Dáil Éireann Debate, Thursday - 19 May 2022
54. Deputy Emer Higgins asked the Tánaiste and Minister for Enterprise, Trade and Employment if he will report on the operation of the Small Company Administrative Rescue Process since its introduction. [24955/22]
Amharc ar fhreagraI am pleased to say that the Small Company Administrative Rescue Process has been very well received since its commencement on 7 December 2021. Officials from my Department worked closely with stakeholders, via the Company Law Review Group, in developing the legislation to ensure that the process reflected a fair balance of the sometimes, competing interests of parties affected by corporate rescue. Therefore, I am not surprised that industry practitioners, small business representatives and experts in the field of insolvency have welcomed the legislation.
The Process is a much-needed addition to our corporate insolvency toolkit and highlights my ongoing commitment to deliver for our small company sector. The sector is crucial to our country’s ongoing recovery from the economic impacts of the pandemic, accounting for over 98% of companies and employing in the region of 788,000 people.
My Department is closely monitoring the uptake and operation of the Process and to date, two companies have formally engaged with it.
My Department is also currently reviewing the implementation of the Act and a post-enactment report will be laid before the Houses of the Oireachtas and brought to the attention of Deputies in late summer .
