In a welcome development, Minister of State Dara Calleary recently announced the extension of certain temporary amendments to the Companies Act 2014 (the 2014 Act) and the Industrial and Provident Societies Act 1893 (the 1893 Act). The operation of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (the 2020 Act) has been extended until 31 December 2023 in respect of two company law measures:
- companies may continue to hold virtual and hybrid general meetings (AGMs and EGMs) and creditors' meetings
- the debt threshold for companies remains at €50,000 (for both individual and aggregate debts)
Introduced during the COVID-19 pandemic, the 2020 Act makes temporary amendments to the 2014 Act and the 1893 Act and its operation has been extended on a number of occasions. The latest extension (to 31 December 2023) has been effected by two statutory instruments – the Companies Act 2014 (Section 12A(1)) (Covid-19) (No. 2) Order 2022 and the Industrial and Provident Societies Act 1893 (Section 14A(1)) (Covid-19) (No. 2) Order 2022.
The government's decision to extend the operation of these provisions provides "additional breathing space and continuity for businesses to the end of 2023". It also gives the government time to introduce anticipated legislation placing virtual AGMs on a permanent statutory footing.
Discontinued measures
The following measures of the 2020 Act have not been extended and will no longer be available to companies after 31 December 2022:
- provisions allowing documents which are required to be executed under seal to be executed in counterpart
- the extension of the examinership process from 100 days to a total of 150 days subject to court approval
