The CCAB-I Insolvency Committee has today published Technical Alert 02/2022 Small Companies Administrative Rescue Process and an additional guidance document Small Companies Administrative Rescue Process - practical guidance for company directors in a Q&A style.
This Technical Alert highlights the features of the Companies (Rescue Process for Small and Micro Companies) Act 2021. The legislation has created a rescue process for small and micro companies known as Small Company Administrative Rescue Process (SCARP). The purpose of SCARP is to provide an alternative to examinership, for the benefit of small and micro companies, which is more accessible and cost efficient than the existing examinership process and capable of conclusion within a shorter period of time and to assist viable small and micro companies to remain in business while trading through periods of temporary difficulty.
This Technical Alert and guidance document are both available on our website.