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COMPANIES (MISCELLANEOUS PROVISIONS) (COVID 19) ACT 2020

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The Companies (Miscellaneous Provisions (Covid-19) Act 2020 which has now been signed into law makes, temporary amendments to the Companies Act 2014 for an interim period up until the 31st December 2020 in response to the challenges Companies may experience as a result of the Covid-19 pandemic. This interim period can be extended further under the provisions of the Act should the Government decide this is warranted.

The key measures provided for by the Act are as follows;

  • Annual General Meetings (AGMs) and general meetings can be convened and held by wholly or partly by electronic means, as long as those entitled to attend have a “reasonable opportunity to participate” including a mechanism for casting of votes by a member whether before or during the meeting. This mechanism shall not require the member to be physically present at the general meeting or require the member to appoint a proxy who is to be physically present at the meeting. The AGM can also be postponed to a date up to 31st December 2020.
  • Dividends which were approved by the directors before or during the pandemic may be reduced or cancelled due to the “actual or perceived consequences of COVID-19 on the affairs of the company”
  • Solvency debt threshold has been raised from €10,000 (for an individual creditor or €20,000 for two or more creditors) to €50,000 for both individual and aggregate debts.
  • Examiners may in “exceptional circumstances” apply to increase the period of examinership to 150 days from the current 100 days.
  • Documents to which the common seal is affixed to may now be signed in counterpart by one director and the company secretary or by two directors were previously all signatures were required on the same document.

The Act has provided clarity on how companies can deal with specific issues arising as a result of the Covid-19 situation.

Should you require further assistance in this regard please contact Mary Flanagan or Louise Edwards on 016779000 or info@cooneycarey.ie for further details.

To keep in touch, connect with us on LinkedIn.

Posted on September 1, 2020 by Cooney Carey

Client Update 25th March 2020: COVID-19 MEASURES TO SUPPORT EMPLOYERS AND EMPLOYEES

A comprehensive guide has been issued today to Cooney Carey clients setting out the measures made available to support employers and employees. Mail us please if you require a copy. If, at any time, you need to speak with staff in Cooney Carey please contact us as you normally would.

A summary only is included herein, a reading of the complete document is necessary to fully understand the issues raised. These measures are developing quickly, it is necessary to ensure that you have the latest available information.

Covid-19 WAGE RELATED SUPPORT SCHEMES

To discuss the following issues please contact Mary Flanagan (mflanagan@cooneycarey.ie) or Gordon Hayden (ghayden@cooneycarey.ie) or your regular contact within Cooney Carey.

1 TEMPORARY WAGE SUBSIDY SCHEME FOR THOSE WHO RETAIN EMPLOYEES
2 PANDEMIC UNEMPLOYMENT PAYMENT FOR THOSE WHO HAVE LOST THEIR JOBS
3 SHORT TERM WORK SUPPORT FOR EMPLOYEES WORKING A SHORT WORKING WEEK
4 ILLNESS PROVISIONS FOR THOSE MEDICALLY REQUIRED TO SELF ISOLATE

Covid-19 FUNDS SUPPORT

Understanding your cashflow at this time is critical. To discuss your banking and cash flow needs please contact Colin O’Brien (cobrien@cooneycarey.ie) or Tony Carey (arcarey@cooneycarey.ie) or your regular connection within Cooney Carey.

  • FUNDING SUPPORT OFFERED BY SBCI and Enterprise Ireland
  • BANK SUPPORT
  • REVENUE COMMISSIONERS SUPPORT
  • CASH FLOW PLANNING

Your Plan should consider how quickly you envisage your business returning to normality once the current Covid-19 crisis has passed. What do you need to do now to minimise disruption for when you are returning to normal?

Posted on March 26, 2020 by Cooney Carey

RBI 2019 Performance Review

Posted on March 14, 2019 by Cooney Carey

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