a significant victory for landlords, the Court held on 24 February 2014 that it was not open for administrators to enjoy a rent free period simply
Landlords often ask for a rent deposit when they grant a new lease, or consent to an assignment, especially if the incoming tenant is of shaky covenant strength. This provides security against possible future default. If a tenant becomes insolvent then this is exactly the sort of situation where a landlord would want to make
For the uninitiated, a pre-packaged sale (or prepack) is one that is negotiated in advance of administration and completed by the administrators when they are appointed. It would be wrong to suggest prepack administrations are universally a bad thing. They can be the quickest means of salvaging a distressed business, while avoiding an often protracted
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.