Companies Act 2014 section 512

Supplemental provisions in relation to sections 510 and 511 — other matters to be mentioned in petition, hearing of petition, etc.

Section 512 sets out the procedural requirements for presenting an examinership petition, including what must accompany it and the circumstances in which the court will or will not hear it.

• The petition must nominate an examiner and be accompanied by that person's signed consent and, if available, a copy of any proposed compromise or scheme of arrangement
• A contingent or prospective creditor presenting a petition must first provide security for costs to the satisfaction of the court
• The court will not hear the petition if a receiver has been in place over all or part of the company's property for a continuous period of at least 3 days before the petition was presented
• On hearing the petition, the court may dismiss it, adjourn it, make interim orders (including restricting directors' powers), or appoint an examiner on an interim basis

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