SFA welcomes the commencement of SCARP legislation
The Small Firms Association has welcomed the commencement of the Companies (Rescue Process for Small and Micro Companies) Act 2021 (SCARP) by Minister Robert Troy.
SFA Director, Sven Spollen Behrens said: “This legislation, also known as examinership light is good news for small businesses who find themselves in distress.
“This legislation is so important to small firms as it has similar outcomes to the examinership process, but it now can be done at a lower cost, which avoids unnecessary and onerous administration and regulation and that it is timely.”
Mr Spollen Behrens concluded: “The SFA has long campaigned for this legislation on behalf of the small business community and have engaged extensively with Minister Robert Troy and various stakeholders throughout this process. We are pleased to see it come to fruition for the benefit of all small businesses who need to avail of its provisions.”