Conclusion of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020
The interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (the “Act”) is due to expire at the end of this month on 30 April 2022.
PLEASE NOTE - Update issued 28 April 2022 - Please read more
The Act allows for temporary amendments to the Companies Act 2014 and the Industrial and Provident Societies Act 1893 to address practical issues arising during the COVID-19 pandemic.
The Act, during the interim period, permits actions such as-
- Documents executed under seal may be executed in counterpart
- General meetings may be conducted wholly or partly by electronic means
- The period of protection from creditors in examinership remains at 150 days
- The winding up debt threshold at which a company us deemed unable to pay its debts remains at €50,000
- Creditors’ meetings may be conducted wholly or partly by electronic means.
The Act was extended three times since 2020 so that entities could continue to function in compliance with company law legislation notwithstanding the pandemic. However, it is understood following the recent opening of society and business that there are no plans to grant a further extension of the Act post 30 April 2022.
Accordingly, care should be taken from 1 May 2022 onwards to adhere to the existing provisions of the Companies Act 2014, as well as a Company’s governing Constitution, in particular, in respect to the holding of General Meetings, so as to ensure compliance with company law legislation following the conclusion of the Act.
Sinéad Humphreys
Associate Director, Legal Services
KPMG Ireland
