Companies Act 2014 section 558

Reporting to Director of Corporate Enforcement of misconduct by examiners

Section 558 requires prescribed professional bodies to report to the Corporate Enforcement Authority when their disciplinary processes uncover misconduct by a member acting as an examiner during an examinership.

• Where a disciplinary committee or tribunal of a prescribed professional body finds that a member conducting or having conducted an examinership has failed to maintain appropriate records, the body must report this to the Corporate Enforcement Authority immediately.
• Similarly, if the disciplinary committee or tribunal has reasonable grounds for believing that such a member has committed a serious offence (category 1 or category 2) during the course of an examinership, this must also be reported to the Authority without delay.
• The report must include details of the finding of poor record-keeping or, as applicable, details of the alleged offence.
• If a professional body fails to comply with these reporting obligations, the body itself and any officer of the body to whom the failure is attributable shall be guilty of a category 3 offence.