The continued pace of global MSME restructuring law reform: Ireland’s new SCARP framework
He also contributed an expert article to the update on Ireland’s new SCARP framework in which he discusses how Corporate insolvencies remain at historically low levels. It is suggested that government support, revenue warehousing and creditor forbearance are among the reasons. The true impact of COVID-19 on Irish companies is unknown until normal business practices resume and economic supports withdrawn.
The solution is resilience – in every aspect of our lives. We must build it into business plans, rescue mechanisms and economic models in a way that has never been thought of before. We can use the challenges to spark new ways of thinking, and to inspire greater innovation, flexibility and productivity, future proofing and continual improvement.
One way to look at this is through the lens of our new SCARP restructuring framework. It is aimed at "small and micro" companies which make up 98% of the companies registered in Ireland and for which the costs of examinership may be out of reach.
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