Companies Act 2014 section 558ZB

Confirmation of rescue plan

Section 558ZB sets out the conditions under which an approved rescue plan for a small or micro company becomes legally binding on all parties.

• A rescue plan becomes binding within 21 days of the approval notice being filed with the relevant court, provided no objection is filed by a creditor or member during that period.
• Even if no objection is raised, a rescue plan that does not comply with the Companies Act 2014 cannot become binding.
• If a creditor or member files an objection within the 21-day window, the matter proceeds to a court hearing under specific objection procedures.
• The 21-day period runs from the date the notice of approval is filed with the court office, not from the date the plan was actually approved.