The Register of Overseas Entities: Questions & Answers

Why is the Register of Overseas Entities being introduced?

The UK government is introducing a ‘Register of Overseas Entities’ to achieve transparency of property ownership where any UK property is held by an overseas entity. The government is looking to disincentivise foreign criminals from using UK property to launder money while continuing to provide legitimate businesses with an opportunity to invest in the United Kingdom.

The deadline for registration will be 6 months from the commencement of this new law.

Who will the measures apply to?

 The measures will apply to the following foreign owners of UK property:

  • any companies or legal entities governed by the law of a country or territory outside the United Kingdom
  • individuals who have significant influence or control over the entity.
 What property will the measures apply to?

 The measures will apply to property bought since January 1999 in England and Wales and since December 2014 in Scotland.

 What will the Register do?

The ‘Register of Overseas Entities’ will:

  • provide more information for law enforcement to assist with identifying criminals who use UK property to launder money
  • require anonymous foreign owners of UK property to reveal their identity
  • bring the regulations in line with those for UK companies owning property in the United Kingdom who are already obliged to disclose their beneficial owners to Companies House
  • impose sanctions for non-compliance.
What will foreign property owners have to do?

 This regime is modelled on the “People with Significant Control” (PSC) regime which is already in place for UK Companies. Foreign entities will now have to register their beneficial owners at Companies House.

Beneficial owners include those individuals who own more than 25% of the shares or have significant influence or control over the foreign entity.

 What will the sanctions for noncompliance be?

 There will be civil sanctions in the form of financial penalties of up to £500 per day, restrictions on dealing with property as well as criminal sanctions for both owners and managing officers.

 Review

 Currently there are approximately 90,000 properties in the UK that are owned by offshore companies and this new legislation has been sitting on the shelve for 4 years. However, it has taken the crisis in Ukraine to put this now on the top of the political agenda.

It is doubtful how this new legislation will succeed in dealing with those criminals or individuals on the Sanction list who use UK property to launder their funds. The flaws of the new legislation is the same as those being faced by the current PSC regime for UK Companies. The main disadvantages being that it is still possible to create structures so that the real individual is hidden from the register and that there is no mechanism to check that the information that is provided is true.

If you have any questions, please do not hesitate to contact James Cohen directly on [email protected] or 0207 822 2257.

© 2022 GSC Solicitors LLP. All rights reserved.  GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

Marking our 50th Anniversary

PRESS RELEASE

GSC Solicitors LLP: Celebrating 50 Years of the Legal Excellence

Year 2022 marks the 50th anniversary of the founding of GSC Solicitors LLP. Its first (slightly) contentious issue?

The naming of the independent law firm. It’s just one of a series of ‘GSC Stories’ set to be published throughout 2022 to mark the half-centenary.

It was 1972. John Douglas Green and David Peter Conway, the firm’s founding partners, were putting final plans in place for the launch of the law firm that would later become known as GSC Solicitors LLP.

There was just one sticking point: the firm’s name. GSC Senior Partner Saleem Sheikh takes up the story:

“Discussions went back and forth but John and David simply couldn’t agree whose name would appear first. They decided to flip a coin and John won. The firm would be called Green Conway & Co.

Yet David felt a little aggrieved. He had been qualified slightly longer than John. Alphabetically his surname came first. Conway Green & Co? John refused. He’d won the coin flip fair and square.

“It was David’s mum who broke the deadlock and called John with a potential solution. John could have his name first, she said, but David wanted the firm to bear his full name.

So Green David Conway & Co was born. For years afterwards many clients assumed ‘David’ was the never seen silent partner.”

GSC Stories

Naming the firm is the first of many stories chosen to mark the golden anniversary of a law firm which has become synonymous with client relationships that span multiple generations.

It was while recalling those stories with Head of Marketing Zhanna Sutton that Saleem realised they were too good not to be told.

Zhanna says: “50 years in business is an important milestone and deserves to be celebrated. While talking with Saleem, other partners and members of the wider GSC family, it’s clear

that our stories are about more than legal cases. They are about people who shaped our history, the clients whose lives have been changed by those people and the legal precedents set in the highest courts.”

