Companies Act 2014 section 510

Petition for court

Section 510 sets out who is entitled to present a petition to the court to have an examiner appointed to a company, and the special rules that apply where the company is connected with a financial institution regulated by the Central Bank.

• A petition may be brought by the company itself, its directors, its creditors (including employees owed money), or members holding at least one-tenth of the paid-up voting share capital
• Where the company is the holding company of an insurer, a credit institution, or a reorganised trustee savings bank, only the Central Bank may present the petition
• Where the company is a Schedule 5 company (one authorised, supervised, or regulated by the Central Bank), the petition may be brought by the usual parties, the Central Bank, or both acting together
• If a petition is brought in respect of a Schedule 5 company without the Central Bank's involvement, the petitioner must notify the Central Bank before filing and the Central Bank is entitled to appear and be heard at the hearing

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