INDEPENDENT NEWS

Members’ Bill giving ‘safe harbour’ option lodged

Published: Thu 9 Jan 2020 10:11 AM
Wairarapa MP Alastair Scott’s Members’ Bill seeks to support businesses by giving companies in difficulty more opportunities to turn their fortunes around.
“My Bill would create the option of a ‘safe harbour’, which companies that are or are likely to be trading insolvently will be able to take up before an external administrator is appointed,” Mr Scott says.
“The ‘safe harbour’ option would prescribe actions that must be taken which would likely lead to a better outcome for the company, like taking professional advice, developing a plan for restructuring and improving record keeping.
“Too often, a company’s director will prematurely place a company into receivership, but many businesses, especially small businesses, face difficulties that are temporary in nature.
“This Bill will give those companies the opportunity to trade through difficult cashflow periods, avoiding the upheaval and uncertainty of receivership for companies that do have a chance of turning things around.
“Even the most successful businesses go through rough patches. Giving businesses options when times are tough will ensure that more can go on to succeed.”

Next in New Zealand politics

New Zealand: Housing Crisis Requires Bold Human Rights Response, Says UN Expert
By: UN Special Rapporteur
Wellington’s Water Woes Reflect National Problem
By: Water New Zealand
National’s Economic Plan For 2020 And Beyond
By: New Zealand National Party
Abortion Legislation Bill Report Presented To The House
By: Abortion Legislation Committee
Chief Human Rights Commissioner Welcomes Findings From UN Independent Housing Expert
By: New Zealand Human Rights Commission
New Report A Pathfinder For Affordable Housing
By: Local Government NZ
PSA Welcomes Increased Government Funding For Homeless Support
By: Public Service Association
Government’s Homelessness Action Plan Misses The Mark
By: State Housing Action
Homebuyers Shouldn’t Be Competing With Kāinga Ora
By: New Zealand National Party
House Price Increases Break New Yearly Records, Regions Most Affected
By: RNZ
'Beyond The Pale': Councils Respond To Kāinga Ora Powers
By: RNZ
Kāinga Ora Rubs Up Against Councils In Housing Consents
By: RNZ
New Helen Clark Foundation Report Urges Capital Gains Tax
By: RNZ
Community Law Welcomes Housing Support – More Needed
By: Community Law Centres Aotearoa
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media