The UK retail sector, and the High Street in particular, was in the doldrums before COVID-19. However, the last eight weeks have seen a sudden 80% drop in footfall and a previously unmatched decline in retail sales, as shops have closed and customers have been practically confined to shopping online. As the UK begins to exit lockdown, there are significant question marks over the viability of many High Street businesses and the value and use of commercial property.
This webinar will focus on the some of the most pressing legal issues with which landlords and tenants will have to grapple as they return to the High Street and try to ride out the remainder of 2020.
Simon Edwards, Niraj Modha, and Gethin Thomas of 39 Essex Chambers will explore the following in a live webinar format on 19 May 2020.
- Insolvency: the UK government has announced long-awaited measures to introduce a “business rescue moratorium”. What does this mean in practice, and what should landlords and tenants expect from these measures? With continued restrictions on forfeiture, the landlord-unfriendly decision on CVAs in Discovery (Northampton) v Debenhams Retail  EWHC 2441 (Ch), and suggestions that landlords and other unsecured creditors will be “crammed down”, will tenants keep the upper hand and landlords feel the strain?
- Lease renewals: the Coronavirus Act 2020 has no immediate impact on the procedure and timelines for lease renewals. How should parties deal with expiring leases and claims for renewal or termination? In a dramatically falling market, how should landlords and tenants be advised in order to best protect their interests?
- Rent reviews and valuation: the economic shock caused by COVID-19 has introduced considerable uncertainty in the field of valuation. Previous market evidence is no longer reliable for comparison purposes, and market valuations of the same property obtained within the space of only a few weeks may differ drastically from one another. How should landlords and tenants navigate rent review provisions? What lessons may be learned from the pandemic for parties negotiating commercial leases in the future?
Joint presentation by Simon Edwards, Niraj Modha and Gethin Thomas – to view click here
WEBINAR VIDEO RECORDING:
To view the recording click here
Date and Time:
Tuesday 19th May @ 10.30am
PLEASE NOTE: This webinar is hosted by Zoom. Please visit the Zoom website for their Terms & Conditions.