Companies Act 2014 section 558E

Resolution to appoint process adviser

Section 558E sets out the procedure for the directors of an eligible small or micro company to convene a board meeting to consider appointing a process adviser, following receipt of the process adviser's report.

• This section applies once a process adviser has submitted a report to the directors of an eligible company confirming that a rescue process may be appropriate.
• The directors may call a board meeting specifically to propose and consider a resolution to formally appoint a process adviser for the company.
• Any such board meeting must be held within 7 days of the directors receiving the process adviser's report.
• The 7-day deadline runs from the date of receipt of the report, creating a tight timeframe for the directors to act.