A scheme set up during the pandemic to help small businesses survive the ongoing volatile economic environment experienced its busiest period last week, as it rescued six firms from insolvency, retaining 23 jobs.
The Small Company Administrative Rescue Process, or Scarp, aims to facilitate simplified out-of-court debt restructuring for small businesses deemed to be viable through advisors such as Baker Tilly.
With growing wage costs, high inflation, and rising interest levels, small Irish businesses face a challenging and rapidly-evolving environment that will reduce their operating margins, said Dessie Morrow, corporate restructuring director at business advisory firm Baker Tilly.
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