Interim Period Extended for Virtual Meetings but not for Execution
The Government has announced the extension of the interim period relating to two of the measures introduced by the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (the Act). The Act makes temporary amendments to the Companies Act 2014 and the Industrial and Provident Societies Act 1893 which apply for the duration of the “interim period”.
A press release from the Department of Enterprise, Trade and Employment confirms that the interim period has been further extended until 31 December 2023 in relation to the measures:
- facilitating the holding of virtual AGMs and other general meetings; and
- increasing the threshold at which a company is deemed unable to pay its debts to €50,000.
The interim period in relation to other temporary measures introduced by the Act will expire on 31 December 2022. This includes section 43A of the Companies Act 2014, which provides that, for the duration of the interim period, a company’s seal and the signatures of those who countersign it may be on separate copies of the relevant agreement or deed.
“Retaining virtual general meetings will allow companies and co-operatives to continue to comply with their legal obligations in what is a challenging trading environment and to allow members to hold the directors accountable.”
“Temporary measures that provide for an extended examinership period and the remote execution of documents and which were particularly pertinent during the more acute phases of the pandemic when there were travel restrictions, are not being extended into 2023.”