Virtual agms can continue into 2023

Provisions introduced as a result of the Covid-19 pandemic that allow companies to hold virtual general meetings have been extended until the end of next year.

A second provision that increased the threshold at which a company is deemed unable to pay its debts to €50,000 will also remain in place.

Government approved the further extension of the temporary measures of the Companies (Miscellaneous Provisions) (Covid-19) Act in respect of the Companies Act 2014 and Industrial and Provident Societies Act 1893 this week.

However, temporary measures that extended the examinership period and the remote execution of documents are not being extended into 2023.

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“Supply chain disruptions, changing consumer spending patterns, trending increase in inflation and potential energy supply disruptions have placed further significant burdens on struggling enterprises still reeling from the effects of the Covid-19 pandemic. Despite these challenges Government supports have so far prevented the level of business failures that would otherwise have been expected from trading restrictions,” said Minister for of State for Trade Promotion, Company Regulation and Digital, Dara Calleary.

“Nevertheless, the unwinding of Covid-19 pandemic supports and the effects of renewed inflationary pressures have the potential to expose distress among a cohort of Irish businesses. This coincides with analysis carried out by the World Bank which indicates that it will take a number of years before the economic impact of disruptive events work their way through the system.

Mr Calleary said the extension of the provisions would provide longer term certainty for businesses.