New Bill allows AGMs to be held electronically

Meetings will be allowed to take place electronically following the introduction of the new Bill.

A new Bill has been passed in the Dáil allowing businesses to hold Annual General Meetings (AGMs), general meetings and creditor meetings electronically.

Companies are required to hold an AGM every twelve months, but Covid-19 restrictions have made it difficult for some companies to hold essential meetings.

The new Bill will allow over 240,000 companies to use hold their meetings remotely, using teleconferencing technology.

The Bill has also increased the amount of debt a business may have before it is considered unable to pay its bills.

In the past, the debt threshold was €10,000, but this has now been increased to €50,000.

The length of time which a business can be placed in examinership has also been increased from 100 to 150 days to allow businesses extra time to restructure under the supervision of the courts.