Small Company Administrative Rescue Process (SCARP) was passed on 13 July 2021 by the Oireachtas.
The main objective of SCARP is to save a company and to save peoples jobs in the process.
Briefly to explain, SCARP is an alternative solution to that of Examinership, that includes some aspects of Personal Insolvency. The Government felt that Examinership process was too costly for small businesses. This alternative is a brand new process specifically for small/micro businesses. The business must be unable to pay debts as they fall due and they must not be in liquidation in order to be eligible to try this rescue plan for their business.
The company will then choose a Personal Insolvency Practitioner to act as a Process Advisor who will gather your information to see if your company can potentially survive, if they feel the company can survive they will prepare your rescue plan. R Hendy & Co have two Process Advisors that will gladly assist in getting your small business back on track.
Take the Christmas period to re-assess your company!!
For more information contact R Hendy & Co on 0402 29376.