As part of the ongoing response to COVID-19 (Coronavirus), the Australian Government is extending support to businesses and individuals financially affected by the pandemic.
The temporary changes to debt arrangements, which originally commenced on 21 July 2020, provide more flexibility (including allowing more time) for the management of debt, easing the impact of COVID-19 on Norfolk Island businesses.
The temporary debt and insolvent trading measures are extended until 31 December 2020, and the meetings and document signatures measures are in place until 21 March 2021 — consistent with equivalent support offered across the Commonwealth.
The Rules extending these measures in the Norfolk Island Bankruptcy Act and the Norfolk Island Companies Act can be found on the Federal Register of Legislation at: https://www.legislation.gov.au/Details/F2020L01207. An explanatory statement is also available at that link.
The implementation of Commonwealth corporations and bankruptcy law in Norfolk Island is progressing and is expected to be introduced into parliament for consideration before the end of the year, subject to any further delays associated with COVID-19.
Administrator of Norfolk Island
1 October 2020