I'lll try and keep this as brief as I can and would really appreciate some advice.
I inherited a business property which consists of a small warehouse and parking for about 10 largish vehicles. My DM took on new tenants in 2013 with a 15 year lease. She passed away in 2016 and the property came to me. Its handled by a property agency and rent is due every quarter. However the tenants are always very late in paying their rent and resort to sending cheques but "forgetting" to sign them etc. Bailiffs have been sent in frequently.
Today they have informed the property agency (who were again chasing the rent) that they have gone into voluntary liquidation and started up another company. They (the tenants) informed the agency that they are a group company within the meaning of Section 42 of the Landlord and Tenant Act 1954. I don't know what this is but if anyone could explain it in simple terms I'd be grateful.
They will be five years into their tenancy in December and the agency were putting together a rent review. One of my questions is: as they are now a new company does this make the rent review null and void? The agents are saying that we will need to assign the lease into the new company name and that any expenses involved (solicitors etc) should be paid by the tenants.
Personally I would really like to get rid and just wondered whether we had any chance with the voluntary liquidation or is it not that easy. I presume not. Would be really grateful for any advice please.