Industry Updates
Extension of Virtual Meetings and Changes to Winding Up Threshold
15 Jan 2024
(a) Companies and co-operative societies will continue to be allowed to hold general and creditor meetings virtually until at least 31 December 2024.
(b) Permanent legislative provisions in relation to virtual and hybrid meetings will be forthcoming.
(c) The amount at which a company is deemed unable to pay its debts has returned to €10,000 (previously €50,000).
Background
The extension is welcome for companies and co-operative societies and will provide for consistency into 2024. Dara Calleary, Minister for Trade Promotion, Digital and Company Regulation, has also confirmed that his department is committed to bringing forward permanent legislative provisions in relation to virtual and hybrid meetings.
The provision in the Covid Act increasing the threshold under which a company shall be deemed unable to pay its debts (and at which point a creditor can seek to put a company into liquidation) to €50,000 (for both a debt due to a single creditor and to two or more creditors in aggregate) has not however been extended. Accordingly, since 1 January 2004, the amount at which a company is deemed unable to pay its debts returned to €10,000 (individual debts) and €20,000 (aggregate debts).
Related Contacts
-
Colm Rafferty
-
Morgan Pierse
-
Jordan O'Brien
Related Articles
-
Industry Updates
Funds and Investment Management Update Ireland and Luxembourg Q1 2024
25 Apr 2024
-
Analysis & Insights
Central Bank Focus Areas for E-money and Payment Firm Applications
23 Apr 2024
-
-
-
-
Industry Updates
Irish Participation Exemption for Foreign Dividends: Consultation on Proposed Introduction in Finance Act 2024
11 Apr 2024
-
Industry Updates
ELTIF 2.0 - A Welcome Communication on the Draft RTS from the European Commission
11 Apr 2024
-