In an important development for Irish companies, the Government today confirmed that the “interim period” under the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (the “Act”) will be extended until 9 June 2021. This law, which we analysed in a previous update, came into effect on 21 August 2020. The temporary measures introduced were designed to ease some of the governance burdens on Irish companies during the COVID-19 pandemic, by, for example, facilitating virtual shareholder and creditor meetings and allowing counterpart documents to be executed under company seal.
The interim period during which these relieving provisions apply had been due to expire on 31 December 2020. This period is now being extended by ministerial order under section 4 of the Act, given the expectation that some level of COVID-19 restrictions will continue well into the new year. It’s important to note, however, that this extension does not apply to 2020 annual general meetings, which must be held by 31 December 2020 under the terms of the Act.
Visit our COVID-19 Insights Centre which hosts a range of useful material on this topic or get in touch with your usual Matheson contact for further information.