With the fallout from the novel coronavirus pandemic for many being either job loss or business closures, the possibility of needing to find shelter under the provisions of the Insolvency Act is all too real.
What happens, however, to your lease? As the tenant who needs rescue, are you likely to be kicked out of the premises because you are insolvent or if your landlord is?
The Insolvency Act gives some assurance to the tenant in these situations.
If you, as the tenant, are the one who is seeking insolvency protection by filing a proposal or a notice that you intend to file a proposal, the Insolvency Act provides that the lease cannot be terminated simply because you are insolvent or because you have not paid your rent. The Act also pro…
Read the full article at: https://www.jamaicaobserver.com/business-observer/the-impact-of-insolvency-proceedings-on-your-lease_220159