The Government appears set to announce plans on ‘living with Covid to restore freedom’. With the success of the retail and hospitality sector key to recovery, what protections will be on offer to tenants to deal with Covid-19 rent arrears?
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Browne Jacobson’s corporate finance lawyers have advised omnichannel prestige beauty retailer Sephora on its acquisition of Feelunique.
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On 9 November 2021, the government gave its first reading of the new Commercial Rent (Coronavirus) Bill and updated its Code of Practice introduced to deal with the commercial rent arrears accrued during the pandemic.
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No retail and logistics specialist will have been surprised by the news that ecommerce businesses, responding to high customer demand during the pandemic, have contributed to a jump in warehouse lettings, or that one of the ecommerce disrupters within the retail sector has been rapid grocery delivery services.
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The government has now published new regulations to replace the winding up restrictions mentioned above from 1 October 2021. The key point of interest from a landlord and tenant perspective is that these new regulations will prevent a landlord from presenting a winding up petition to recover rent until 31 March 2022 where the sums are unpaid by the tenant because of the financial effect of the pandemic.
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Last week, the government published a policy statement to deal with rent arrears accrued during the pandemic for those businesses affected by the pandemic.
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Break rights have proved a fertile source of litigation over the last few years. More often than not, tenants have found themselves on the wrong end of the decisions. However, a Court of Appeal decision yesterday has bucked that trend.
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The delay in the full easing of lockdown restrictions and the knock on effect for certain tenants (particularly those in the hospitality and entertainment industry) has clearly caused a change of heart and the government has now announced a further extension of the restrictions.
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One of the requirements for tenants to contract out of the security of tenure regime contained in the Landlord and Tenant Act 1954 is that they make a simple or statutory declaration before entering into the lease.
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Landlords should reconsider summary judgment if a Part 26A restructuring plan is pending.
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