Companies Act 2014 section 558F

Process adviser's duty to keep determination under section 558C under review

Section 558F requires a process adviser appointed to a small or micro company in rescue to continuously review whether the company still has a reasonable prospect of surviving as a going concern, and to resign immediately if it does not.

• The process adviser must keep the initial going-concern determination under ongoing review throughout the rescue period
• If the adviser concludes the company no longer has a reasonable prospect of survival, the directors must be notified immediately and the adviser must resign
• Triggers for a changed view include material changes in the company's circumstances or the discovery of significant inaccuracies in information originally relied upon
• The adviser may also take into account any other matter considered relevant when reassessing the company's viability