Companies (Miscellaneous Provisions (Covid-19) Act 2020

Amendment of section 534 of Act of 2014

13. Section 534 of the Act of 2014 is amended—

(a) in subsection (3), by the substitution of “Subject to subsection (3A), where” for “Where”,

(b) the insertion of the following subsection after subsection (3):

“(3A) (a) Paragraph (b) applies where the examiner has obtained an order under subsection (3) extending the period of 70 days referred to in section 520(2).

(b) Where, during the interim period, on the application of the examiner, the court is satisfied that—

(i) the examiner has been unable to report under subsection (2) to the court within the period of 70 days referred to in section 520(2),

(ii) having obtained an order of the court under subsection (3) to extend the period referred to in section 520(2), he or she would be unable to report under subsection (2) to the court within the period as so extended by the court under subsection (3),

(iii) the examiner would be able to report under subsection (2) to the court if the period as extended under subsection (3) were further extended, and

(iv) exceptional circumstances exist in respect of the company the subject of the application,

the court may by order further extend the extended period by not more than 50 days to enable the examiner to make his or her report.

(c) In paragraph (b), ‘exceptional circumstances’ include (but are not limited to) the nature and potential or actual impact of Covid-19 on the company.”,

and

(c) in subsection (4), by the insertion of “and any further extended period allowed under subsection (3A)” after “subsection (3)”.