SCARP has saved 1076 jobs since its introduction [Video]

The Azets SCARP Index has revealed that 1076 jobs have been saved since the rescue process for small and micro companies was introduced three years ago.

Marking its third anniversary, the Small Company Administrative Rescue Process (SCARP) aims to facilitate simplified out-of-court debt restructuring for small businesses deemed to be viable.

A process adviser is appointed under the scheme to prepare a rescue plan and to work with creditors to consolidate company debts.

The biannual research conducted by Azets Ireland reveals there have been 84 SCARP cases since the introduction of the scheme three years ago.

Of these cases, 70% have resulted in successful rescue plans, resulting in 1076 jobs being saved across 59 different businesses.

More than half of small business (55%) availing of SCARP were based in Dublin, while 77% were based in the wider Leinster region.

11% of businesses availing of SCARP were based in Munster, followed by 12% in Connacht and Ulster. 

The Azets SCARP …