The "interim period" provided for in the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 ("the Act"), has been further extended by Government OrderOpens in new window until 31 December 2022. It had been due to expire on 30 April 2022. The temporary measures provided for in the Act (which we analysed in previous updates) were designed to ease some of the governance burdens that arose for Irish companies throughout the COVID-19 pandemic by, for example, facilitating virtual shareholder and creditor meetings, increasing the debt threshold for the commencement of the winding up of a company and allowing counterpart documents to be executed under company seal.
These optional extensions, which have been allowed given the ongoing uncertainty surrounding COVID-19 restrictions and their impact on day-to-day corporate governance in Ireland, have been welcomed and continue to be relied on by Irish companies. The Government has however indicated that it expects this to be the final extension of these temporary provisions but emphasised that work is ongoing to put virtual meetings on a permanent statutory footing.
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