Commercial Rent Debt update – New Legislation and Arbitration.
- Legislation will be introduced in this session of parliament to ringfence outstanding unpaid rent that has built up when a business has had to remain closed during the pandemic. Landlords are expected to make allowances for the ringfenced rent arrears from these specific periods of closure due to the pandemic, and share the financial impact with their tenants.
- The new arbitration process will be underpinned by law, providing commercial tenants and landlords with peace of mind that Covid-related rent debts will be settled fairly, and with finality.
We are launching a new service to help those with commercial debt, you can learn more and pre-register for the service on the following page.