One significant property related update this week has been the granting of Royal Assent to the Commercial Rent (Coronavirus) Act 2022.
The new law has been introduced to help resolve certain remaining commercial rent debts incurred during enforced closures and brings an end to the general moratorium on commercial tenant evictions.
It means there is now a legally binding arbitration process available for eligible commercial landlords and tenants to resolve disputes about certain pandemic-related rent debt.
The law applies to debts of businesses including pubs, gyms and restaurants which were mandated to close, in full or in part, from March 2020 until the date restrictions ended for their sector; referred to as Ringfenced Arrears. Debts accrued at other times will not be subject to the same procedures and landlords may once again revert to CRAR and Forfeiture, where considered necessary.
