Companies Act 2014 section 558ZE

Supplemental provisions in relation to section 558ZD and section 558ZZ

Section 558ZE sets out what happens after a court deals with objections to a rescue plan for a small or micro company, including when plans take effect, filing requirements, and rules around capital reduction within such plans.

• Where the court dismisses an objection or approves modified rescue plan terms, it may make whatever implementation orders it considers appropriate, and the plan generally takes effect immediately or within 21 days
• A certified copy of any court order must be delivered by the process adviser (or a court-nominated person) to the Registrar of Companies
• If the High Court upholds an objection, it may order the winding up of the company or make any other order it deems fit, though the Circuit Court has no jurisdiction to wind up a company
• A rescue plan may include a reduction of company capital, but the court must refuse approval if the resulting capital would be manifestly inadequate for the company's ongoing business and liabilities