A ray of light shone on the owners of troubled SMEs when the Company Law Review Group (CLRG) published its much-anticipated report on restructuring small companies. The owners of SMEs in difficulty have long awaited legislation to make formal corporate rescue, already available to larger companies through examinership, accessible to them. The need for this was recognised by the CLRG in a report published in 2012 and solutions have been promised in programmes for government ever since. The economic impact of Covid has finally forced Government to take action.
he “Summary Rescue Process” envisaged by the CLRG would allow an insolvent company with a prospect of survival to enter a six-week consultation period with creditors. At the end of …
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