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:

Court of Appeal Arnhem-Leeuwarden: a shareholder loan does not in itself have a subordinated character. If subordination has not been specifically agreed, other creditors may file a claim on the basis of tort law or on the principles of reasonableness and fairness in order to achieve a similar result, in other words as if the shareholder loan had been subordinated.