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Urgent law changes to the Companies Act seek to give company directors temporary relief from potential personal liability when the business faces significant liquidity problems.
The measures aim to keep businesses trading and New Zealanders in jobs by preventing businesses being prematurely placed in administration or liquidation.
The temporary changes include:
The changes will not cover serious breaches of duty.
The law change will be retrospective. Further details on how to access the relief package and the eligibility requirements are being finalised.
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