Since tenants are under pressure from some landlords using aggressive debt
recovery tactics, HMG proposes legislation to protect commercial tenants
from eviction:
here
Mortgage Holidays for Landlords
Mortgage lenders have agreed with HMG that they will offer repayment
holidays of 3 months to landlords with mortgages on their properties
(typically buy to let) whose tenants, due to COVID-19, have difficulty
paying their rent:
here
Emergency Insolvency Measures
New measures to protect companies have been included in the Corporate
Insolvency and Governance Act 2020 (passed into law on 25 June 2020) to give them additional breathing space and
maximise their chances of survival. They:
a) extend existing moratorium provisions, so that, firstly, the threat of
winding-up petitions against a company is removed where they have unpaid
debts resulting from the pandemic, and, secondly, statutory demands issued
against companies are voided;
b) prohibit suppliers from terminating their supply agreements (but with
the ability for a supplier facing undue financial hardship to apply to the
court for permission to terminate its supply) so that companies continue to
access supplies and materials;
c) require dissenting creditors to accept a restructuring plan;
d) remove the threat to directors of being held personally liable for
wrongful trading if a company is unable to avoid insolvency as a result of
the coronavirus pandemic.
If you wish to see HMG's webpages about the Act, click here.