Government measures in key jurisdictions 2nd edition final pages - Flipbook - Page 105
8
Company
law matters
•
There is also a support package for self-employed individuals who make profits of
up to £50,000 a year and who will be entitled to a taxable grant worth 80% of their
average monthly profits over the last three years, up to £2,500 a month for 3 months.
•
Coronavirus and the UK tax system
•
The UK Government announced on 28 March 2020 that legislation will be
introduced to ensure that those companies required by law to hold annual general
meetings (AGMs) (i.e. public companies and private companies that are traded
companies) will be able to do so safely and in a manner consistent with the Stay at
Home Measures.
Have any measures
been put in place
•
to accommodate
social distancing
(such as remote
general meetings)?
On 20 May 2020, the Corporate Insolvency and Governance Bill introduced
measures to temporarily allow companies that are under a legal duty to hold
an AGM to hold a meeting my other means (i.e. virtually) even if the company’s
constitution would not normally allow it.
•
Allowing companies to ignore the process set out in the existing articles will
ensure that shareholders’ rights will be reserved by allowing them to vote on issues
virtually. This will also ensure that directors are not exposed to liability for a lack of
shareholder approval of certain actions taken by the company.
•
This measure, once in force, will apply retrospectively from 26 March 20220 to
30 September 2020 in order to cure any constitutional defects arising as a result of
the current crisis.
•
Shareholder meetings and decision making during COVID-19 lockdown
Government measures in key jurisdictions
105