Companies Act 2014 section 1280

Petitions for examinerships

Section 1280 modifies the rules on who may petition the court for the appointment of an examiner when the company involved is an unlimited company, particularly where the company operates in the financial services sector.

• The standard examinership petition rules in section 510 are adapted for unlimited companies by replacing subsections (2) and (3) with modified versions.
• Where the unlimited company is an insurer or the holding company of an insurer, only the Central Bank may present a petition for examinership.
• Where the unlimited company is a credit institution (or its holding company), a former trustee savings bank, or a converted building society, only the Central Bank may petition for examinership.
• In all these financial sector cases, the normal rules allowing other parties to petition under subsection (1) are disapplied.