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ARTICLE · 23 JULY 2021

SCARP Bill Passes Through Oireachtas

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The Companies (Rescue Process for Small and Micro Companies) Bill 2021 (Bill) detailing the government's proposed rescue process for small and micro companies (SCARP)

IrelandCorporate/Commercial Law
Niamh Cacciato
Niamh Cacciato
Ruairi Rynn
Ruairi Rynn
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The Companies (Rescue Process for Small and Micro Companies) Bill 2021 (Bill) detailing the government's proposed rescue process for small and micro companies (SCARP) has successfully passed through the Oireachtas and is expected to be signed into law shortly by the President. The legislation will be commenced at a future date by the Minister.

The SCARP framework is modelled on examinership but is intended to be more accessible and cost-efficient for small companies because of the reduced role for the court. The Bill also makes miscellaneous amendments to the Companies Act.

Particulars of SCARP have now been refined, and the main points to note are:

  • SCARP will be available to small and micro companies unable or likely to be unable to pay their debts as they fall due. A small company is one that meets two of the following criteria, in relation to the previous two financial years:
    • annual turnover of up to €12m;

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