Recently at the Joint Oireachtas Committee on Enterprise the Government sought the waiving of the long process of pre legislative scrutiny for the Small Company Administrative Rescue Process. This was a vital step in the process of getting this key piece of legislation passed before the Oireachtas goes on its summer break in mid July.

The priority that the Department of Enterprise is now putting into this piece of legislation shows that the SFA’s consistent raising of this issue has filtered through to Government. The Department understands that this legislation will allow business clarity and give much needed reform in this area, which is already a daunting process for small business.

We in the SFA will continue to stress to Government that speed is of the essence in this process. This will also support the SME Test across Government, allowing small business to assess the potential for less-stringent requirements and simplification of regulatory adherence.

Minister Robert Troy has stated that his Department has started on publishing the official Bill that will go into law when passed. Once this is published and passed, the SFA along with our partners in PKF will host a webinar for members to brief you of the new changes and how you can avail of the new framework.

You can access the SFA’ response here.