Companies Act 2014 section 1224

Petitions for examinerships

Section 1224 restricts who may petition for the appointment of an examiner to a company limited by guarantee (CLG) where that company operates in the financial services sector, reserving that right exclusively to the Central Bank.

• Where a CLG is an insurer or the holding company of an insurer, only the Central Bank may petition for examinership — the normal rules on who can petition do not apply.
• The same exclusive Central Bank petitioning right applies where the CLG is a credit institution or the holding company of a credit institution.
• Companies formed from the reorganisation of trustee savings banks or from the conversion of building societies are also subject to this restriction.
• In all these cases, the usual entitlements of directors, members, creditors, or the company itself to present an examinership petition are removed.