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Temporary Irish Company Law changes to provide some welcome relief to Businesses

The Companies (Miscellaneous Provisions) (Covid-19) Bill 2020 has completed the fifth stage in Dail Éireann and was signed into law by the President on 1 August 2020. This legislation will apply for an “interim period”, ending on 31 December 2020 unless extended to 30 June 2021 and brings with it welcome changes to enable business’s remain compliant with their obligations and help them to deal with some of the practical challenges they face in light of COVID 19 and the related restrictions.

Key measures contained therein include: –

  • Providing for documents to be executed under company seal in counterparts;
  • Enabling companies to defer an AGM due to be held in the interim period, provided that the meeting is held by 31 December 2020 at the latest;
  • Enabling companies to hold a general meeting of their members wholly or partly by the use of electronic communications technology subject to certain requirements in respect of notice, security and the respective company ensuring the members have the opportunity to participate and vote;
  • Enabling a company’s directors to withdraw or amend dividend recommendations to be put before the members of that company;
  • In respect of examinerships, enabling a Court to allow for an extension to the period in which an examiner may submit their report in exceptional circumstances;
  • Increasing the amount of debt which a Creditor must be owed (from EUR 10,000 to EUR 50,000) before it can bring an application for winding up against a company; and
  • Enabling Creditors meetings to be held wholly or partly by the use of electronic communications technology subject to certain requirements in respect of notice, security and the company ensuring the members have the opportunity to participate and vote.
 

We here at Corporate Governance Solutions can provide a full company secretarial service and specialise in the provision of services to regulated entities. We are authorised as a trust and company service provider by the Department of Justice and comply with the Central Bank’s fitness and probity standards. We also provide a variety of compliance and trustee services. If you require any of these services, please don’t hesitate to contact us at info@Corporategs.ie.

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