Restructuring experts say Scarp offers distressed SMEs an affordable route back to viability. The data suggests it works – but with only a handful of companies using it each year, questions remain over whether the process is fit for purpose.
From music festivals to tech start-ups, the Small Company Administrative Rescue Process has become a powerful lifeline for struggling SMEs. Yet experts warn it is not a silver bullet but a race against time that rewards early intervention.
The company behind wearable panic buttons for workers once set out to expand in the US. Now, after years of losses despite winning major hotel brands as customers, it seeks to save the business through Scarp.
The recruitment platform, backed by IIU and Michael Smurift Jr, entered Scarp a year ago to restructure the business. With its most recent accounts showing retained losses of €37.9m, it is now set to appoint a liquidator.
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.
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