Finance Minister Grant Robertson yesterday afternoon announced a number of proposed temporary changes to the Companies Act, with the stated purpose to help businesses facing insolvency due to COVID-19 remain viable.
The temporary changes include:
The FDIC is currently responding to one of the worst financial crises in the history of the nation’s banking system. Sheila Bair, Chairman of the FDIC, expects that 2010 “will be the high water mark for the banking crisis.”1 Just over the last two years, 268 banks have failed in the United States, which is nearly ten times the number of failed banks during the prior eight-year period.2
USA, Banking, Insolvency & Restructuring, Morrison & Foerster LLP, Bankruptcy, Shareholder, Board of directors, Government agency, Bailout, Federal Reserve Board, Liquidation, Depository institution, Broker-dealer, Bank holding company, Default (finance), Systemic risk, Federal Deposit Insurance Corporation (USA), Federal Reserve (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Federal Deposit Insurance Act 1950 (USA)