Companies Act 2014 section 558ZF

Definitions (Chapter 7) and savings

Section 558ZF sets out the key definitions used in Chapter 7 (liability of third parties for debts of a company in the rescue process for small and micro companies) and preserves certain existing legal protections from being overridden by the chapter.

• The terms "creditor", "debt", "liability" and "third person" all take their meanings from section 558ZG, which describes the circumstances in which Chapter 7 applies.
• Nothing in Chapter 7 affects the court's power under section 558N(4)(f) to impose conditions when staying or restraining proceedings during the rescue process.
• Nothing in Chapter 7 overrides any existing rule of law under which a creditor's own actions result in a third party being discharged or released from their obligation in respect of the relevant liability.
• The savings provisions ensure that existing legal rights and protections — both statutory and under general law — continue to operate alongside the Chapter 7 rules on third-party liability.