The Government has announced an extension to the voluntary scheme of stopping landlords evicting commercial tenants for non-payment of rent.
This comes just before the next rent payment is due on 24 June and extends the scheme until the end of August 2020. There are plans to implement legislation to extend that until the end of September 2020.
Once the scheme ends, the usual remedies relating to non-payment of rent can be used by landlords.
Government is encouraging landlords and tenants to reach agreement on arrears and how they will be cleared going forward, but the non-payment of rent will have a significant impact on landlords, many of which will have commercial loans to pay that are associated with these properties.
This announcement comes at a time when more high street outlets are looking at insolvency processes to help them achieve reductions in rent and leave unprofitable units without ongoing liability.
If you are a landlord or tenant and are experiencing financial difficulties, Harrison Business Rescue can help.
Contact us HERE