Quarter Day

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Quarter Day

In Britain and Ireland, one of four traditional dates each year when rent on land was due and when new servants were hired. While they are not generally observed anymore, rents on English leaseholds often are due on quarter days. In England and Ireland, the quarter days are March 25, June 24, September 29 and December 25. In Scotland, they are February 2, May 15, August 1 and November 11. The dates correspond to traditional pagan and Christian holidays.
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References in periodicals archive ?
Quarter day is also expected to result in landlords and tenants at loggerheads, as the two clash over the matter of paying quarterly rates in advance.
The latest big name retailer to struggle is sports chain JJB and it had been rumoured that advisors KPMG had been trying to push through a sale before quarter day as the firm would not be able to meet payments due this week.
"The financial outlay associated with Quarter Day can have a big impact on retailers' operations, and if any owners feel that the cost could be a tipping point for them, they should be speaking to their landlords as soon as they can to see what can be done - after all, the vast majority are likely to want to avoid the worst case scenario of their property becoming avoidably empty.
With the latest Rent Quarter Day bright in the headlights of the retail sector, new research from insolvency trade body R3 has found that a quarter of retailers in the North East are at a higher than normal risk of insolvency in the next year.
These notice periods can be for any period of time, but typically they are for six, nine or 12 months and normally the break dates themselves are on quarter days.
QUARTER Day reform could help the struggling retail sector, according to the chair of insolvency trade body R3 in the North East.
Steps to smooth cashflow pressure on retailers, such as replacing the long-standing Quarter Day rental arrangements for commercial premises with a monthly option, could give struggling high street retailers more breathing space in their battle against online rivals.
Ross, who is chair of the North East arm of insolvency trade body R3, and a director in the corporate recovery department of the Sunderland office of accountancy firm RSM Tenon, spoke out as commercial landlords were due to receive their latest Quarter Day payments from tenants.
"It was a solid performance, we had the upper hand, we dominated probably three and a quarter days, so it was a good solid start."
In the overwhelming majority of leases of commercial premises, the rent is paid by four equal quarterly instalments in advance, and most rent payment days are the usual quarter days. The next such quarter day is June 24.
'Certainly the festival of Samhain, meaning Summer's End, was by far the most important of the four quarter days in the medieval Irish calendar, and there was a sense that this was the time of year when the physical and supernatural worlds were closest and magical things could happen,' he says.