Nearly 100 Irish Businesses Tipped for New Insolvency Regime this Year

Up to 100 Irish businesses are tipped for a new insolvency regime this year, according to Baker Tilly, the Independent reported. Demand for the Small Company Administrative Rescue Process (SCARP) has accelerated so far this year, with six companies exiting the process in the past week alone. The process was introduced in December 2021 and provides a simplified restructuring mechanism for small companies facing financial distress. There are 23 now commenced,” Baker Tilly corporate restructuring director Dessie Morrow told the Irish Independent. “I think 2023 could see between 70 and 100 SCARPs.” According to data compiled by Baker Tilly, 16 small Irish businesses exited SCARP in its first year, securing 356 jobs here. Baker Tilly oversaw the six companies that exited SCARP last week throughout the rescue process and reported that 23 jobs had been saved as a result. Read more.