Companies Act 2014 section 533

Hearing regarding irregularities

Section 533 deals with the court's power to hold a hearing where evidence emerges of a substantial unexplained disappearance of company property or other serious irregularities in a company's affairs during an examinership.

• Where evidence of substantial unexplained loss of company property or serious irregularities comes to light — whether from the independent expert's report or otherwise — the court must hold a hearing as soon as practicable to consider that evidence.
• The court may direct the examiner to prepare a report to assist the hearing, and copies must be provided to the company on the same day it is filed with the court, as well as to persons named in the report and interested parties on request — though the court may order redactions to protect the company's survival as a going concern.
• A range of parties have the right to appear and be heard at the hearing, including the examiner, the independent expert (if their report triggered the hearing), the company, any interested party, persons named in the reports, the Central Bank (for regulated companies), and the Corporate Enforcement Authority.
• Following the hearing, the court may make whatever orders it considers appropriate, including directing a trial of any issue arising from the irregularities, and may require a certified copy of its order to be delivered to the Registrar.