In forceUpdated to 1 Jul 2026

Contents

COVID-19 (Temporary Measures) Act 2020 · Updated to 1 Jul 2026 · Part 3 · Temporary Relief for Financially Distressed Individuals, Firms and Other Businesses

22. Modifications to Companies Act

(1)

During the prescribed period, the Companies Act (including that Act as applied by the Variable Capital Companies Act 2018) applies as if —

(a)

the reference in section 254(2)(a) of the Companies Act to “$10,000” were a reference to “$100,000”; and

(b)

the reference in section 254(2)(a) of the Companies Act to “3 weeks” were a reference to “6 months”.

(2)

For the purpose of section 339(3) of the Companies Act (including that provision as applied by the Variable Capital Companies Act 2018), an officer of the company or (as the case may be) an officer, the manager or the custodian of the variable capital company is not to be treated as having no reasonable or probable ground of expectation of the company or variable capital company being able to pay a debt if the debt is incurred —

(a)

in the ordinary course of the company’s or variable capital company’s business;

(b)

during the prescribed period; and

(c)

before the appointment of a judicial manager or liquidator of the company or variable capital company.