Companies Act 2014 section 553

Revocation

Section 553 allows a company or any interested party to apply to the court to revoke confirmation of an examinership rescue scheme if that confirmation was obtained by fraud.

• An application to revoke the court's confirmation of a rescue scheme must be made within 180 days of the confirmation date, on the grounds of fraud
• If the court is satisfied that fraud occurred, it may revoke the confirmation on whatever terms it considers appropriate, including protecting the rights of parties who acquired interests or property in good faith
• Once revoked, a certified copy of the court order must be delivered as soon as practicable to the Registrar, the Central Bank (where applicable), and the Corporate Enforcement Authority
• The court will direct who is responsible for delivering the certified copy of the revocation order to these parties