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Free Guide to Help Landlords Deal with Insolvent Tenants- 26/10/2009
West Midlands’ law firm FBC Manby Bowdler has published a free guide for landlords of commercial properties to help them deal with any tenants which become insolvent.
“With company failures and individual bankruptcies still on the increase, it is vital that landlords are fully aware of the actions they can take in differing circumstances to recover any outstanding rent and to re-gain control of their premises so that they can be re-let,” says Guy Birkett, Partner and Head of FBC Manby Bowdler’s 18 strong Litigation Department.
“Our easy to use matrix covers the different forms of company and personal insolvency, from a company voluntary arrangement to receivership and bankruptcy, and demonstrates to landlords what measures, such as distraint of goods, or court proceedings against the insolvent company or its guarantors are possible.
“We can then advise landlords on the course of action which is most likely to result in a positive outcome for them, depending on the circumstances,” says Mr Birkett , who is based in FBC Manby Bowdler’s Wolverhampton office.
“Of course the best outcome for a landlord is to recover any outstanding rent from a tenant before it becomes insolvent, by ensuring that the rent is paid on time and taking action, such as distraint of goods, or threatening forfeiture under the terms of the lease, if it is not,” concludes Mr Birkett.