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It would seem that it is not only the tenants that are continuing to suffer during the current harsh economic conditions. Recent press has followed the decline of two well established brands, namely La Senza and Blacks. Both retailers appointed top accountancy firms to implement emergency rescue plans, known as “pre-pack administrations” .
A pre-pack administration affords struggling companies some protection from their creditors. However, landlords as unsecured creditors, are unable to protect their interests as they are unaware of the pre-pack administration.
Whilst the sale of both the La Senza and Blacks businesses has prevented a further two faces from disappearing from the high street, it has left landlords feeling the sting of a further two pre-pack administrations. Perhaps the sensible solution is for landlords to enter into negotiations with their tenants at the first signs of trouble as surely a reduced income is better than having a huge rental bill wiped clean courtesy of a pre-pack administration?
Judgement has been handed down for the seminal case of Cardtronics UK Ltd and others (Respondents) v Sykes and others (Valuation Officers) (Appellants) [2020] UKSC 21.
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Following an MP debate on 5 November 2019, the government is due to release long-awaited guidance as to how it intends to protect workers in the retail industry against violence, harassment and abuse.
Some commentators had anticipated that persisting retail sector challenges might disrupt more than the make-up of the high street or commercial property negotiations between landlords and tenants.
Mandatory registration under the Drone Safe Drone and Model Aircraft Registration and Education Service starts at 00.00 on 30 November 2019.
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