Minister for Trade Promotion, Digital and Company Regulation, Robert Troy T.D., announced yesterday that he has secured government approval for the priority drafting of the Companies (Small Company Administrative Rescue Process and Miscellaneous Provisions) Bill 2021. The Bill amends the Companies Act 2014 to provide for a new dedicated rescue process for small and micro companies.
While Ireland’s current rescue framework, examinership, is internationally recognised and successful in its own right, the associated costs mean it may be beyond the reach of small and micro enterprises. The Bill ensures these companies will have access to an alternative framework, which incorporates key elements of the existing examinership model in an administrative context.
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