Companies Act 2014 section 998A

Application of Chapter 7 of Part 11 to DACs

Section 998A provides that certain rules on examinership and related matters in Part 11 of the Companies Act are modified when applied to a designated activity company (DAC), in order to comply with the EU Bank Recovery and Resolution Directive and its subsequent amendments.

• Certain provisions of Chapter 7 of Part 11 (which deals with court protection and related processes) are modified when applied to a DAC.
• The specific modifications are set out in Chapter 1A of Part 25, which contains the rules particular to DACs.
• These modifications were introduced to give effect to the EU Bank Recovery and Resolution Directive (Directive 2014/59/EU) and its amending directives.
• The section was inserted by the European Union (Bank Recovery and Resolution) Regulations 2019 and subsequently amended by the 2020 Regulations.