In the first instance you should liaise with your tenant. A telephone call and/or letter may be all that is needed. If not, a landlord needs to decide if the tenant is actually capable of continuing to pay rent for that premises and act accordingly.
Landlords have informal options such as agreeing temporary rent reductions, monthly rather than quarterly payments and repayment plans. Alternatively there are a range of formal remedies including distress proceedings (i.e. bailiffs), lease forfeiture and legal proceedings.
Active communication, with an awareness of trading conditions, the tenants lease obligations, its genuine financial position and the market for the type of premises in question are all important factors to take into account. This is where a dedicated professional property manager can save the landlord time, aggravation and cost.
For further advice please contact one of our Landlord & Tenant team