Insolvency Assistance is near for Businesses Affected by COVID-19

  • May 05, 2020 NZST
  • Team Kalkine
Insolvency Assistance is near for Businesses Affected by COVID-19

The businesses which are facing insolvency due to COVID-19, are expected to receive a support package to be introduced by the government in Parliament today. The Bill makes changes to the Companies Act to help businesses facing insolvency due to COVID-19 to remain viable by:

  • placing existing debt into hibernation until they can start trading normally again;
  • providing temporary relief for companies and other entities;
  • giving directors of companies facing significant liquidity problems due to COVID-19 confidence they can keep trading by providing a ‘safe harbour’ for their insolvency-related duties under the Companies Act.

 


Disclaimer
The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. Kalkine does not in any way endorse or recommend individuals, products or services that may be discussed on this site.

 

   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK