MBIE has advised of an upcoming change to the maximum employee preferential claim figure in the Companies Act 1993 and Insolvency Act 2006.
On 30 September 2018, The figure is being adjusted from $22,160 to $23,960. This adjustment occurs every 3 years, to account for any increase in average weekly earnings (total, private sector).This adjustment reflects an 8.1 percent increase in average weekly earnings since 2015, as reported by Statistics New Zealand in its Quarterly Employment Survey.
The amendments to the Companies Act and Insolvency Act have been signed into law (see the New Zealand Legislation website) and notified in the Government Gazette. For more information, please see the MBIE website.