Is anyone looking at this voluntary code of practice for landlords and tenants and thinking "Well, this is a CVA without the certainty of non-enforcement by the landlords?"
It seems ineffectual: tenants and landlords should come to an agreement because we all know times are going to be hard for tenants, but on the other hand landlords need to bear in mind their fiduciary duties to their investors so if they can't agree (they won't be able to because they've had no income for the last x months), they shouldn't and should say why (because that will make it OK).
Directors of tenants have duties to their stakeholders too. What would be best in their interests? An agreement which does not prevent enforcement and which will mean their business remains on a knife-edge until all the outstanding rent is cleared, or a CVA which will hold landlords back while the arrears are paid off?
I fear it won't work. But I would be interested to hear from my former colleagues in the Property sector about what they think about it. I may have my CVA-tinted spectacles on here.
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