The government has today (Wednesday 16.06.21) announced its intention to:
1. Extend the existing restrictions on stat.demands and winding up petitions (and certain other Covid-related amendments to Insolvency legislation)
2. Extend the restrictions on rent-related forfeiture of business tenancies
3. Extend the restriction on commercial rent arrears recovery action/ CRAR
4. Introduce an entirely new Act of Parliament to deal with accrued rent arrears of businesses that had to shut during the pandemic – forcing landlords to waive or agree on long-term repayment plans with their tenants and providing a binding arbitration process in default of such agreement
Kavan Gunaratna has provided a legal update setting out the key points to consider in the attached document.
We hope this proves useful.