{"id":166041,"date":"2020-04-02T12:29:00","date_gmt":"2020-04-02T12:29:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/intu-threatens-to-serve-statutory-demands-as-tenants-refuse-to-pay-quarterly-rent\/"},"modified":"2021-08-06T12:05:18","modified_gmt":"2021-08-06T12:05:18","slug":"intu-threatens-to-serve-statutory-demands-as-tenants-refuse-to-pay-quarterly-rent","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/intu-threatens-to-serve-statutory-demands-as-tenants-refuse-to-pay-quarterly-rent\/","title":{"rendered":"Intu threatens to serve statutory demands as tenants refuse to pay quarterly rent"},"content":{"rendered":"
Property giant Intu<\/a> has suggested it is prepared to take further action against tenants who don\u2019t pay rent<\/strong> and service charges they currently owe.<\/p>\n According to a report from Property Week<\/a>, the company sent a letter to tenants saying that it would \u201ctake robust action where rent and service charge payments, contracted under lease obligations<\/strong>\u201d aren\u2019t paid soon.<\/p>\n The letter states: \u201cWe remain sympathetic<\/strong> to the situation and the difficulties our customers face, but we have our own binding responsibilities to our funders and investors<\/strong>, as you will understand.\u201d<\/p>\n The company noted that when the Government introduced its temporary ban on evictions of commercial tenants during the Coronavirus pandemic<\/strong>, and would actively monitor the impact on landlords\u2019 cashflow.<\/p>\n Businesses that have received a statutory demand have three weeks to reach an agreement for payment.<\/p>\n Intu issued a statement last week<\/a>, citing that UK rents for the second quarter was due on March 25 and that only 29% of these have been received, compared to 77% this time last year.<\/p>\n The property giant is seeking emergency support from its lenders and the UK government, as the company has been under immense pressure before the Covid-19 outbreak.<\/p>\n Recently, Intu\u00a0feared a potential collapse after the business announced<\/a>\u00a0its annual losses nearly doubled to \u00a32 billion in 2019<\/strong>, due to a big decrease in the value of its shopping centres.<\/p>\n In addition, the business carries a huge debt load as it was\u00a0f<\/a>orced to abandon plans to raise up to \u00a31.5 billion<\/a>\u00a0to pay down its debt pile.<\/p>\n","protected":false},"excerpt":{"rendered":" […]<\/p>\n","protected":false},"author":49,"featured_media":137943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10488,16042,6,10494],"tags":[15172,5202,5707,11222,3588,10,14995,14913,12160,13819,19102,12213,12836,14450,19008,35,19450],"acf":[],"yoast_head":"\n