Companies Act 2014 section 558K

Process adviser to give notice to employees, creditors, etc.

Section 558K sets out the notification obligations of a process adviser once appointed under the rescue process for small and micro companies, including the information that must be communicated to employees, creditors, and other stakeholders within a strict five-day deadline.

• Within five days of appointment, the process adviser must notify employees, creditors, the Revenue Commissioners, and any other prescribed persons of the appointment and key details about the rescue process
• Creditors must be asked to provide specific information about their claims, including supporting evidence, credit terms, security held, and any related party transactions with the company
• Where the process adviser is considering repudiating a contract, the relevant contracting party must be informed of that possibility
• The process adviser must retain records of how all notices were delivered, and failure to comply with these notification requirements is a criminal offence