The High Court has given its blessing, in two recent cases, to ever more creative company restructuring – which will be a relief to occupational tenants as they look to emerge from COVID, but will likely give landlords cause for concern.
What happened in the New Look case? |
The UK Government has finally set out details of the proposed measures to temporarily restrict the use of statutory demands and winding up petitions during the worst of the COIVD-19 pandemic
As the prevalence of COVID-19 continues to grow worldwide, together with the resulting social and business restrictions, the inevitable fallout will be a failure to achieve business plans and an increase in business insolvencies.
The UK Chancellor, Rishi Sunak, stated whilst unveiling recent plans for a £330bn economic boost in light of the pandemic, “this is an economic emergency. Never in peacetime have we faced an economic fight like this one".
Discovery (Northampton) Ltd & others v Debenhams Retail Ltd & others [2019] EWHC 2441(Ch)
Company Voluntary Arrangements (“CVAs”) are seen as most unfair by landlords who are often forced to continue to make a supply of premises at an imposed reduced rent.
The High Court ruling in Schroder Exempt Property Unit Trust and another v Birmingham City Council [2014] EWHC 2207 provides helpful clarification on whether or not a landlord is liable to pay business rates on an empty property following the liquidation of a tenant and the subsequent disclaimer of the lease.
Background