June Quarter Day Commercial Rent Arrears: UPDATE

Amendments to Commercial Rent Arrears Recovery (CRAR) that came into force 24 June until 30 September 2020.

Here is what you need to know:

Rent and service charges are often paid on the usual Quarter Days in advance. For example the rent due on 24th June is for the period from 24th June to 28th September inclusive. In some old leases payment can be in arrears, and in such cases the rent due on 24th June is for the period from 26th March to 24th June inclusive.

If you have a tenant who was in arrears prior to the March Quarter, this should in theory get us to 189 days’ worth of rent unpaid. In this instance we can issue a Notice of Enforcement TODAY, if not then we need to defer issuing CRAR until we crystallise 189 days of rent unpaid.

Temporary Rule Changes

The Government have extended the moratorium on commercial tenant rent evictions from 30 June until 30 September 2020, meaning we cannot forfeit a lease for non-payment of rent during this period.

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