Companies Act 2014 section 558ZZ

Application to relevant court for review of remuneration etc. of process adviser

Section 558ZZ allows creditors or members of an eligible company to apply to court to challenge the remuneration, costs and expenses claimed by a process adviser under the rescue process for small and micro companies.

• Any creditor or member may apply to the relevant court within 21 days of the filing of the rescue plan approval notice to review the process adviser's remuneration, costs and expenses
• If no application is made within the 21-day window, the process adviser's remuneration, costs and expenses are automatically fixed at the amount stated in the process adviser's report
• The court may confirm the reported amount or alter it and make consequential modifications to the rescue plan, having regard to factors such as case complexity, time spent, effectiveness of the process adviser and the value of property dealt with
• Where the court dismisses the application or approves a modified rescue plan, the plan becomes binding on all affected members, creditors and the eligible company itself