The Government has published a general scheme for the Companies
(Small Company Administrative Rescue Process and Miscellaneous
Provisions) Bill 2021 (the "Bill"). This will provide for
a dedicated administrative rescue process for small and micro
businesses. It is intended to address the need for a simplified
restructuring process for viable small companies that is both
timely and cost effective. The process will mirror key elements of
the existing examinership framework but without the need for Court
approval.
Who can avail of the Small Company Administrative Rescue
Process
The Small Company Administrative Rescue Process is designed for
small companies as defined under section 280A of the Companies Act
2014 (the "Act"). Approximately 98% of all companies in
Ireland are small companies. Section 280A(3) of the Act provides
that the qualifying conditions for a small company are satisfied by
a company, if in relation to a financial year, it fulfils two (2)
or more of
