Interim pandemic measures extended to 31 December 2021Thursday, 20 May 2021
Yesterday, the Department of Enterprise, Trade and Employment announced that the Government has approved the extension until 31 December 2021 of the period during which the interim measures introduced under the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (the 2020 Act) (link to announcement here) will apply. The 2020 Act permits the extension of the interim period in which the measures apply by order of the Government.
The 2020 Act introduced temporary company and insolvency measures on an interim basis to amend the Companies Act 2014 in order to facilitate compliance challenges and alleviate pressure on company liquidity caused by the Covid-19 pandemic.
Yesterday’s announcement means that until the end of this year, Irish companies may:
- continue to hold both general and creditors’ meetings remotely;
- continue to execute documents required to be executed by a company under seal in separate counterparts;
- continue to rely on the increased threshold for statutory demands (i.e. the point at which a company is deemed unable to pay its debts) of €50,000; and
- continue to rely on the extended period of examinership of 150 days.
For details of the measures introduced by the 2020 Act, please see our earlier update here. We will continue to provide updates on further developments with regard to these interim measures and other Covid-19 related legal developments as they occur.
For more information or general advice on what the Bill might mean for you and your business, please contact Gillian O’Shaughnessy (Partner, Corporate) or John Fitzgerald (Head of Restructuring and Insolvency) or your usual ByrneWallace LLP contact.