Companies Act 2014 section 547

Circumstances in relation to which subsequent provisions of this Chapter have effect

Section 547 defines the type of liability that the remaining sections of this Chapter deal with, namely the liability of a third party (such as a guarantor) in respect of a debt owed by a company that is under the protection of an examiner.

• This section sets the scope for the rest of the Chapter, subject to the qualification in section 548(2)
• The "third person" is anyone who is liable for a company's debt, whether under a guarantee or any other arrangement
• The "debt" is a debt of a company to which an examiner has been appointed, owed to a "creditor"
• The subsequent sections explain how such third-party liabilities are treated when a compromise or scheme of arrangement is put in place during examinership