Irish company law update: Extension of COVID-19 company law measures and CRO digital transformation

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Irish company law update: Extension of COVID-19 company law measures and CRO digital transformation

Published 5 febrero 2021

Extension of interim period under the Companies (Miscellaneous Provisions) (COVID-19) Act 2020

The Companies (Miscellaneous Provisions) (COVID-19) Act 2020 (the “Act”) was enacted last summer to facilitate Irish companies and societies complying with their statutory obligations while COVID-19 restrictions are in place. As detailed in a previous update, the Act introduced various temporary measures which initially applied from the commencement of the Act on 21 August 2020 until the end of 2020. The Department of Enterprise, Trade and Employment announced shortly before Christmas that the temporary measures would continue to apply until 9 June 2021.

Therefore, Irish companies will be able to avail of the temporary measures, including the following, for the extended period:

• virtual general and creditors’ meetings;

• the execution of documents under seal in counterpart;

• higher monetary threshold for issuing a 21 day letter of demand; and

• extension of the examinership process to a total of 150 days (subject to court approval).

CRO digital transformation

The Companies Registration Office (the “CRO”) updated its online platform, CORE, just before Christmas. Benefits of the new system include:

• paperless online filings—all attachments and signature pages can be uploaded;

• 20 new forms are available to file online;

• a streamlined 56-day period for filing annual returns; and

• filing forms and document ordering are now available through the same portal.

The CRO has acknowledged that there have been some issues with the new CORE system and it is providing regular updates and useful instructional videos on its website and through its social media channels.

Annual return extension update

Due to the current COVID-19 restrictions and the challenges posed by the CRO’s digital transformation project, the CRO has announced that companies with an annual return date of 30 September 2020 or later will be permitted to file their annual returns on or before 28 May 2021. Furthermore, all companies who availed of an extension to file annual returns due to delayed AGMs (until 26 February 2021) will also be permitted to file their annual returns on or before 28 May 2021.

For more information or assistance please contact John Darmody, Senior Associate or another member of our Dublin Corporate and Commercial team.

Authors

John Darmody

John Darmody

Dublin

+353 (0)1 588 2551

Key Contacts

Sharon McCaffrey

Sharon McCaffrey

Dublin

+ 353 1 588 2554

Sarah Meehan

Sarah Meehan

Dublin

+353 (0)1 588 2557

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