Finance Minister Conor Murphy has extended emergency protection for business tenants having difficulty paying rent on commercial leases as a result of the pandemic until March 2022.
The special provision in the Coronavirus Act 2020 which was first applied at the end of March 2020, is being extended once again, until March 2022, giving a total of 24 months special protection, which is in line with England and Wales.
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Making the announcement, Conor Murphy said: “As we continue to deal with the impact of Covid-19, it is important to provide as much stability and certainty as possible to businesses who are trying to recover from an extremely challenging time.”
Mr. Murphy also added “We have been engaging with key stakeholders in relation to this and I fully recognise the genuine concerns in relation to the difficult financial situation businesses are facing. The reality is it will take some time for economic recovery and this moratorium is one of the measures that will help ease businesses back into full operation and deal with their financial challenges.”
The temporary protection applies to all business tenancies within the meaning of the Business Tenancies (Northern Ireland) Order 1996 and to any tenancy to which the Order would apply if any relevant occupier were the tenant.
Source: Written from press release.
