Small Companies Administrative Rescue Process (SCARP)
Overview
The SCARP scheme was introduced by The Companies (Rescue Process for Small and Micro Companies) Act 2021 to give help to certain companies who are viable, yet Insolvent.
The scheme applies to small and micro companies and:
- allows companies to restructure their debts
- helps companies avoid liquidation
- ensures creditors get a better outcome than they would under a liquidation
Requests for Revenue to participate in a Rescue Plan
A Process Advisor must make a request for Revenue to participate in a rescue plan. Requests must be sent to the Collector-General’s Insolvency Unit.
Next: Who can participate?