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ARTICLE · 25 JUNE 2021

SCARP - Is It The Cheaper, Quicker And More Efficient Restructuring Process For SME's?

Grant Thornton
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Small Company Administrative Rescue Process (SCARP) was introduced to provide a restructuring option to SME's, akin to the Examinership process, but, quicker...

IrelandCorporate/Commercial Law
Stephen Tennant
Stephen Tennant
Nicholas O’Dwyer
Nicholas O’Dwyer
Aengus Burns
Aengus Burns

Small Company Administrative Rescue Process (SCARP) was introduced to provide a restructuring option to SME's, akin to the Examinership process, but, quicker, more cost-effective and without requiring the close oversight of the Court.  SCARP is an accessible restructuring option for SME's however it is yet to be determined if it will be a successful restructuring tool for SME's. Key highlights are summarised below:

How does SCARP work:

  • A company can restructure through SCARP, including compromising its debts, without any need for Court approval. This is subject to certain provisos, such as no creditor objecting to the proposal
  • The process can conclude within 7 weeks, however, if a creditor objects and Court approval is required the process will take 10 weeks (vs 100-150 day Examinership period)

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