Government approves extension to interim period of Companies (Miscellaneous Provisions) (Covid-19) Act 2020 until 31st December 2021

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From the Department of Enterprise, Trade and Employment:

The interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 has been extended to 31st December 2021 following Government approval this week. 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 ensures that 240,000 companies and 950 industrial and provident societies in Ireland can hold their Annual General Meetings (AGMs) and creditors meetings virtually. It also 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 continuation of these important amendments will provide additional breathing space to struggling businesses.

Click here to read the full announcement.