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Companies may continue to hold virtual AGMs

Legislation that allowed companies to hold their annual general meetings (AGMs) and general meetings online during the COVID-19 pandemic has been extended, after Government approval this week.

Robert Troy (Minister of State for Trade Promotion, Company Regulation and Digital) said that the interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 would now run to 30 April 2022.

The act makes temporary amendments to the Companies Act 2014, and the Industrial and Provident Societies Act 1893, to address issues arising due to COVID-19 restrictions.

Examinership period

As well as the AGM measure, the act also provides additional breathing space for struggling businesses, by increasing the period of examinership to 150 days, and increasing to €50,000 the threshold at which a company is deemed unable to pay its debts.

Minister Troy said that the recent resurgence in COVID-19 case numbers had highlighted the unpredictability of the pandemic, adding that the measures contained in the act would provide certainty for businesses over the coming months.

The minister stated that he hoped to introduce measures to put virtual AGMs, and other general meetings, on a permanent statutory footing next year.

Earlier this week, the minister announced the start of the Companies (Rescue Process for Small and Micro Companies) Act 2021, which provides a dedicated rescue framework for small and micro companies.