One investor backed Hexafly after a rescue process two years ago. Now, another one is taking legal action against the agtech company.
New data sheds light on the Small Company Administrative Rescue Process, revealing low uptake, mixed outcomes, and surprising patterns in jobs saved — as well as the limited role of Revenue’s veto.
Conor Noone, an accountant with Azets, has circulated a rescue plan for the Wicklow music festival to creditors. Unsecured creditors and various shareholders are being offered five per cent of their money, but the alternative is worse.
Powerscourt Distillery may yet pull through, as might Fade Street Social and Captain Americas, but they’re now part of a growing cohort navigating the path between collapse and survival.
The recruitment platform, backed by the likes of Dermot Desmond and Michael Smurfit Jr, entered the small company rescue scheme in February.
Mimergy, a tyre recycling business using alternative processes to incineration, has appointed a process advisor under Scarp to build a rescue plan for the company.
Hopfully Brewing Co and the company behind the Urban 8 restaurant have both appointed process advisors under the Small Companies Administrative Rescue Process.
The job search platform raised over €16m from backers, but a difficult few years now sees it entering Scarp to find a rescue plan.
With Revenue knocking on the door, the Fennell family behind the Green Barn restaurant went through the Scarp process to save their company. Rescue plan in hand, James Fennell talks about the “labour of love” business and a bright future ahead.
The Waterford whiskey maker has entered the Scarp scheme to save the company, a move that comes just weeks after it sold off its Velvet Cap brand.
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