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ARTICLE · 23 JUNE 2021

What Does SCARP Mean For Landlords?

William Fry LLP
William Fry LLP
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William Fry LLP

William Fry LLP

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In a recent article we set out the key features of SCARP, the government's proposed rescue process for small and micro companies. The proposed legislation envisages that:

IrelandCorporate/Commercial Law
Niamh Cacciato
Niamh Cacciato
Ruairi Rynn
Ruairi Rynn
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In a recent article we set out the key features of SCARP, the government's proposed rescue process for small and micro companies. The proposed legislation envisages that:

  • SCARP will be available to small companies, unable or likely to be unable to pay their debts as they fall due, that satisfy two or more of the following three requirements:
    • annual turnover of up to €12m;
    • a balance sheet total of up to €6m;
    • up to 50 employees.
  • SCARP can be initiated by a resolution of the company's directors (not a court application).
  • Before the directors pass the resolution, they must obtain a report from an independent accountant stating that the company has a reasonable prospect of survival.

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