New Zealand to introduce measures to help companies facing insolvency
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[WELLINGTON] New Zealand said on Friday that it would introduce new legislation to help companies facing insolvency due to the novel coronavirus pandemic to remain viable and keep people employed.
The new legislation gives directors of companies facing significant liquidity problems a "safe harbour" from insolvency under the Companies Act, Finance Minister Grant Robertson said in a news conference.
The rules will also enable businesses affected by the pandemic to place existing debts into hibernation until they are able to start trading normally again, he said.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
