Companies Act 2014 section 558ZS

Powers of process adviser

Section 558ZS sets out the powers and rights of a process adviser appointed in respect of an eligible company under the rescue process for small and micro companies, including their access to information, their role at meetings, and their power to intervene to protect the company's interests.

• A process adviser has the same rights and powers as a statutory auditor of the company, including entitlement to information and cooperation from the company.
• The process adviser can convene, set the agenda for, and preside at board and general meetings, and can propose motions, resolutions, and give reports at those meetings.
• The process adviser is entitled to reasonable notice of, and to attend and be heard at, all board and general meetings, where reasonable notice includes a description of the business to be transacted.
• Where the process adviser becomes aware of any act, omission, decision, or contract that is or is likely to be detrimental to the company or any interested party, they may take steps to halt, prevent, or rectify its effects, subject to the rights of parties who acquired an interest in good faith and for value.