Following a number of recent high-profile collapses of banks in Europe and the United States (notably, Credit Suisse, Silicon Valley Bank, Silvergate Bank and Signature Bank), not only their investors but also their clients may be considering their position under financing arrangements and applicable insolvency law.

Here are five steps that corporate borrowers can take to protect themselves against the fall-out of their financing banks’ insolvency:

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: