Companies Act 2014

Process adviser’s duty to call meeting of members and creditors

558T

558T. (1) This section applies where a process adviser has prepared a rescue plan under section 558Q.

(2) As soon as practicable after preparing the rescue plan, the process adviser shall call—

(a) the appropriate meetings of the creditors or the class concerned of them, and

(b) the appropriate meetings of the members or the class concerned of them,

for the purpose of considering the rescue plan.

(3) References in subsection (2) to the appropriate meetings of creditors or members as the case may be, are references to either—

(a) separate meetings of the particular creditors or members (as appropriate) who fall into the separate classes that, under the general law, are required to be constituted for the purpose of voting on the rescue plan, or

(b) where, under the general law, no such separate classes are required to be constituted for that purpose, a single meeting of the creditors or members (as appropriate).

(4) A meeting under this section shall be fixed for a date no later than 49 days after the date on which the process adviser is appointed.

(5) A meeting under this section shall be held at such place as is, in the opinion of the process adviser, the most convenient for the majority of the members or creditors or all, as the case may be.

(6) Different times or places may be named for the meetings of members and for those of creditors.

(7) Where an excludable debt is included in the rescue plan, the creditor concerned shall be entitled to vote at any meeting called under this section.]

Annotations:

Amendments:

F321

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.