Companies Act 2014 section 514

Certain liabilities may not be certified under section 529(2)

Section 514 restricts the examiner from certifying liabilities that a company incurs during an interim protection period granted by the court where an independent expert's report was not available at the required time.

• During examinership, an examiner can normally certify certain company liabilities under section 529(2), giving them priority status in any subsequent winding up.
• However, where the court grants an interim protection order under section 513(1) because the independent expert's report was not yet available, any debts the company incurs during that interim period cannot receive such certification.
• This restriction applies specifically to the gap period where an interim examiner has been appointed but the full independent expert's report has not yet been provided to the court.
• The practical effect is that creditors who supply goods or services to the company during this interim window do not benefit from the priority treatment that examiner-certified liabilities would otherwise enjoy.