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ARTICLE · 02 JULY 2020

Leases, Bankruptcy, And Coronavirus: Force Majeure Edition

Ward and Smith, P.A
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Many businesses in bankruptcy or heading that way – particularly retail establishments – face an uncertain future as states and cities impose closures and phased re-openings.

United StatesCoronavirus (COVID-19)
Lance Martin
Lance Martin

Many businesses in bankruptcy or heading that way – particularly retail establishments – face an uncertain future as states and cities impose closures and phased re-openings. 

If you lease your office, storefront, or restaurant building, what does the current economic reality mean for your lease obligations?  And if you file bankruptcy, how will the bankruptcy courts handle your lease?

We recently wrote about a decision from the Bankruptcy Court for the Eastern District of Virginia involving the home furnishing chain Pier 1 Imports.  There, the court allowed Pier 1 to defer rent payments for a few months over the lessor's objections.  We cautioned this was only one decision from one court.   

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