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:

For retail companies contemplating filing for chapter 11 protection, not only is the time of year of the filing important, but also the expected time frame the case will last. This is particularly important given that the 2005 amendments to the Bankruptcy Code modified Section 365(d)(4) to provide that Debtors must assume or reject unexpired leases of nonresidential property within 120 days of the filing.

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