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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.