The COVID-19 Business Debt Hibernation regime commenced on 15 May 2020. If your business has been affected by the pandemic you may be eligible to place existing debts into hibernation for up to 7 months.
The COVID-19 Response (Further Management Measures) Legislation Bill, introduced to Parliament on 5 May 2020, includes a wide range of measures to support businesses and other entities through the pandemic.
The Government will be introducing legislation to make changes to the Companies Act to help businesses facing insolvency due to COVID-19 to remain viable, with the aim of keeping New Zealanders in jobs.
We appreciate that these are challenging times for everyone, and that circumstances related to COVID-19 may be affecting your ability to meet your legal and procedural obligations as an incorporated society over the coming months.