'Faster' process on the way to help firms restructure : vima

'Faster' process on the way to help firms restructure


Updated / Tuesday, 11 May 2021
18:20
The Government's Small Company Administrative Rescue Process and Miscellaneous Provisions Bill (SCARP) targets small and micro business
Minister of State for Trade Robert Troy has said a more cost-effective and faster administrative process will be put in place before the summer to enable "viable, vulnerable" businesses to restructure.
He said the Small Company Administrative Rescue Process and Miscellaneous Provisions Bill targets small and micro business.
They make up 90% of companies registered with the Companies Registration Office and employ a total of 780,000 people.
78% of these firms operate in sectors which have been particularly challenged by the pandemic such as retail, hospitality and the service industry, Mr Troy noted.

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