Companies Act 2014

F313[Notice to creditor where eligible company has excludable debt

558L

558L. (1) This section applies where—

(a) a process adviser is appointed in respect of an eligible company by virtue of the passing of a resolution referred to in section 558E(2), and

(b) the eligible company has an excludable debt.

(2) As soon as practicable after the passing of the resolution, the process adviser shall give a notice to the creditor concerned requiring the creditor to inform the process adviser, within 14 days after the giving of the notice, if the creditor objects to the inclusion of the excludable debt in the rescue plan on any of the grounds specified in subsection (3).

(3) The grounds are—

(a) the eligible company has failed at any time to comply with a requirement relating to tax imposed by or under—

(i) this Act, or

(ii) any other enactment,

(b) the Revenue Commissioners are conducting an audit or intervention into the eligible company,

(c) the eligible company is a party to an appeal in relation to a requirement relating to tax imposed by this Act or any other enactment, or

(d) such other ground as may be prescribed.

(4) In this section, "excludable debt", in relation to an eligible company, means—

(a) any liability of the eligible company arising out of any tax, duty, levy or other charge of a similar nature owed or payable to the State,

(b) any debt or liability of the eligible company arising under the Redundancy Payments Acts 1967 to 2014,

(c) any debt or liability of the eligible company arising under the Protection of Employees (Employers’ Insolvency) Acts 1984 to 2020,

(d) any debt or liability of the eligible company arising under the Social Welfare Consolidation Act 2005, or

(e) any debt or liability of the eligible company arising under such other enactment as may be prescribed.]

Annotations:

Amendments:

F313

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.