3 Application of schedule

(1)

This schedule applies to a company or any other kind of entity (as defined in clause 4(1)).

(2)

However, this schedule does not apply to any of the following:

(a)

a registered bank within the meaning of section 2(1) of the Reserve Bank of New Zealand Act 1989:

(b)

a licensed insurer:

(c)

an NBDT within the meaning of section 5 of the Non-bank Deposit Takers Act 2013:

(d)

an operator of a designated settlement system within the meaning of section 156M(1) of the Reserve Bank of New Zealand Act 1989:

(e)

an entity that holds a market services licence that covers the service of acting as a derivatives issuer in respect of a regulated offer of derivatives (as those terms are defined in section 6(1) of the Financial Markets Conduct Act 2013):

(f)

an entity that is in liquidation, in voluntary administration, subject to a deed of company arrangement, or subject to statutory management:

(g)

an entity if a receiver has been appointed in relation to the whole or substantially the whole of the assets and undertaking of the entity:

(h)

an entity that is subject to any other process (whether in New Zealand or another country) under which the assets and affairs of the entity are administered, or the assets of the entity are realised, for the benefit of creditors:

(i)

a qualifying counterparty within the meaning of section 122A(1) of the Reserve Bank of New Zealand Act 1989:

(j)

an entity formed or established on or after 3 April 2020:

(k)

an entity of a class prescribed by the regulations.

(3)

In addition,—

(a)

this schedule—

(i)

does not apply in the circumstances prescribed in the regulations; and

(ii)

ceases to apply if conditions prescribed in the regulations are not satisfied; and

(b)

an entity may not enter into BDH after the later of—

(i)

24 December 2020; and

(ii)

any later date prescribed by the regulations.

(4)

If an entity enters into BDH before the date that applies under subclause (3)(b), nothing in that paragraph prevents the entity from continuing as an entity in BDH after that date.

Schedule 13 clause 3: inserted, on 16 May 2020, by section 3 of the COVID-19 Response (Further Management Measures) Legislation Act 2020 (2020 No 13).

Schedule 13 clause 3(3)(b): 31 October 2021 is prescribed as the last date on which an entity may enter into BDH, on 24 December 2020, by regulation 4 of the Companies (COVID-19—Business Debt Hibernation) Regulations 2020 (LI 2020/294).