Source: Companies Office – Press Release/Statement:
Headline: Consultation on proposed exemptions to Companies Act and Limited Partnerships Act requirements
The Ministry of Business, Innovation and Employment (MBIE) is consulting on behalf of the Registrar of Companies on proposed exemptions from a number of requirements in the Companies Act 1993 (the Companies Act) and the Limited Partnerships Act 2008 (the Limited Partnerships Act).
The proposed exemptions will exempt companies and limited partnerships affected by COVID-19 from compliance with certain obligations under the Companies Act and the Limited Partnerships Act.
The effect of the proposed exemptions is to modify or relax the requirements to comply with the following procedural and administrative matters in the Companies Act and Limited Partnerships Act:
- time frame requirements in relation to holding annual meetings (section 120 of the Companies Act);
- time frame requirements for financial reporting duties (sections 201, 202, 204 and 207E of the Companies Act and sections 75 and 75C of the Limited Partnerships Act); and
- time frame requirements for annual reports (sections 208 and 209 of the Companies Act).
The Registrar has the power to grant these proposed exemptions under section 26A of the COVID-19 Response (Requirements For Entities—Modifications and Exemptions) Act 2020 (the COVID-19 Act).
The proposed exemptions would apply to acts and omissions that occur within the period that starts on 3 November 2021 and expires at either the end of 30 April 2022 or, if applicable, the end of any ‘Further Period’ (no later than 30 October 2022) if the powers to create exemptions in the COVID-19 Act are extended.
If companies or limited partnerships want to rely on an exemption, they will be subject to a number of proposed conditions. In particular, it will be necessary to explain to the Registrar why:
- complying with the relevant provision is unduly onerous or burdensome because of the effects of COVID-19; or
- the relevant provision is not reasonably capable or being complied with, or complied with fully, because of the effects of COVID-19.
How to make a submission
Visit the ‘Have your say’ section of MBIE’s website to download the discussion document and get full details of how to make a submission .
Submissions close: 5pm, Friday 1 April 2022.
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