Companies Act 2014

F307[Process adviser’s duty to keep determination under section 558C under review

558F

558F. (1) This section applies where a process adviser is appointed in respect of an eligible company and is without prejudice to section 558S(2).

(2) The process adviser shall keep under review during the rescue period the determination made in relation to the eligible company under section 558C.

(3) If, at any time during the rescue period, the process adviser determines, having regard to the matters specified in subsection (4), that there is no longer a reasonable prospect of the survival of the eligible company, and the whole or any part of its undertaking, as a going concern, the process adviser shall immediately—

(a) give notice of the determination to the directors of the eligible company, and

(b) resign as process adviser in respect of the eligible company in accordance with section 558ZW.

(4) The matters referred to in subsection (3) are—

(a) any material change in the circumstances of the eligible company,

(b) the discovery of any material inaccuracy in the information provided to the process adviser that was relied upon for the determination under section 558C, or

(c) such other matter as the process adviser considers relevant.]

Annotations:

Amendments:

F307

Inserted (7.12.2021) by Companies (Rescue Process for Small and Micro Companies) Act 2021 (30/2021), s. 3, S.I. No. 673 of 2021.