“Like every family, some of our stories are amusing, some inspiring, some profound and some moving. Together they define the legacy of GSC and now seemed the perfect time to capture them.”

During this year, GSC Solicitors LLP will share its stories, and Saleem sees a common thread running through each one.

“We are – and have always been – lawyers for life. We have never viewed our clients as ‘cases’, ‘legal problems’ and certainly not ‘fees’. We commit to our clients in real and significant ways

and they trust us to make a difference. We are their lawyers. But we are also so much more.

“It is that approach that has seen us grow for 50 years. That is what the GSC Stories reveal. And that is why we remain well positioned to thrive for the next 50.”

Application for the Ukrainian Humanitarian Route

Further support for Ukrainians fleeing Russia invasion

Thousands more Ukrainians will be welcomed to the UK as the Government continues its support for Ukraine in their fight against the Russian invasion.

The Prime Minister this morning (March 1) announced an expansion to our Ukrainian Humanitarian Route, which will increase the number of people from Ukraine who are eligible to come to the UK to be reunited with their families.

As well as immediate family members, British nationals and people of any nationality settled in the UK will now be supported to bring parents, grandparents, adult children and siblings to the UK. British nationals and people settled in the UK will be able to bring extended family members to the UK and sponsored humanitarian visa route will be established.

Assistance available to Ukrainian family members of British nationals and family members of Ukrainian residents in the UK.

The new changes will allow the arrival of Ukrainian immediate family members of families of British citizens and people living in the UK:

Who are considered to be the immediate family members?

  • Spouse/Unmarried partner
  • Children below 18 y/o
  • Parents
  • Grandparents
  • Adult offspring above 18 y/o
  • Siblings and their immediate family members
  • a full-time relative you look after, who lives with you due to health

NO APPLICATION FEE

NO English language and salary requirements

People who successfully apply under this scheme will be granted an initial leave of 12 months.

If you meet the requirements and want your relatives to join you, please contact the hotline and apply.

You will be informed if you qualify to apply. You will also be given the information on how to submit the free application.

Telephone: +44 300 3032785 – select option 1 (0300 3032785 if you’re in the UK – select option 1)

Lines are open 24 hours a day 7 days a week.

This is a free phone number, but network charges may still apply.

Once you apply, you need to contact a visa centre in the neighbouring country to register biometric data after applying.

Visa centres where you can submit biometric data:

  • Poland- An additional visa centre has been created in Zhešuví, Poland.
  • Moldova
  • Hungary

Basic security checks will be carried out, taking into account Russia’s offensive actions regarding infiltration into Ukraine, but the UKVI will continue to accelerate this process and consider applications as soon as possible.

UKVI aims to process these applications within 24 hours from the date when the applicant registers his biometric information.

For any questions or assistance please do not hesitate to contact us directly on +44(0) 207 8222222 or get in touch with our Immigration experts, Hateem Ali on [email protected] or +44(0)207 822 2209, or Shareena Rahman on [email protected] or +44(0)207 822 2222.

© 2022 GSC Solicitors LLP. All rights reserved.  GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

Source: https://www.gov.uk/government/news/further-support-for-ukrainians-fleeing-russia-invasion

 

Investor visa route closure

The Home Office announced last week that they are shutting the ‘Golden visa’ Investor visa route with immediate effect. This is amid pressure on ministers to cut UK ties to Russia over the threat of invasion to Ukraine.

The UK investor visa was first introduced in 2008, and while the visa traditionally attracts Russian, Chinese and the Middle Eastern investors, it has recently attracted western investors post-Brexit.

In 2020, a total of 216 visas were issued; in 2019, the figure was 360. Figures show that mainland China was the largest source of successful applicants (23), followed by Russia (12), the US (10), Canada (8) and Hong Kong (5), Switzerland (2) and France (1).

The Home Office has announced that they will be making reforms to the Innovator route as part of the new points-based immigration system. It is expected that it will include an ambitious investment route that will effectively support the UK economy.

At present, the Home Office will be announcing the statement of changes that includes the new Global Business Mobility visa. It is expected that this route will offer a wide range of business-friendly visa route.

We will continue to monitor the development very closely and will ensure that our clients are kept up to date.

