Companies Act 2014 section 558L

Notice to creditor where eligible company has excludable debt

Section 558L requires a process adviser to notify certain creditors when an eligible company has an excludable debt, and sets out the grounds on which those creditors may object to the debt being included in a rescue plan.

• When a process adviser is appointed for an eligible company that has an excludable debt, the process adviser must promptly notify the relevant creditor after the appointment resolution is passed
• The creditor has 14 days from receiving the notice to inform the process adviser if they object to the excludable debt being included in the rescue plan
• Grounds for objection include the company's failure to comply with tax obligations, an ongoing Revenue audit or intervention, a pending tax appeal, or other prescribed grounds
• Excludable debts encompass taxes, duties, levies and similar charges owed to the State, as well as liabilities under redundancy payments, employee insolvency protection, and social welfare legislation