by Joe O'Malley , Jackie Buckley, Jeremy Erwin, Matthew Austin December-08-2021 in Litigation & Dispute Resolution, Property, Corporate, Insolvency & Restructuring
The Minister for Trade Promotion, Digital and Company Regulation has brought into effect the Companies (Rescue Process for Small and Micro Companies) Act 2021, better known as “SCARP”.
As discussed previously by Hayes, the legislation sets out a statutory restructuring process, mirroring the Examinership process, which facilitates the rescue and restructuring of smaller companies (turnover of less than €12,000,000 and less than 50 employees) through the formulation of a Rescue Plan by a company appointed Process Advisor, without requiring Court approval.
SCARP now gives more control to owner/directors in deciding whether to seek the assistance of a Process Advisor to restructure their companies’ financial commitments and to re-set the business on a surer footing.
For further information in relation to SCARP, or alternative corporate restructuring mechanisms, please get in touch with your usual Hayes contact.
Additional Resources:
- Department of Enterprise, Trade and Employment: Minister Troy announces the commencement of dedicated rescue process for small companies - link
- Hayes solicitors LLP: Small Company Rescue Proposals Published by Government - link
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About the Authors
Joe O'Malley
Joe is Managing Partner and Head of the Commercial Litigation & Dispute Resolution team at Hayes solicitors. He handles a wide variety of commercial disputes involving high value claims, complex issues and voluminous data for financial institutions and corporate clients.
Jackie Buckley
Jackie is Head of the Property team at Hayes solicitors. She is a highly experienced adviser to clients in the banking, public and retail sectors on all aspects of the sale, purchase, leasing, development and financing of properties. She has extensive experience of advising landlords and tenants in insolvency situations and has advised in recent high profile examinerships.
Jeremy Erwin
Jeremy specialises in insolvency, commercial litigation and dispute resolution, acting for a variety of companies and financial institutions in contract law cases, enforcement and recovery actions and in high value complex Commercial Court proceedings. Jeremy also specialises in intellectual property matters, including advising on registration and protection of trade marks and related rights and on trade mark disputes.
Matthew Austin
Matthew is a partner in the Commercial & Business team and has considerable expertise in a range of practice areas, having acted for Irish and International clients in domestic and multi-jurisdictional issues. Matthew has advised in civil and administrative law disputes and in regulatory and advisory matters including insolvency/restructuring, IP, defamation and media law, competition and consumer protection and data protection.