With the second rent quarter day fast approaching on June 24, the number of insolvencies are likely to rise sharply as tenants are unable to meet their debts, warns debt recovery specialist Martin Kingman.
Martin, debt recovery and insolvency manager at leading regional law firm Furley Page, said: “The situation in the last year has shown us that regardless of the size of a business – from a multinational household chain to a small trading unit – no-one is safe from the worldwide slowdown. Landlords are facing tough choices about recovering overdue rent while tenants are struggling to make ends meet. The last thing either party wants is vacant premises.”
Martin’s advice is to act quickly, urging landlords and tenants to seek a compromise such as opting for a payment holiday or deferred payment with a personal guarantee. Playing a waiting game can end in disaster as insolvency on either side severely hampers scope for ‘doing deals’.
The British Retail Consortium is currently running a campaign to replace quarter days with monthly billing, making the cash flow more manageable, he added.
Martin Kingman of Furley Page Solicitors is a specialist in debt recovery and insolvency issues.
Article Source: Insolvency On The Increase As Quarter Day Approaches
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