For any questions on Private Immigration to the UK or if you would to find out regarding your eligibility for UK visa routes, please contact our Immigration Advisor, Shareena Rahman on [email protected] or +44(0)207 822 2222.

© 2022 GSC Solicitors LLP. All rights reserved.  GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

 

Does Plan B mean that I cannot go into the office?

In an effort to tackle the large rise in Coronavirus cases, the government has recently implemented Plan B, which includes measures to try and reduce the spread of the virus.

In relation to those working in offices, the guidance states that “Office workers who can work from home should do so”. However, there are some exceptions to that recommendation. For example, when it is necessary to access certain equipment to allow a person to do their job.

The government has clearly taken into account the toll that working from home has had on certain individuals, as the guidance states that employers should consider whether working from home is appropriate for those “facing mental or physical health difficulties, or those with a particularly challenging home working environment.”

What has not changed is an employer’s obligation to provide for a safe working environment, and employers should remember this if staff will be going into the office.

The law in this article is current as of 20 December 2021.

If you have any employment law queries, please do not hesitate to contact David Nathan at [email protected] or on 020 7822 2247.

© 2021 GSC Solicitors LLP. All rights reserved. GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

Commercial Landlords and Tenants with Covid-19 Rent Arrears – NEW Code of Practice

What is changing?

Commercial tenants are currently protected from eviction until 25 March 2022, to provide businesses with breathing space and help protect jobs when certain industries had to close in full or in part during the pandemic. A voluntary code for commercial landlords and tenants was introduced in June 2020, encouraging landlords and tenants to negotiate and settle rent arrears where possible.

This has now been replaced by a new voluntary Code of Practice (“the Code”), which will establish a legally binding arbitration process for commercial landlords and tenants who have not already reached agreement on existing rent arrears. The Code sets out that, in the first instance, tenants unable to pay in full should negotiate with their landlord in the expectation that the landlord waives some or all rent arrears where they are able to do so and/or agrees a payment plan, limited to 2 years.

When does the Code apply?

The Code applies to all commercial leases held by business tenants that have built up rent arrears (including service charges and insurance) due to an inability to pay, caused by being forced to close or cease trading as a result of the pandemic. This includes the hospitality, retail, leisure and manufacturing sectors. The arrears must have accrued during a ring-fenced period, being from 21 March 2020, when business closures first came into force, to the date when specific restrictions were last removed for that relevant business sector (“Ring Fenced Debts”).

The business tenants must have a “viable” business. There is no set definition of viability and the parties are asked to consider whether the business tenant, aside from the Ring Fenced Debts, has or will in the foreseeable future have, the means and ability to meet its obligations and to continue trading.  If a tenant business has not been able to pay any rent since Covid restrictions were lifted this may be evidence that the tenant business is not viable.

The Negotiation Process – what you need to show

The Code promotes a settlement that preserves – in so far as possible – the tenant business and the jobs that it supports, without undermining the solvency of the landlord. Tenants will need to show landlords sufficient evidence to substantiate their need for assistance with rent.  Landlords should also make clear to the tenants the impact of late or non-payment of rent on their own circumstances.

Evidence will vary depending on the specific circumstances but could include, existing and anticipated credit/debit balance, business performance since March 2020, overdue invoices or tax demands, exceeding overdraft limits, creditor demands, loss of important contracts, insolvency of a major customer.  When considering what is affordable for either party, this should not include restructuring, borrowing, or the taking on of further debts.

Binding Arbitration – if there is no settlement

Where the parties are unable to reach a settlement, The Commercial Rents (Coronavirus) Bill (“the Bill”) introduces a binding arbitration process.

