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A new law is now in place to help resolve certain remaining commercial rent debts accrued because of the pandemic.
The ‘Commercial Rent (Coronavirus) Act 2022’ received Royal Assent on 24 March. This means that a legally binding arbitration process will be available for eligible commercial landlords and tenants who have not already reached an agreement. This will resolve disputes about certain pandemic-related rent debt and help the market return to normal as quickly as possible.
The law applies to commercial rent 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. Debts accrued at other times will not be in scope.
The law came into force on 24 March England and Wales. See: New law to resolve remaining COVID-19 commercial rent debts now in place – GOV.UK (www.gov.uk)
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