Tuesday, 13 July 2021
Today, the Small Company Administrative Rescue Process (SCARP) Bill passed all stages of the legislative process.
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.
Speaking after the passage of the bill, SFA Director Sven Spollen Behrens said: “We have 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”.
"It is vital now that the bill is enacted at the earliest opportunity, to allow small businesses who need it to avail of its provisions”.