Small Company Administrative Rescue Process (SCARP) – Sounds Good in Theory but Will it Work in Practice?
The Companies (Rescue Process for Small and Micro Companies) Act 2021 provides for the new ‘Small Companies Administrative Rescue Process’ (or SCARP). The purpose of the legislation is to make the benefits of Examinership more accessible to small and micro companies, which represent 98% of Irish companies. In particular, it potentially allows those companies to restructure their debts within a 70 day period, without any Court involvement.
Michael Murphy and Simon Walsh looked at the key features of the legislation, the principle distinctions with the Examinership process and whether those differences could fundamentally undermine the process. They also examined the legislation through the lens of creditors and other counterparties of the company availing of the process.
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This document has been prepared by McCann FitzGerald LLP for general guidance only and should not be regarded as a substitute for professional advice. Such advice should always be taken before acting on any of the matters discussed.