Property Litigation Partner, Daniel Swimer, has commented in Property Week explaining the challenges facing landlords and the options available to them in light of the recent increase in tenant CVAs.
“The percentage vote required to pass a CVA proposal has not changed. Instead, landlords have started to fight back against the use of CVAs. Landlords are unwilling to simply accept the form of the proposals being offered. They are negotiating with the retailer directly or otherwise challenging the proposals on the basis of unfair prejudice where the terms seek to squeeze them too much.”
“When a company enters administration, but continues to trade from premises during that period, the landlord of the premises in question is entitled to be paid the rent as an expense of the administration. This places landlords in a far better position than if rents were cut as part of a CVA,”
Partner – Property Litigation
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“The team at Joelson have been great partners for our business… responsive, commercial, and have added value to our company, from assisting with drafting standard legal documents to full blown commercial negotiations, they have a unique skill set that caters extremely well to the increasing demands of a high growth business.”