Small Companies Administrative Rescue Process (SCARP)

simplified support for your small business through temporary financial difficulties SCARP simplifies debt restructuring for viable small businesses facing temporary financial difficulties. Initiated by directors, it bypasses the courts with creditor approval, offering a faster and cheaper alternative to examinership to save jobs and maximise creditor value. Who is it for? To avail of SCARP, a company must meet the following criteria:  The company must be a small or micro company as defined by the Companies Act 2014.  The company is, or is likely to be, unable to pay its debts.  The company must not be in liquidation and not have appointed an examiner or process adviser in the previous five years.  If a receiver has been appointed, the company is eligible only if the receiver has been appointed for a period of less than three working days.     To avail of SCARP a company must also be fundamentally viable and capable of trading its way out of its current difficulties. Assessing the viability of the company is the first determination the process adviser is required to make following their initial appointment by the directors of the company.     Eligibility is subject to full terms and conditions. Type of support: Tax Incentives & Reliefs