Insolvency relief for businesses impacted by COVID-19
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 Financial Markets Authority (FMA) has opened consultation on the proposed full licence standard conditions for Financial Advice Providers, as part of the new financial advice regime. The consultation is open until Friday, 7 August 2020.
Following public consultation on proposals to implement the Insolvency Practitioners Regulation Act 2019, including setting the fees and levy under the scheme, a summary of submissions, and MBIE’s responses, is now available.
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.
Retirement Villages Operators that have an annual return due up to and including the month of September are able to seek regulatory relief by requesting an alteration of their annual return month where appropriate.
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.
The Registrar of Companies has published minimum standards, conditions and requirements for ongoing competence for the licensing of insolvency practitioners, and minimum standards for the accreditation of bodies, after a period of public consultation.
The New Zealand Credit & Finance Institute (NZCFI) are running a workshop in Wellington concentrating on the legal aspects of the Personal Property Securities Act (PPSA) and its application in the PPSR system.
In December 2019, the first e-Invoice was exchanged between New Zealand businesses using the global, standards based framework – Peppol, setting the scene for billions of dollars in business transaction savings each year.
Public consultation is now open on the discussion document for implementation of the Insolvency Practitioners Regulation Act 2019: Proposed standards, conditions & policies for accredited bodies. This runs until 7 February 2020.
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.
Morgan DeVere Corporate Finance Limited has been fined $40,000 following its conviction at the Wellington District Court on two charges of breaching the Financial Services Providers (Registration and Dispute Resolution) Act 2008.
The Financial Markets Authority has obtained a conviction against Morgan DeVere Corporate Finance Limited (Morgan DeVere) for falsely claiming it was registered on the Financial Services Providers Register (FSPR).