Companies Act 2014 section 558ZK

Conclusion of rescue period and termination of appointment of process adviser

Section 558ZK sets out the circumstances in which a process adviser's appointment comes to an end during the rescue process for a small or micro company, and the notification obligations that follow.

• The process adviser's appointment terminates automatically on the date a rescue plan takes effect, or on the date the process adviser delivers their report to the company where no plan was approved at the creditors' meeting.
• If the court upholds an objection to a rescue plan and no alternative plan takes effect, the appointment ends on the date the court upholds the objection or on a later date the court specifies.
• Where the appointment ends because no rescue plan was approved, the process adviser must deliver a prescribed notice confirming termination to the Registrar of Companies and the relevant court office within five days.
• Failure to deliver the required termination notices within the five-day deadline is a category 3 offence.