Dáil Éireann Debate, Wednesday - 15 September 2021
84. Deputy Richard Bruton asked the Tánaiste and Minister for Enterprise, Trade and Employment the status of the introduction of the small company administrative rescue process which is aiming to be a simplified, timely and cost-effective restructuring process for viable small companies. [43532/21]
View answerThe Companies (Rescue Process for Small and Micro Companies) Act 2021 provides for a streamlined, workable and practical procedure that will allow viable small and micro companies to restructure and continue trading. Its delivery in advance of the summer recess was an ambitious task but one that was achieved when the Act was signed into law on 22 July.
As a result of the timely passage of this Act, officials from my Department were in a position to commence work immediately on the necessary regulations and forms, and to engage with the Courts Service on the required Rules of Court, ensuring that the process will be made available to viable small and micro companies at the earliest possible opportunity. In parallel, insolvency practitioners have had the opportunity to familiarise themselves on the provisions of the legislation so that they are ready to advise clients accordingly when the Process is put in place.
My officials anticipate its work will be completed in October at which point I will make a formal announcement on the commencement date for the Act.
