On the 30 July 2020 the Irish Government passed the Companies (Miscellaneous Provisions) (COVID-19) Bill 2020 and on 1 August the President signed it into law.
The Act represents a response to the circumstances surrounding the current COVID-19 pandemic and brings about temporary changes to a number of areas in the Companies Act, 2014 to reflect these circumstances.
The temporary changes are in place for an interim period until 31 December 2020, and there is also an option to extend this period as far as 30 June 2021.
Outlined below is a summary of some of the key changes provided by the Act:
Companies are also allowed to delay or rearrange meetings prior to the meeting being held. This also includes changing the venue, changing the means by which the meeting is held (physical / virtual), or to cancel the meeting entirely for public health concerns.
The Act provides some sensible solutions to logistical issues caused by the COVID-19 pandemic and provides some welcome breathing space for companies struggling to deal with the economic consequences of the pandemic.
If you wish to find out more about any aspect of the above or wish to seek professional advice, please do not hesitate to contact our team for a confidential consultation.