A simplified restructuring process for viable small businesses facing temporary financial difficulties.

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 5 years. 

• If a receiver has been appointed to the company, the company is eligible only if that receiver has been appointed for a period of less than 3 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 which 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.  

If you're a small business owner facing temporary financial problems, SCARP offers several benefits: 

• It allows you to negotiate a plan to restructure your debts with your creditors, potentially writing off some debt and extending repayment terms on the rest. 

• By successfully restructuring, you can keep your business operational and avoid the much harsher outcome of liquidation. 

• By staying afloat, you can continue to employ your staff. 

• SCARP is a streamlined process compared to alternatives like examinership, saving you time and money in legal fees. 

• Unlike some insolvency processes, you can usually remain in control of your company during the SCARP process. 

SCARP is specifically designed for small and micro businesses in Ireland that are facing temporary financial difficulties but are still considered fundamentally viable. SCARP can be used for Debt Restructuring, Avoiding Liquidation and Preserving Jobs.