Commercial Rent Arrears
Due to the Covid-19 pandemic the Government placed a moratorium on commercial landlords evicting tenants who were unable to pay their rent.
This moratorium was put in place until 25th March 2022
Before this date, the Ministry is looking to push through a Bill called “The Commercial Rent (Coronavirus) Bill”. They believe this will help bring a swift resolution to cases where a landlord and tenant have been unable to resolve their disputes over rent arrears.
They say the “Bill allows for the ringfencing of rent debt built up by business who have been forced to close during the pandemic”. It hopes to establish a binding arbitration system, to then decide what happens to that ringfenced debt”. Moratorium measures will continue until the Bill has become law.
Further information on this can be found via the following link:
Any debt accruing on commercial rent arrears AFTER the 25th March 2022 (or following the introduction of the Bill, if earlier) can be actioned by Landlords as per their previous enforcement rights prior to the moratorium. (using CRAR or Forfeiture proceedings)
Any debt that has accrued on commercial rent arrears PRIOR to 25th March 2022 must be collected as per the current code of practice and as per the Bill (once it is passed)
Revenue Services Ltd are able to help in either instance, whether by completing CRAR or Forfeiture action for arrears accrued after the 25th March 2022 (as per the tenancy agreements) or, by helping to mediate and negotiate mutually acceptable repayment terms between the landlord and the tenant for rent accrued prior to 25th March 2022, under our Debt Recovery terms.
We would be happy to discuss this further so please feel free to contact us via the following methods:
Email: [email protected]
Tel: 0117 9040370 / 07786 653208