The Dept. of Enterprise Trade &Employment tweeted today that in the light of ongoing repercussions of the pandemic on Irish businesses, the Government has approved the further extension of 2 important temporary measures of the Companies Act to 31 Dec '23
📌virtual general meetings will continue
📌Threshold a company is deemed unable to pay its debts remains at €50k.
The Minister of State for Trade Promotion, Digital and Company Regulation Dara Calleary said the increased threshold of 50k is retained until Dec '23 to assist in the ongoing operation of struggling or recovering businesses and will ensure that fundamentally viable companies will not be wound up for relatively small debts of €10,000.
He also said that importantly, work continues to put virtual AGMs and general meetings on a permanent statutory footing. The extension to Dec '23 will allow companies & co-ops to continue to comply with their legal obligations in what is a challenging trading environment.
Please click here also for the Dept.'s press release this morning on the subject.