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Virtual AGMs continue as interim measure extended

Virtual AGMS are to continue as the interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 has been extended to 31 December 2022.

Work is also under way to put virtual AGMs and general meetings on a permanent statutory footing, according to Robert Troy (Minister for Trade Promotion, Company Regulation and Digital).

The 2020 act makes temporary amendments to the Companies Act 2014 and the Industrial and Provident Societies Act 1893 to address issues arising because of COVID-19.

The act makes provision for business solvency by increasing the examinership period to 150 days and increasing the threshold at which a company is deemed unable to pay its debts to €50,000.

Electronic means

The act also extends the provisions allowing 240,000 companies and 950 industrial and provident societies in Ireland to hold their Annual General Meetings (AGMs) and general meetings by electronic means.

Minister Robert Troy said he expected that this will be the final extension of the temporary provisions.

“I would stress that the underlying motivation for the further extension of these important measures is very much focused on ensuring that businesses are provided with adequate time to recover from the difficult trading circumstances of the pandemic,” he said.

Shuttering

While welcoming the return to growth, he said it was difficult to quantify the condition of many businesses following the extensive shuttering of large parts of the economy.

Previous analysis by the World Bank has indicated that it can take several years before the economic impact of disruptive events work their way through the system, the minister added.