Date
17 Jul 2024Category
The second edition of the Azets SCARP Index was released this week and shows that 206 jobs have been saved so far this year due to the rescue process.
Set up two and a half years ago, the Small Company Administrative Rescue Process (SCARP) aims to facilitate simplified out-of-court debt restructuring for small businesses deemed to be viable. A process adviser is appointed under the scheme to prepare a rescue plan and to work with creditors to consolidate company debts.
While the Index shows there been a decline in the number of firms undertaking the SCARP process, Dessie Morrow, Partner in our Advisory & Restructuring department, states that “SCARP continues to play an important role in supporting small businesses around the country facing financial difficulties”, and predicts that there will be increased demand amid growing debt obligations.
The importance of SCARP and its benefits for firms is showcased in the headline coverage our Index has received in the past few days. Read some of it below.
Irish Independent – https://www.independent.ie/business/irish/drop-in-firms-using-scarp-rescue-scheme-despite-rise-in-insolvencies/a115631270.html
Irish Examiner – https://www.irishexaminer.com/business/companies/arid-41436949.html
RTE News – https://www.rte.ie/news/business/2024/0716/1460029-206-jobs-saved-so-far-this-year-through-scarp/
Business Post – https://www.businesspost.ie/news/more-smes-may-need-to-restructure-as-they-pay-back-warehoused-tax-debt-azets-warns/
RTE Radio’s Morning Ireland –
