{"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":"

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