SCARP legislation passed by the Oireachtas
Recently the SCARP (Small Company Administrative Rescue Process) Bill passed all legislative stages in the Oireachtas and will now go the President for signature into law.
This is good news for small businesses who find themselves in distress. This law will bring in efficient and timely restructuring for those companies worst hit by the devastation of Covid-19 and is a huge step forward in improving the business environment for entrepreneurs and small business owners. SFA had called for reform of insolvency and restructuring laws in its ‘Moving the economy forward after COVID-19’ paper published last year.
The SFA has always stressed the need for urgency in the passage of this legislation, and we are delighted to see that the Minister has taken this onboard. The SFA wants to thank Minister Troy and his officials in particular for making this bill a priority for him and for understanding the needs of the small business community.
In partnership with our members in PKF we in the SFA are in planning to host a webinar to explain the intricacies of the legislation and how small businesses can avail of it. Keep an eye on your your inboxes for a save the date.
Read our response to the passing here.