Hospitality sector accounts for the greatest number of Scarp cases this year, followed by the logistics and construction sectors, research by Azets findsAccording to research from Azets Ireland, 13 procedures started in the first half of 2024 – a decrease of 28 per cent on the same period in 2023.
The Scarp process aims to facilitate out-of-court debt restructuring for small businesses that are deemed to be viable. An adviser is appointed to prepare a rescue plan and work with creditors to stabilise company debts. The index shows that 206 jobs have been saved so far this year as a result of the Scarp process. Some 806 positions have been saved since the beginning of the scheme in 2021.
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