Companies Act 2014

F327[Notification of approval of rescue plan

558Z

558Z. (1) This section applies where a rescue plan for an eligible company is approved in accordance with section 558Y.

(2) The process adviser shall, within 48 hours after the approval of the rescue plan, give notice of the approval in the prescribed form to the persons specified in subsection (3).

(3) The persons referred to in subsection (2) are—

(a) employees of the eligible company,

(b) the Revenue Commissioners,

(c) any creditor or member whose claim or interest would be impaired if the rescue plan were implemented, and

(d) such other persons as may be prescribed.

(4) Every notice given to persons referred to in subsection (3) shall be accompanied by the following documents—

(a) a copy of the rescue plan as approved under section 558Y,

(b) a statement by the process adviser explaining—

(i) the effect of the rescue plan,

(ii) the reasons why it is fair and equitable and not unfairly prejudicial, and

(iii) the likely consequences of any failure to implement the rescue plan (including winding up or receivership),

(c) a statement outlining any material interests of the directors of the eligible company and the effect of the rescue plan to the extent it is different to like interests of other persons,

(d) information in relation to the procedure for filing an objection to the approved rescue plan pursuant to section 558ZC, including:

(i) the identification of the relevant court office in which an objection should be filed,

(ii) a statement that an objector has 21 days to file an objection from the date notice of approval is filed with the relevant court office and providing the date on which notice of approval was filed,

(iii) a statement that if no objection is filed within the 21 day period, the rescue plan will become binding,

(iv) a statement that the person may only make submissions on any objection validly filed unless that objection is upheld, and

(v) a statement that a person may make submissions more generally only where the relevant court upholds an objection and seeks to modify the rescue plan,

(e) a copy of the prescribed form for making an objection, and

(f) any such further information as may be prescribed.

(5) The process adviser shall, within 48 hours after the approval of the rescue plan, deliver notice of the approval of the rescue plan to the Registrar.

(6) The process adviser shall, within 48 hours after the approval of the rescue plan, file notice of the approval of the rescue plan with the office of the relevant court.

(7) The process adviser shall keep records and supporting evidence of the means by which notice is given under this section.

(8) If default is made in complying with this section, the process adviser shall be guilty of a category 3 offence.

(9) Any bona fide error made by the process adviser in complying with the requirements of this section shall not of itself invalidate any approval or any steps taken pursuant to such an approval.]

Annotations:

Amendments:

F327

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.

Editorial Notes:

E91

Power pursuant to subs. (2) exercised (8.12.2021) by Companies Act 2014 (Prescribed Form and Notice) Regulations 2021 (S.I. No. 675 of 2021, in effect as per reg. 1(2).