Companies Act 2014 section 558Z

Notification of approval of rescue plan

Section 558Z sets out the notification obligations of a process adviser once a rescue plan for a small or micro company has been approved by its members and creditors.

• Within 48 hours of approval, the process adviser must notify employees, Revenue, affected creditors and members, the Registrar, and the relevant court office
• Each notice must be accompanied by the approved rescue plan, an explanatory statement from the process adviser, details of directors' material interests, and information on how to file an objection within 21 days
• The process adviser must retain records and evidence of how all notices were delivered, and failure to comply is a category 3 offence
• A genuine error by the process adviser in carrying out these notification duties will not, by itself, invalidate the approval or any steps taken under it