SCARP – a more efficient rescue process for SMEs

The Companies (Rescue Process for Small and Micro Companies) Act 2021 was signed into law on 22 July 2021, giving life to a rescue process, which is administratively similar to Examinership, but is intended to be a faster, more cost effective and efficient rescue process.

SCARP is available to small and micro companies, will have limited court involvement where creditors engage and are positively disposed to a rescue plan, and contains creditor safeguards including a right to objection.

In the webinar Jill Callanan from LK Shields Solicitors and Brendan O'Donoghue from RBK Chartered Accountants examine the detail of the legislation, together with the practical steps in engaging with the process, from an insolvency practitioner, company director, debtor, and creditor perspective.