Companies Act 2014
Process adviser’s duty to prepare rescue plan
558Q. (1) This section applies where 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).
(2) As soon as practicable after the passing of the resolution, the process adviser shall prepare a rescue plan for the eligible company.
(3) In preparing the rescue plan, the process adviser shall take account of—
(a) any information provided by creditors by virtue of section 558K(2)(b) or 558O(2)(b), and
(b) where no such information is provided, any values of claims that the process adviser has estimated under section 558O(5).
(a) the process adviser has given a notice to a creditor under section 558L in respect of an excludable debt, and
(b) the creditor concerned has not informed the process adviser of an objection within the time specified in the notice,
the process adviser shall include the excludable debt in the rescue plan.
(5) Where the process adviser has given a notice to a person under section 558P(9) in respect of a contract, the process adviser shall include in the rescue plan provision repudiating the contract unless it appears to the process adviser that circumstances have changed since the notice was given and it would no longer be appropriate to do so.
(6) The rescue plan shall—
(a) specify each class of members and creditors of the eligible company,
(b) specify any class of members and creditors whose interests or claims will not be impaired by the rescue plan,
(c) specify any class of members and creditors whose interests or claims will be impaired by the rescue plan,
(d) provide equal treatment for each claim or interest of a particular class unless the holder of a particular claim or interest agrees to less favourable treatment,
(e) if the process adviser considers it necessary or desirable to do so in order to facilitate the survival of the eligible company, and the whole or any part of its undertaking, as a going concern, specify any changes that should be made in relation to the management or direction of the company,
(f) if the process adviser considers it necessary or desirable to do so in order to facilitate such survival, specify any changes that he or she considers should be made in the constitution of the eligible company, whether as regards the management or direction of the company or otherwise,
(g) provide for its implementation (including any changes specified under paragraphs (e) and (f)) and the time within which it is to be implemented, and
(h) include such other matters as the process adviser deems appropriate.
(7) A director who fails, without lawful excuse, to implement any provision of the rescue plan which takes effect and which imposes a requirement on the directors of the eligible company within the time for implementing the rescue plan specified under subsection (6)(g) shall be guilty of a category 3 offence.]
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.