With the rent moratorium ending on 24 March 2022, Bull and Bear discuss the implications of the new legislation for landlords and tenants in relation to rent arrears.
Research from Remit Consulting predicts the shortfall in rent unpaid by business occupiers now exceeds £8 billion.
The Government's new legislation ring-fences rent arrears accrued by businesses forced to close by COVID-19 restrictions during periods of closure and introduces a binding arbitration process to resolve outstanding disputes relating to these arrears.
Debts accrued at other times are not covered by this new Act and as such, landlords are now able to enforce their usual remedies such as forfeiture or CRAR.