Ireland · Examinership and the small company rescue process
The rescue process: conclusion, offences, the powers of the process adviser and remuneration
the Companies Act 2014 · sections 558ZI, 558ZN, 558ZP to 558ZZ, 558ZAA, 558ZAH and 558ZAI
A process adviser must be qualified under section 633 before taking the appointment
Qualification is the first thing to check and the easiest to assume. A person may not act as a process adviser in respect of an eligible company unless that person is qualified under section 633 for appointment as a liquidator of a company (section 558ZP(1)). An appointment made without that qualification is not cured by the work that follows it.
The filings at the end of the process run on seven days. A certified copy of an order under section 558ZV(1) or (2) in relation to a security must be delivered by the process adviser within 7 days after the date on which the order was made (section 558ZV(6)). Where a notice under section 558ZW(1) is given to an eligible company, the process adviser must send a copy within 7 days after the date of service (section 558ZW(4)(a)). Where a creditor proposes to enforce the obligation of a third person in respect of a liability, section 558ZI(1) sets the period within which that creditor must act.
Sections 558ZP to 558ZR set out offences by the process adviser, directors and officers
Sections 558ZI and 558ZN govern the conclusion of the process and the examination of books and records. Sections 558ZP to 558ZR govern offences by the process adviser, by directors and by officers, and the particulars each of those sections requires. Sections 558ZS to 558ZX govern the powers of the process adviser, the production of documents and resignation.
Sections 558ZY, 558ZZ, 558ZAA, 558ZAH and 558ZAI govern remuneration, costs, expenses and their priority, the retention of records and the service of notices. Where a process adviser is appointed, that person must retain records in the form or manner prescribed for the period section 558ZAH sets.
The system generates your ComplianceSME company passport and then walks you through the working files
Working files 91, 92, 93 and 94 of the IE-COMPANY agent toolkit cover this situation. Working file 91 works through the conclusion of the process and the examination of books and records. Working file 92 works through the offences the Part creates for the process adviser, the directors and other officers. Working file 93 works through powers, production of documents and resignation. Working file 94 works through remuneration, costs, expenses, priority, record retention and the service of notices.
- Working file 91 · Rescue process: conclusion of the process and examination of books and records
- Working file 92 · Rescue process: offences by the process adviser, directors and officers
- Working file 93 · Rescue process: powers, production of documents and resignation of the process adviser
- Working file 94 · Rescue process: remuneration, costs, expenses, priority and service of notices
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The working files above open from your ComplianceSME account at no charge, and so does the rest of the Companies Act 2014 toolkit: 215 working files across the 75 situations a company registered in Ireland can be in. Working file 1 runs first and builds the company passport; after that you open each working file as its situation arises.
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