NZ FinMin Robertson: Giving temporary relief for entities that are unable to comply with requirements due to coronavirus

Dhwani Mehta FXStreet

New Zealand (NZ) Finance Minister Grant Robertson gave an update on the latest in the fight against the Covid-19 pandemic on Friday.

Key quotes

Allowing the use of electronic signatures where necessary due to COVID-19 restrictions.

Giving the Registrar of Companies the power to temporarily extend deadlines imposed on companies, incorporated societies, charitable trusts and other entities under legislation.

Giving temporary relief for entities that are unable to comply with requirements in their constitutions or rules because of COVID-19.

Businesses struggling to re-pay debts will be able to put them in "hibernation" for six months. If a company was doing well before Covid-19, they should be okay after, given the Government's support.

It was inevitable that some businesses would go into liquidation - but he couldn't say how many. These new rules will help them buy some time.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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