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Last year we reported on the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (“the Act”), you can read that report here.
The “interim period” under the Act has been extended until 31st December 2021.
The temporary measures contained in the Act amended the provisions in the Companies Act 2014. It addresses operational issues and insolvency measures considered necessary to alleviate pressure on companies with a view to protecting viable businesses and preserving employment.
The extension of the interim period under the Act means companies can hold their AGMs and creditors meetings virtually through online communication platforms.
The Act also addresses company insolvency-related issues, increasing the period of Examinership to 150 days and increasing the threshold at which a company is deemed unable to pay its debts to €50,000. Read more on the solvency and cashflow-related provisions within the Act in our article, published on 14th October 2020.
Robert Troy, Minister for Trade Promotion, Digital and Company Regulation, commented: “Extending this period to the end of the year was the prudent thing to do and gives necessary certainty to business when it needs it most. …the changes brought in by the 2020 Act continue to apply to make it easier for businesses to operate during the pandemic. It is important to me that there is certainty for business as the economy reopens.”
About the author: Katie Oakes, Solicitor on the Corporate and Commercial Team.
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