  • Step 1 A letter of notification: the landlord or tenant must notify the other party of their intention to pursue binding arbitration. At this point the party will be expected to submit a proposal for settlement of Ring Fenced Debts, supported by any appropriate evidence of affordability.
  • Step 2 The other party may respond and can either accept the proposal made or submit a counterproposal.
  • Step 3 An application by either the landlord or the tenant together with a fee: the application must include the notification sent during the pre-application stage, their proposal for resolution and relevant supporting evidence.
  • Step 4 The other party will then have 14 days to submit their own proposal, together with any supporting evidence. Following that, the parties will have the opportunity to submit revised proposals for what the arbitrator’s award should be.
  • Step 5 Both the landlord and tenant will then be given the choice of a public hearing or, if neither party asks for a hearing, the arbitrator will consider the matter based on the documentation provided.
  • Step 6 The arbitrator will seek to conduct a hearing no more than 14 days from the receipt of a request for one. The arbitrator will decide how to conduct the hearing, which should not last more than six hours.
  • Step 7 The arbitrator will consider their decision based on the written evidence and any hearing and notify parties, within 14 days of a hearing, of the award made. The arbitrator’s award will be legally binding.
Timeframe and Fees

Parties will be given 6 months from the date the Bill comes into force to apply for the arbitration process.  It is currently anticipated that the Bill will be passed by 25 March 2022 (being the date upon which the current protection for commercial tenants expires).   The fees payable for arbitration will be payable in advance and are yet to be decided. The fees are expected to be variable; with a sliding scale, relative to the size of the rental arrears owed, used to determine a fee cap and ensure it is proportionate for each case.

Prevention of other Enforcement Action

It is important to note that the Bill will prevent other remedies from being exercised in relation to the Ring Fenced Debts, until either a settlement has been reached or the 6 month timeframe for applying to the arbitration system has passed.

Landlords will not be able to issue debt proceedings nor enforce any judgments obtained in relation to ring-fenced debts between 10 November 2021 and the end of the 6-month window for arbitration.  Landlord’s will also not be able to take any action through the Commercial Rent Arrears Recovery procedure nor commence any insolvency processes.

 PRACTICAL POINTS – what landlords and tenants need to consider
  • Landlords will want to consider carefully the long-term impact of tenant businesses failing and leaving their property empty and liable to business rates.
  • Tenants should be proactive in approaching their landlord and providing sufficient information about the impact that the pandemic has had on their business.
  • Transparency is important for both parties as agreements struck on the basis of false or misleading information are unlikely to be enforceable.
  • Landlords should not seek historic financial information or personal guarantees from tenants where none were provided when the lease commenced. The lease remains an ongoing contract between the parties and should only be varied to reflect the impact of the pandemic upon both parties.
  • Agreements made conditional upon future rent payments or payments towards arrears of rent being honoured by tenants should be flexible enough to accommodate future trading restrictions that the Government might have to impose to manage the pandemic. Future commitments might best be framed by reference to the number of days a business is able to trade normally, such after trading for X days the tenant will pay £y.

For further questions please contact Michael Shapiro directly on: [email protected] or 0207 822 2246, or  Mark Richardson directly on [email protected] or 0207 822 2240.

© 2021 GSC Solicitors LLP. All rights reserved. GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

Autumn 2021 Budget: Highlights

The Chancellor, Rishi Sunak, delivered the Autumn 2021 Budget on 27 October 2021. Many anticipated for there to be a major overhaul of taxes, including Capital Gains Tax and Inheritance Tax in order to recover Government spending during the Covid-19 crisis, i.e., the cost of the Furlough Scheme. However, in fact, the Chancellor introduced very little changes to the tax system.

The most important announcements for the private client world are listed below.

Lifetime Planning
  •  The deadline for reporting and paying any capital gains tax (CGT) on a sale of residential property in the United Kingdom has been extended from 30 days to 60 days after the completion date. The time limit applies to both UK residents and non-UK residents disposing of property in the United Kingdom.
  • The income tax rates applicable to dividend income will rise by 1.25%. The dividend ordinary rate and the dividend upper rate will rise to 8.75% and 33.75% respectively. The dividend additional rate and the dividend trust rate will rise to 39.35%.
  • From 1 April 2022, the annual chargeable amounts for the annual tax on enveloped dwellings (ATED) will increase by 3.1%.
Real Estate
  •  The Government will introduce a new Residential Property Developer Tax (RPDT) on residential property development profits of a residential property developer derived from UK residential property development. This will take effect from 1 April 2022 for relevant profits arising on or after this date.
  • A new tax regime for Qualifying Asset Holding Companies (QAHCs) will come into effect from 1 April 2022. A QAHC is exempt from UK tax on gains on disposals of specific shares and overseas property as well as profits of an overseas property business that are subject to tax in an overseas jurisdiction. A number of other measures designed to simplify the taxation of financing arrangements for QAHCs will also be introduced to ease the tax and administrative burden.
Charities
  • The Government has no intention of removing any of the existing business rates reliefs, including the mandatory and discretionary charity reliefs.
  • The Government will introduce a new temporary business rates relief for eligible retail, hospitality and leisure properties for 2022-2023. Charities with eligible properties (such as charity shops) will benefit from a 50% relief. There will be a cap of £110,000 per business.
Companies
  •  The Government has published a Consultation containing proposals for enabling the re-domiciliation of a company’s corporate seat to the UK. It seeks views on the introduction of a UK re-domiciliation regime.

