Letting agent insolvensy

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We have 2 properties that were being managed by a letting agent who, we have been advised today, has commenced liquidation proceedings. The letting agent currently holds approx 8 weeks rent that we have not yet received and took a deposit from the tenants at the start of the tenancy.

What is the position regarding the rent already collected and any rent that might be paid after the commencement of liquidation? Do we stand any chance of getting any or all of it?
Should we advise the tenant to cancel the existing standing order until we can set up a new tenancy agreement through another agent to avoid increasing our exposure to loss?
What is the standing of the existing tenancy agreement and management agreement with the original letting agent having received the letter of advice from the insolvency practitioners. If the tenant ceases paying to the original agent will they be at risk because of arrears?

I look forward to a quick response on this to help us try and limit the financial damage.



11/03/2009 00:00

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