Commercial Rents March Quarter Day: Business As Usual?
What should you do?
Though we are in unprecedented times and many businesses are likely to suffer significant financial pressures in the short term whilst the government rolls out its planned support measures, we are all faced with trying to maintain normality as best we can in the circumstances.
We might reasonably expect that by the time we arrive at the June Quarter Day significant cash flow pressure may have bitten, dependent on how long the lockdown lasts and how effective the government support measures are in helping to protect businesses. However, rental payments due now should have been budgeted and set aside ready for payment.
Given that, we are advising landlords and managing agents at this point to adopt a ‘business as usual’ approach to rental collections, and at least ensure a dialogue is opened to ensure that rents are paid wherever possible.
Normal processes should apply
Some businesses may already be in genuine difficulty, and you might wish to make special arrangements accordingly given the current exceptional circumstances However, it is important that contact is made to discuss where non-payment occurs. As things currently stand:
- You still have entitlement to enforce where necessary.
- CRAR enforcement notes can still be issued, though you have 12 months from date of issue to apply them. This gives you control, but critical breathing space in this difficult time, to decide how best to protect your commercial interests.
- We can provide you with a FREE Business Credit Risk Rating Report which will enable you to get an up to date picture of the financial status of your clients, and better inform your decision-making processes through this critical period. This is available on request when you submit a CRAR instruction against a Limited Company.
We are here to help
Our team of experienced and qualified advisors are still in place to provide advice, support and provide recovery action where require.
At this very sensitive and worrying time for all we are keen to ensure that you have all the facts and support you need to make the very best decision for your business and your clients.