If you have received notification of court bailiff action for commercial rent arrears, time really is of the essence. This is because, if left unchecked, it could lead to the closure of your business and the loss of everything you have worked so hard to achieve. It is therefore essential that you take swift and decisive action at your earliest opportunity to avoid everything spiralling out of control.
Instructing court bailiffs for commercial rent arrears is not something that landlords will usually do lightly. It is usually a last-ditch attempt to recoup unpaid debts from tenants, when they feel that all other avenues have been exhausted. As a result, it may be possible to negotiate with your landlords and try to come up with an alternative solution. The reality is that they might be willing to accept lower payments for a period of time, to give you some much-needed breathing space to get your finances in order. Being upfront and honest about your situation is your best course of action if you want to stave off future enforcement proceedings.
Should you be unable to pay your debts, your next port of call should be a licensed insolvency practitioner and business recovery specialist. They will carry out a thorough investigation of your circumstances and outline what they believe are the best options for you. Potential courses of action include corporate restructuring, company voluntary arrangements (CVAs), administration, or even liquidation. The sooner you act, the more potential options you will have at your disposal.
It may also be possible to negotiate other debts such as unpaid taxes to HMRC via remedies like a Time to Pay agreements, which could free up some cash to deal with your commercial rent arrears. Should your business require an injection of funds, there may be some business finance options at your disposal. Of course, you should not seek to take one more money if it will only paper over the cracks.