Government Issues Business Relief:  Safe Harbour of Directors and Business Debt Hibernation

Chris Linton, Consultant at Duncan Cotterill writes:
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If you haven’t seen it already, you may be interested in the further business relief measures, announced by government on Friday - https://www.beehive.govt.nz/release/further-measures-support-businesses. Government will be seeking Parliament’s approval for the changes, some of which will be retrospective to the date of the announcement.
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The key ones are:

• Safe harbour for directors' duties in sections 135 and 136 of the Companies Act 1993, and
• Business debts hibernation - enabling companies to request a moratorium on the payment of debts.

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