Kris faafoi, Member of the New Zealand Parliament

Wellington, April 3 The New Zealand government will introduce a legislation to make changes to the Companies Act to help firms facing insolvency due to COVID-19 to remain viable and save jobs.The temporary changes include giving directors of companies facing significant liquidity problems because of COVID-19 a "safe harbour" from insolvency duties under the Companies Act, Xinhua news agency quotd Finance Minister Grant Robertson as saying in a statement on Friday.The changes also include enabling businesses affected by COVID-19 to place existing debts into hibernation until they are able to start trading normally again."These measures will support the government's work to cushion the economic impact for New Zealand and to support businesses and protect jobs and incomes," Robertson said.However, these changes will not mean that directors are free to disregard the consequences of their actions for the next six months.Other protections in the Companies Act, such as those addressing serious breaches of the duty to act in good faith and punishing those who dishonestly incur debts, will remain in place, he said.Consumer Affairs Minister Kris Faafoi said the changes would help retain jobs and support the New Zealand economy to recover as quickly as possible.Faafoi urged businesses to talk to their creditors and banks, and also reminded them that the government had a Wage Subsidy scheme in place as well as a Business Finance Guarantee Scheme, which can offer loans up to NZ$500,000 ($295,683) over three years.New Zealand has reported 868 coronavirus cases, with a single death.( With inputs from IANS )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Kris Faafoi, NewsFOLLOW

Kris faafoi, Latest News

Politics :New Zealand to reopen border in 5 stages from Feb 27

Wellington, Feb 3 The New Zealand border will reopen to vaccinated Kiwis and other current eligible travellers from ... ...

Politics :NZ to review electoral law before 2023 polls

Wellington, Oct 5 New Zealand will review its electoral laws to ensure the rules remain fit for purpose ... ...

International :New Zealand's Counter-Terrorism Legislation Bill passes into law

New Zealand's new counter-terror law passed its third reading at the parliament Thursday, giving enforcement agencies greater power to protect the country from terrorist activities. ...

International :New Zealand reveals supermarket stabbing terrorist's name after suppression order lifted

New Zealand on Saturday revealed the name of the terrorist in the supermarket stabbing incident after a suppression order concealing the man's name and other details from the public was lifted. ...

Politics :NZ amends law to support COVID-19-affected businesses

The New Zealand government will introduce a legislation to make changes to the Companies Act to help firms facing insolvency due to COVID-19 to remain viable and save jobs. ...