New SME rescue package ‘more ambitious’ than expected

New Scarp scheme will minimise legal red tape for small firms needing to restructure debt and onerous leases

23rd May, 2021
New SME rescue package ‘more ambitious’ than expected
On the whole it’s a much more ambitious scheme than I had anticipated from government,” said Declan de Lacy, partner at PFK O’Connor, Leddy & Holmes. Picture: Fergal Phillips

Insolvency experts have said the government’s new rescue process for small businesses has the potential to be quite successful.

The Companies (Small Company Administrative Rescue Process and Miscellaneous Provisions) Bill 2021 is currently being fast-tracked through the legislative process. The government hopes to have the scheme up and running before the summer recess.

As part of the new Small Company Administrative Rescue Process (Scarp), insolvent businesses will be able to restructure debts and onerous...

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