After weeks of uncertainty, the National Cabinet announced last night a set of ‘principles’ to be used to assist landlords and tenants to navigate these unprecedented times. In making the announcement, the Prime Minister said that the responsibility remained with landlords, tenants and financial institutions to enter into meaningful discussions and work together “to ensure that, where possible, businesses can survive and be there on the other side”.
The Prime Minister set out the following principles:
While these principles are welcome and follow a common sense approach in these unparalleled times, without proper detail, the provision that a tenant has the ability to terminate a lease on the grounds of financial distress is concerning. We will be following the detail on this ‘principle’ with interest.
Like you, we await further details as to how these principles are to be applied which will hopefully come after Cabinet meets later today.
We remain committed to assisting you through these troubling times and encourage you to contact us to discuss your position and the options available to you.
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