The ministry of housing Communities and Local Government has issued a publication on the 4th of August regarding new government legislation to ring-fence rent debts accrued during the pandemic by businesses affected by lockdown.
The government is also detailing a process of arbitration between landlords and tenants in disagreement due to lockdown rent debts.
The pandemic has affected an array of different businesses. However, businesses that rely on footfall, including restaurants, retail, and recreational facilities have been hit harder than other businesses that have managed to find a way to operate during the lockdown.
These businesses have not been able to generate revenue streams to cover costs and many have accrued debts in the form of unpaid rent.
This is causing problems between landlords and tenants which the government is looking to address for further information please follow the link:
If you would like to discuss this with us at AI accountants we will be more than happy to speak to you and provide some advice.