The UK government has published a new code of practice and draft legislation to govern the binding arbitration scheme (and related measures) that it is introducing to resolve intractable disputes between commercial tenants and landlords regarding lockdown-related rent (and service charge) arrears. The press release can be found here and a notice that introduces and links to both the revised code and the Commercial Rents (Coronavirus) Bill can be found here.
CREFC and the British Property Federation are running two webinars jointly for those who want to know more without having to read all that material:
- Melanie Leech, BPF CEO, will discuss the new measures with government officials at 10am on Tuesday 23 November – register here; and
- Peter Cosmetatos, CREFCE CEO, will discuss the changing landscape for commercial tenants and landlords (and their lenders), in the face of recent and anticipated policy interventions, with market participants at 9am on Tuesday 30 November – register here.
You can find more information on the moratorium here.