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.


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