Companies Act 2014 section 515

Creditors to be heard

Section 515 requires the court to give creditors of a company an opportunity to be heard before it either appoints an examiner or dismisses a petition for examinership.

• The court must not dismiss an examinership petition or appoint an examiner without first hearing from any creditor who has expressed a wish to be heard.
• Each creditor who indicates to the court a desire to be heard must be given an opportunity to do so before a final decision is made.
• This requirement does not restrict the court's power to make interim or temporary orders, including the appointment of an examiner on an interim basis, under section 512.
• The distinction between final and interim orders ensures that urgent protective measures can still be taken promptly while preserving creditors' rights to participate in the substantive hearing.