On 25 March 2022, the general moratorium on forfeiture of commercial premises due to non-payment of rent came to an end, just over two years since it was implemented at the start of the Covid-19 pandemic. The day before, on 24 March 2022, the Commercial Rent (Coronavirus) Act 2022 (2022 Act) received Royal Assent, ushering in a new statutory scheme of arbitration for England and Wales, to be used where commercial landlords and tenants have been unable to reach an agreement on rent arrears accrued in periods of mandated business closures. The full article can be found here on the Real Estate Development Notes blog.
For more information, please contact Matthew Bonye, Partner, Real Estate Dispute Resolution and Matthew Weal, Senior Associate, Real Estate Dispute Resolution or your usual Herbert Smith Freehills contact.
The authors would like to thank Leon Culot for his assistance with the article.
For further information, please contact:
Matthew Bonye, Partner, Herbert Smith Freehills