Companies Act 2014 section 1122

Petitions for examinerships

Section 1122 adapts the rules on who may petition the court for the appointment of an examiner, as they apply specifically to public limited companies (PLCs), with particular restrictions for regulated financial entities.

• The general examinership petition rules under section 510 apply to PLCs, but with modified provisions for certain financial institutions
• Where the PLC is an insurer or the holding company of an insurer, only the Central Bank may present a petition for examinership
• The same Central Bank exclusivity applies where the PLC is a credit institution (or its holding company), a reorganised trustee savings bank, or a converted building society
• In all these restricted cases, the normal right of other parties to petition for examinership is disapplied

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