If you have any questions, please do not hesitate to contact James Cohen directly on [email protected] or 0207 822 2257.

© 2021 GSC Solicitors LLP. All rights reserved.  GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

GSC Solicitors LLP’s higher rankings in the Legal 500 2022

We are proud to announce another year of continuous achievement in the Legal 500 United Kingdom 2022 rankings. A total of 10 lawyers are mentioned by name in Legal 500 UK commentary for their standout contribution to respective practices. Consistent with last year, our work has been praised by a large number of clients, current and new ones, domestic and international. Furthermore, this is another year when in the newly announced rankings, we have received, yet again, higher positions.

In particular, we were pleased to see the increase in the tables for our already highly ranked Commercial Property team that has ‘unrivalled technical knowledge with innovative thinking and superb commercial awareness’. Noted for its strong client following of blue-chip companies and high-net-worth individuals, the firm is ‘notably active in the hospitality, leisure, retail, media, healthcare and fast-food industries’. One of the names to note is practice head Harvey Posener, who is described by clients as ‘the best property lawyer in London bar none’ and ‘an exceptional lawyer, a very talented operator who is both pragmatic and intelligent;. He advises large corporate occupiers on leasing or acquiring significant headquarters buildings across the UK. Peter Belcher is also singled out as an ‘extremely experienced property lawyer who understands the complexities of purchasing a hotel’. Carole Joseph who works alongside Peter Belcher, has also been noted as ‘calm under pressure’ ‘who manages (client’s) impatience with the other parties to get the deal through.’ In general, the team is acknowledged for its ‘first-class service’ that provides ‘unrivalled property advice, far surpassing magic circle firms while retaining the benefits of a smaller practice’ while combining ‘unrivalled technical knowledge with innovative thinking and superb commercial awareness.’

We are also proud of our Private Client team that was distinguished for their ‘exceptional talent and putting the client first’ when dealing with the full array of private client matters ranging from international ultra-high-net-worth clients through to significant owner of blue-chip companies. Saleem Sheikh heads the ‘client orientated‘ team that ‘differentiates from other firms through its level of service and dedication’ that deals with a diverse range of matters such as succession planning for children coming into the business. Saleem is endorsed for his many outstanding attributes, including his ability to ‘build long-term relationships’, ‘always providing a solution’ and his ‘experience and international contacts to rival anything seen in the field’. Amanda Chapman has been noted for ‘a rare combination of’ ‘technical flair, charming personality and philanthropic passion’ as well as for her ‘specialist knowledge’ and being ‘very responsive and creative’. She was also singled out for her ‘excellent Middle eastern client base and contacts’. James Cohen is endorsed as an ‘excellent communicator’ and ‘extremely efficient’. Clients praised James as ‘a stand out individual’ who is ‘always available, friendly and efficient’. The team was also praised for its ‘focus not on the problems but structure solutions’, ‘synergy and personalised service’ and for its ‘substantial linguistic capabilities’.

Headed by Michael Shapiro, a ‘hard-working’ and ‘committed to his clients’ litigator with over 30 years of experience in dispute resolution, the ‘dedicated and strategic’ Commercial Litigation department regularly acts for clients in complex litigation matters, including cases in the Commercial Court and Privy Council. Clients recognise Michael’s ‘frank appraisals of their dispute’s risk profile’ and for his knowledge of ‘how to package a case to ensure it is favourably received in court’.  Senior Consultant Barry Samuels is continuously recommended as ‘highly experienced and active in complex commercial disputes since the 1980s’ and ‘an outstanding lawyers, who is wholly dedicated to doing his best’. GSC’s Litigation Rising Star Sana Sheikh is also mentioned in the guide.

