Moratorium on Commercial Property Enforcement Ends
The Commercial Rent (Coronavirus) Act 2022 is now in force, having received Royal Assent yesterday. The Act brings to an end the moratorium on Commercial Rent Arrears Recovery (CRAR) and forfeiture of lease with effect from today.
The Act introduces immediate and widespread changes to the existing array of moratoria on enforcement action. There is now a “protected period” within which debt on rent arrears may not be remedied by CRAR or forfeiture. The “protected period”, in relation to a business tenancy adversely affected by coronavirus, is the period beginning with 21 March 2020 and ending with 18 July 2021 (in England) or 7 August 2021 (in Wales).
If the debt in question falls within that period, then the new arbitration process should be the normal remedy. If, however, the debt falls outside of the “protected period” then the CRAR and Forfeiture remedies are now available to the Landlord once again.
If you would like to discuss your strategy following the announcement, please contact us:
T: 01993 220557
For further press information, please contact:
Neil Jinks FCICM IRRV
Head of Client Development & Communications