Ireland · Examinership and the small company rescue process

The rescue process: conclusion, offences, the powers of the process adviser and remuneration

the Companies Act 2014 · sections 558ZI, 558ZN, 558ZP to 558ZZ, 558ZAA, 558ZAH and 558ZAI

Qualification is the first thing to check and the easiest to assume. A person may not act as a process adviser in respect of an eligible company unless that person is qualified under section 633 for appointment as a liquidator of a company (section 558ZP(1)). An appointment made without that qualification is not cured by the work that follows it.

The filings at the end of the process run on seven days. A certified copy of an order under section 558ZV(1) or (2) in relation to a security must be delivered by the process adviser within 7 days after the date on which the order was made (section 558ZV(6)). Where a notice under section 558ZW(1) is given to an eligible company, the process adviser must send a copy within 7 days after the date of service (section 558ZW(4)(a)). Where a creditor proposes to enforce the obligation of a third person in respect of a liability, section 558ZI(1) sets the period within which that creditor must act.

Sections 558ZI and 558ZN govern the conclusion of the process and the examination of books and records. Sections 558ZP to 558ZR govern offences by the process adviser, by directors and by officers, and the particulars each of those sections requires. Sections 558ZS to 558ZX govern the powers of the process adviser, the production of documents and resignation.

Sections 558ZY, 558ZZ, 558ZAA, 558ZAH and 558ZAI govern remuneration, costs, expenses and their priority, the retention of records and the service of notices. Where a process adviser is appointed, that person must retain records in the form or manner prescribed for the period section 558ZAH sets.

Files 91, 92, 93 and 94 of the IE-COMPANY package cover this situation. File 91 works through the conclusion of the process and the examination of books and records. File 92 works through the offences the Part creates for the process adviser, the directors and other officers. File 93 works through powers, production of documents and resignation. File 94 works through remuneration, costs, expenses, priority, record retention and the service of notices.

This situation is covered by these files from the pack IE-COMPANY

• File 91 · Rescue process: conclusion of the process and examination of books and records
• File 92 · Rescue process: offences by the process adviser, directors and officers
• File 93 · Rescue process: powers, production of documents and resignation of the process adviser
• File 94 · Rescue process: remuneration, costs, expenses, priority and service of notices

ComplianceSME tracks the Companies Act 2014 and issues update files through the membership, so that you are never working from a superseded version. Membership

Back to the Irish library →