Monday, 17 May 2021

Ireland: new corporate rescue regime for small companies // virtual shareholder meetings

The Department of Enterprise, Trade and Employment published a press release last week in which it announced that approval had been gained for the priority drafting of the Companies (Small Company Administrative Rescue Process and Miscellaneous Provisons) Bill 2021: see here. The Bill will amend the Companies Act 2014 in order to introduce a new rescue process for small and micro companies.

The Bill will also - hence the word miscellaneous in the title - make some other changes to the 2014 Act and the Industrial and Provident Societies Act 1893 including making permanent provisions for the holding of virtual meetings (such meetings were introduced as a temporary measure under the Companies (Miscellaneous Provisions) (Covid-19) Act 2020).

The press release highlights the key features of the Bill. 

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