Companies Act 2014 section 513

Cases in which independent expert's report not available at required time: powers of court

Section 513 deals with the court's powers where the independent expert's report required for an examinership petition was not available in time due to genuinely exceptional and unforeseeable circumstances beyond the petitioner's control.

• Where exceptional and unforeseeable circumstances prevent the independent expert's report from accompanying the petition, the court may place the company under its protection for a short period to allow the report to be submitted
• The protection period cannot exceed 10 days from the date of the order (extended to the next working day if it falls on a weekend or public holiday), and the appointment of a receiver does not in itself qualify as an exceptional circumstance
• If the petition was brought by a creditor or a member of the company, the directors must co-operate in preparing the independent expert's report, and the court can compel them to do so if they fail to comply
• If the report is submitted within the protection period the court proceeds to consider the petition as normal, but if the report is not submitted in time the company ceases to be under protection, though a fresh petition may be brought