Virtual Meetings and Interim Company Law Provisions to Continue for 2021

PUBLISHED: 24th May 2021

Welcome news for Irish businesses this month as the interim period for the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 has been extended to 31 December 2021.

This 2020 Act makes temporary amendments to the Companies Act 2014 and the Industrial and Provident Societies Act 1893 to address issues arising from COVID-19.

The main features of the Act can be broadly 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 are here to stay

The Government recently approved drafting of The Companies (Small Company Administrative Rescue Process and Miscellaneous Provisions) Bill 2021.  The Bill will amend the Companies Act 2014 and includes amendments to make permanent provision for virtual meetings.

If you require assistance or need advice in relation the above matters, please get in touch with our experienced Company Secretarial team:

Colm Hanley at chanley@lkshields.ie

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