Government Issues Business Relief: Safe Harbour of Directors and ...
April 8, 2020
Government Issues Business Relief: Safe Harbour of Directors and Business Debt Hibernation
Chris Linton, Consultant at Duncan Cotterill writes:
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.
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.
Click the attachment below to read the full document