Companies Act 2014 section 558U

Notice of meeting under section 558T

Section 558U sets out the notice requirements and accompanying documentation that a process adviser must provide when calling a meeting of members and creditors to consider a rescue plan for a small or micro company.

• The process adviser must give at least 7 days' written notice to every person entitled to attend the meeting, stating the time and place
• The notice must be accompanied by the rescue plan, a statement of the company's assets and liabilities, a description of likely financial outcomes if the company were wound up or placed in receivership, and an explanatory statement from the process adviser on the plan's fairness and consequences
• The notice must also include details of directors' material interests, proxy forms, information on the process adviser's remuneration and costs (both incurred to date and estimated future costs under approval or non-approval scenarios), and procedures for agreeing to, modifying or objecting to the plan
• The process adviser must keep records of how notices were given, and proceedings remain valid even if a member or creditor fails to receive notice, unless the court finds that person was materially prejudiced