The Small Company Administrative Rescue Process aims to facilitate simplified out-of-court debt restructuring for small businesses deemed to be viable.
"On one reading, the low level of uptake appears to indicate that the immediate storm of financial pressures facing small businesses has abated somewhat," said Dessie Morrow, Advisory and Restructuring Partner at Azets Ireland. According to the research conducted by Azets Ireland, the hospitality sector accounts for the greatest number of SCARP cases this year, followed by the logistics and construction sectors.
Mr Morrow of Azets Ireland said awareness of SCARP still remains too low among many small business owners.
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