1st October 2020 |
The Programme for Government includes a commitment to “Create a code of conduct between landlords and tenants for commercial rents”. A voluntary Code of Conduct has been developed based on examples from other jurisdictions and with input from other Departments, State agencies and key stakeholders. The aim of the Code is to facilitate discussions between landlords and tenants impacted by COVID-19.
The Code acknowledges the current landscape where firms are experiencing liquidity gaps and debt overhangs. It sets out that parties should act in good faith and in an honest and transparent manner. It lists some of the issues to consider when determining the impact of COVID-19 and public health restrictions on a business and the need for concession and also some suggested options for new arrangements.
The Code, which was due to expire on 31 December 2021, has now been extended until the end of April 2022. It will now expire on 30 April 2022.
This Code should not be seen in isolation. It is part of the suite of measures the Government has put in place to assist firms through the crisis including the Employment Wage Subsidy Scheme (EWSS), the COVID Restrictions Support Scheme (CRSS), low-cost loans, the deferral and warehousing of tax liabilities and the waiver of commercial rates.
The Business Environment