Companies Act 2014

F316[Require-ments following giving of notice to creditor under section 558K

558O

558O. (1) This section applies where the process adviser appointed in respect of an eligible company gives a creditor of the company a notice under section 558K(2)(b).

(2) Where the creditor receives the notice, he or she shall—

(a) within 7 days of receipt of the notice, acknowledge receipt of such notice in writing, and

(b) within 14 days of receipt of the notice, provide the process adviser with the information required by the notice.

(3) Where a creditor fails to comply with subsection (2)(a), the process adviser shall give a notice (a "reminder notice") to the creditor requiring the creditor, within 72 hours of receipt of the reminder notice, to acknowledge receipt of the notice given under section 558K(2)(b).

(4) Where a creditor fails to comply with a reminder notice, the creditor shall be deemed to have received the notice given under section 558K(2)(b).

(5) Where a creditor fails to comply with subsection (2)(b), the process adviser shall—

(a) estimate the value of the creditor’s claim (any such value being referred to in this subsection as "the estimated value"), and

(b) give a notice to the creditor—

(i) specifying the estimated value, and

(ii) informing the creditor that, unless the creditor supplies the process adviser with the information required by the notice under subsection (2)(b) within 72 hours after the giving of the notice under this subsection, the estimated value may be used by the process adviser for the purposes of preparing a rescue plan under section 558Q.

(6) In estimating the value of a claim under subsection (5)(a), the process adviser shall take into account any information relating to the claim contained in the books and documents of the eligible company that are available to him or her.

(7) The process adviser shall keep records and supporting evidence of the means by which a reminder notice was given.

(8) A person who fails to comply with subsection (3) or (7) shall be guilty of a category 3 offence.]

Annotations:

Amendments:

F316

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.