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.
In response to the need for physical distancing during COVID-19, the Companies Office will, as a temporary measure, accept statutory declarations that meet the requirements of the Oaths and Declarations Act 1957 but are taken by alternative means.
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.
Public consultation has begun on the discussion document for implementation of the Insolvency Practitioners Regulation Act 2019 — Proposed minimum standards and conditions for the licensing of insolvency practitioners.