An extension of the interim period provided for in the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 until 30 April 2022 has been approved by the Government.
The 2020 Act introduced temporary amendments to the Companies Act 2014 and the Industrial and Provident Societies Act 1893 during the “interim period”, to deal with issues that have arisen due to COVID-19.
The main features of the 2020 Act can be summarised as follows:
- General meetings and creditors’ meetings may be held virtually.
- Documents which are required to be executed under seal may be executed in counterpart.
- An increase in the amount at which a statutory demand can be issued from €10/20k to €50k.
- An extension of the examinership process to a total of 150 days (subject to court approval).
- Powers for the Minister to make regulations in respect of amending the operational detail of hybrid and virtual general meetings.
Virtual meetings
The interim provisions allow a company to hold a virtual AGM and EGM without the need to amend its Constitution to permit virtual meetings. Companies are reminded that where a virtual general meeting is to be held, specified information should inserted to the notice of the meeting as prescribed in the interim provisions.
