Part 10 – Examinerships

5 Chapters – Sections 508 to 558

Part 10 Chapter Overview

Chapter 1 – Interpretations

Chapter 2 – Appointment of examiner

Chapter 3 – Powers of examiner

Chapter 4 – Liability of third parties for debts of a company in examination

Chapter 5 – Conclusion of examinership

Part 10 Summary

This part sets down the law regulating the appointment of and the powers bestowed upon examiners. It provides for the conclusion of an examinership.

What is new?

There is a new and comprehensive list of defined terms. Independent accountant now to be “Independent Expert”.

What is different?

Small companies may apply to the circuit court rather than having to enter the high court to go into examinership.

What are the Key Points?

• Examinership via the circuit court

What do accountants need to do?

Familiarise themselves with the new procedures and identify clients which may benefit from entering into examinership.

What do companies need to do?

Consider the pros and cons in relation to entering into an examinership process and be aware of the limitations of the process. They should consider the examiners costs and expenses.