Recommended purely on its merit, our Real Estate Finance team acts for domestic and international high-net-worth individuals and clients in the retail, hospitality and care home sectors. Peter Belcher leads the team, with skills in handling acquisition and development finance mandates, while Matthew Phillips  is adept at matters involving commercial property. ‘Competent and very easy to talk to’, the team introduced a new offering – a wide range of Islamic finance products that the firm is now able to advise clients on.

IP, Media & Entertainment that is particularly active in advising copyright collecting societies including the Phonographic Performance Limited (PPL), Video Performance Limited (VPL) and the Performing Right Society (PRS), is also recommended for its music industry expertise. Justin Goldspink who leads the team handles a wide range of IP matters relating to music, copyright and branding, and he is also a key contact for PPL. He co-heads the practice with Clive Halperin, who ‘offers great insight’ and has a particular interest in technology and artificial intelligence. He was described by his clients as ‘without doubt one of the best lawyers’ in the past 20 plus years’ with ‘knowledge in his field second to none’ who ‘is always available and provides concise yet detailed responses to questions and problems’.  Ross Waldram is another name to note.

Finally, we are particularly pleased with one more area that has been included in this year’s edition, our Corporate Commercial department with its M&A work. Fielding a diverse team with distinctive international capabilities, our corporate practice is noted for its ‘ever-growing focus on property technology and healthcare sector transactions, often with a cross-border element’.

Commenting on the 2022 rankings, Senior Partner Saleem Sheikh said: “The Legal 500 is a leading independent guide into the best law firms in the UK. In its 35th year, it is widely acknowledged as the world’s largest legal referral guide. We are delighted that GSC is consistently recognised for our key specialisms including commercial litigation, real estate, personal tax, trusts and probate, Media & Entertainment and now our Corporate practice. It is especially rewarding to see the genuine and exceptional testimonials given to us by our clients. With the strong client base that comes from the five continents globally, solid and longstanding client relationship remains our most valuable asset. We value that feedback especially because of the current climate in relation to COVID-19 and Brexit, the time when found it particularly important to focus on providing the sturdy guiding hand to businesses and individuals, and being there for them as their strong support system.’

© 2021 GSC Solicitors LLP. All rights reserved. GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

 

Michael Shapiro features in The Guardian

Residential and commercial evictions – where are we now? That’s the question asked by The Guardian readers and answered by Michael Shapiro, who heads GSC’s Litigation & Dispute Resolution.

On 31 May 2021 the restrictions on evicting residential tenants came to an end. ‘Eviction dates are now being listed and we can expect a spate of people being evicted from their homes and pressure being put on the local authorities to rehouse them’, says Michael.

‘The restrictions on possession and forfeiture of commercial leases for non-payment of rent, and seizing a tenants goods during the Covid 19 period was due to expire on 30 June 2021 but this has now been extended until 25 March 2022. This will give tenants more time to resolve their arrears with their landlords, if they can.’

‘Commercial landlords and tenants ought to work together to avoid properties becoming empty. Landlords clearly want to have tenants in occupation paying the ongoing rent and remaining liable for all outgoings, and tenants want to stay in business and earn an income.’

The article can be accessed here

If you have been affected by the new change in law, please do not hesitate to contact Michael Shapiro directly on: [email protected] or 0207 822 2246.

© 2021 GSC Solicitors LLP. All rights reserved. GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

 

 

Execution of a warrant of possession coming on 6th July

Today Richard Curtin who heads GSC’s Insolvency & Restructuring department, received notification from the court of the execution of a warrant of possession on 6 July.

This shows that the Courts are now enforcing warrants of possession for residential premises and sooner than many would have expected.

As to commercial premises, the moratorium on forfeiture & winding up petitions is due to end at the end of this month.

If not extended by the Government then Richard expects to see plenty of activity on the part of landlords, solicitors, insolvency practitioners and the Courts.

If you have any questions or concerns about your business, contact Richard Curtin directly on [email protected] or 020 7822 2222.

© 2021 GSC Solicitors LLP. All rights reserved. GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.