Companies Act 2014 section 558ZX

General provisions as to process advisers — resignation, filling of vacancy, etc.

Section 558ZX sets out what happens when a process adviser ceases to act during a rescue process for a small or micro company, the steps directors must take to address the vacancy, and the general legal standing, liability and indemnity rules that apply to process advisers.

• Where a process adviser dies, becomes incapable, resigns or is no longer qualified, the directors must promptly consider whether to appoint a replacement and, within specified timeframes, notify the Registrar and the relevant court of the outcome of that decision.
• If a new process adviser is appointed, the directors must within 48 hours notify the Registrar, the court, and all key stakeholders including employees, members, creditors and the Revenue Commissioners.
• A process adviser is deemed an officer of the court, must be referred to by their title rather than by name, and their acts remain valid even if a defect in their appointment is later discovered.
• A process adviser is personally liable on contracts entered into in the course of their functions unless the contract expressly excludes such liability, but they are entitled to an indemnity from the company's assets in respect of that personal liability.