16 May 22
Covid Act - Extension of Interim Period
The Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (the Covid Act) was introduced in response to the economic difficulties arising from the Covid-19 pandemic, to assist companies complying with certain provisions of the Companies Act 2014 (the Act).
The temporary interim period of the Covid Act had been extended to 30th April 2022 and has since been further extended to 31st December 2022, following government approval.
The main features of the Covid Act during the latest temporary interim period can be summarised as follows:
Extension of the examinership process to a total of 150 days, subject to court approval.
Debt thresholds for the winding up of a company by creditors or the courts has been increased to €50,000.
Both general (AGM, EGM) and creditor’s meetings can continue to be held virtually.
Documents required to be executed under seal can now be executed in counterpart.
Dividend approval by resolution can be amended or withdrawn if the affairs of the company have been affected by the Covid-19 pandemic.
The extension of the Covid Act temporary interim period is positive news for Irish companies as the ongoing effects of the Covid-19 pandemic continue to be endured.
For further information or any assistance regarding company law and corporate governance, please contact Ronan Donohoe, Head of the Company Secretarial.