The interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 has been further extended to 31 December 2022 following Government approval. The Act makes temporary amendments to the Companies Act 2014 and the Industrial and Provident Societies Act 1893 to address issues arising as a result of Covid-19.
The Act makes provision in respect of business solvency by 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.
The Act also extends the provisions allowing 240,000 companies and 950 industrial and provident societies in Ireland to hold their Annual General Meetings (AGMs) and general meetings by electronic means. The continuation of these important amendments will provide additional breathing space to struggling businesses and provide continuity for businesses to the end of this year.