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Landlord and tenant – commercial

Administration – pre-pack

Under a pre-pack a company goes into administration and then its assets are sold immediately. The documentation will usually say that the leases will be transferred to NewCo following the grant of L’s consent, but it will be up to NewCo to get that consent.

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Rent – monthly payment

Many Ts of retail premises are asking to pay their rent monthly (rather than quarterly).

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Virtual assignment – alienation breach

Virtual assignments are common in large corporate transactions. For instance, if a seller has dozens of leasehold properties it may not be practical to apply for consent to assign each property before completion of the deal.

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Distress – not abolished

The Commercial Rent Arrears Recovery regime was intended to replace the ancient remedy of distress.

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Insolvency – L’s remedies (2)

This table summarises L’s remedies when dealing with a corporate (not individual) T.

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