Companies Act 2014 section 998

Petitions for examinerships

Section 998 restricts who may petition for the appointment of an examiner to a Designated Activity Company (DAC) where the company operates in the financial services sector, reserving that right exclusively to the Central Bank.

• The general rules on who may petition for an examiner (set out in section 510) apply to DACs, but with modified provisions for financial services companies
• Where the DAC is an insurer or the holding company of an insurer, only the Central Bank may present the petition — the normal rules on who may petition do not apply
• The same Central Bank exclusivity applies where the DAC is a credit institution (or its holding company), a company formed from the reorganisation of trustee savings banks, or a company converted from a building society
• In all these financial services scenarios, the usual entitlements of directors, members, creditors and others to petition for examinership are disapplied

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