Companies Act 2014 section 558ZA

Process adviser's report

Section 558ZA sets out the process adviser's obligation to prepare and distribute a comprehensive report following the required meetings with members and creditors of a small or micro company in a rescue process.

• The process adviser must prepare a detailed report within 49 days of appointment, covering the rescue plan, any agreed modifications, meeting outcomes, a full statement of assets and liabilities, a creditor list with amounts owed, security held and priority ranking, a list of officers, and the adviser's own recommendations and costs.
• Copies of the report must be given to the company, its employees, the Corporate Enforcement Authority, the relevant court office, and any interested party who requests one in writing.
• The copies to the company and its employees must be provided within 49 days of the process adviser's appointment.
• The court may direct that certain information be omitted from copies given to interested parties, particularly where disclosure could prejudice the company's survival as a going concern.