Companies Act 2014 section 534

Report by examiner

Section 534 sets out the duties of an examiner after appointment, including formulating rescue proposals, consulting with members and creditors, reporting to the court within specified timeframes, and distributing copies of the report to relevant parties.

• The examiner must formulate proposals for a compromise or scheme of arrangement as soon as practicable after appointment and report to the court within 35 days (or longer if permitted).
• The examiner must convene meetings of members and creditors (with at least 3 days' notice), ensuring all parties whose interests will be impaired are invited, and must report on the proposals to the court.
• If the examiner cannot complete the report within the standard 70-day protection period, the court may grant an extension of up to 30 days, and may further extend the period after the report is submitted to allow time for a decision — but the total period cannot exceed 12 months.
• Copies of the report must be provided to the company, any interested party who requests one in writing, the Central Bank (for regulated companies), and the Corporate Enforcement Authority — though the court may direct that sensitive information be omitted from copies given to interested parties.