Letting Agent in Liquidation

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The letting agent holding a tenancy deposit for our tenant collapsed leaving nearly 1M owing to creditors, and us liable for the tenant's deposit. I see from the latest issue of the RPI magazine that we should pay the equivalent of 1 months rent into a Deposit Protection scheme. a. Should it be the actual amount of deposit paid by our tenant instead of 1 month? b. Would it be sufficient for me to inform our tenant that we are holding the deposit and will account for it at the end of the tenancy?

Thank you.

08/11/2010 00:00

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