COVID-19 UK – Additional breathing space…but tenants who can pay should

Last week the government announced that:

  • the forfeiture moratorium is to be extended until 30th September 2020;
  • Commercial Rent Arrears Recovery (CRAR) can only be used where tenants owe at least 189 days of unpaid principal rent;
  • the draft Corporate Insolvency and Governance Bill has been amended, extending the temporary ban on the use of winding-up petitions where the inability to pay debts is caused by COVID-19, until 30 September 2020; and
  • a new voluntary Code of Practice has been introduced for commercial landlords and tenants to follow during the COVID-19 pandemic

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