Source: Companies Office – Press Release/Statement:
Headline: Government extends Business Debt Hibernation scheme
BDH was introduced earlier this year as part of temporary relief measures aimed at helping businesses cope with the economic impacts of COVID-19. It allows businesses struggling financially due to COVID-19 to put their existing debt on hold for up to 7 months, provided they meet criteria. Once a business is in BDH, this places a moratorium on the business’s creditors being able to take enforcement action.
The scheme was due to end on 24 December 2020, but the Government is extending it to assist with New Zealand’s COVID-19 economic recovery.