Companies Act 2014 section 535

Procedure where examiner unable to secure agreement or formulate proposals for compromise or scheme of arrangement

Section 535 sets out the procedure to be followed when an examiner cannot reach agreement with the relevant parties or develop proposals for a compromise or scheme of arrangement for the company under examination.

• Where an examiner cannot secure agreement with interested parties or other persons involved, the examiner may apply to the court for directions.
• The same right to seek court directions applies where the examiner is unable to formulate proposals for a compromise or scheme of arrangement for the company.
• On receiving such an application, the court has broad discretion to give whatever directions or make whatever order it considers appropriate.
• The court's powers extend to ordering the winding up of the company if it considers it just and equitable to do so.