Section 377: Disclosure to, and consultation with, Director

377. Disclosure to, and consultation with, Director (1) Every person who holds or at any time has held office as an agent for holders of debentures or trustee of holders of any security issued by a company or who has been an auditor of a public company shall disclose to the Director information relating to the affairs of that company obtained in the course of holding that office where, in the opinion of that person— (a) the company is insolvent, is likely to become insolvent or is in serious financial difficulties; or (b) the company has breached, or is likely to breach in a significant respect— (i) the terms of the Agency Deed or Trust Deed for debenture holders or other security holders; or (ii) the terms of the offer of any securities; or (iii) the disclosure of the information is likely to assist, or be relevant to, the exercise of any power conferred on the Director or the Court under this Part. (2) Every auditor or agent for debenture holders or trustee for security holders shall, before disclosing any information to the Director under subsection (1), take reasonable steps to inform the company concerned of his intention to disclose the information and the nature of that information. (3) The agent for debenture holders, trustee for security holders or auditor who has made disclosure to the Director under subsection (1), may on his own initiative consult with the Director or may be required by the Director to consult with him on the position of the company and the way in which the difficulties of the company may be addressed. (4) The Director may, for the purpose of addressing the difficulties of a company identified by a consultation under subsection (3), give advice and assistance in connection with any scheme for resolving the difficulties of the company, and may appoint an independent adviser to work with the company to address such difficulties and report to the Director. (5) No action or proceedings, including disciplinary proceedings by any professional tribunal, body or authority having jurisdiction in respect of professional conduct, shall lie against any agent for debenture holders or trustee for security holders or auditor arising from the disclosure in good faith of information to the Director pursuant to subsection (1).