Companies Act 2014 section 558ZO

Reporting to Director of Corporate Enforcement of misconduct by process advisers

Section 558ZO requires prescribed professional bodies to report misconduct by process advisers to the Corporate Enforcement Authority, and sets out the consequences of failing to do so.

• Where a disciplinary committee or tribunal of a prescribed professional body finds that a process adviser has failed to maintain appropriate records as required, or has reasonable grounds to believe the adviser committed a serious offence (category 1 or 2), it must immediately report the matter to the Corporate Enforcement Authority.
• The report must include details of the finding made or, where relevant, the alleged offence committed by the process adviser.
• These obligations apply to any member of the professional body who is acting or has acted as a process adviser in respect of an eligible company under the rescue process provisions.
• If a professional body fails to comply with this reporting requirement, the body itself and any officer to whom the failure is attributable will be guilty of a category 3 offence.