Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.
Factsheet for measure IE-2021-29/2026 – Updated – measures in Ireland
|Country||Ireland , applies nationwide|
|Time period||Open ended, started on 14 July 2021|
|Type||Legislations or other statutory regulations|
Supporting businesses to stay afloat
– Rescue procedures in case of insolvency or adaptation of insolvency regulation
|Author||Roisin Farelly (IRN Publishing) and Eurofound|
|Measure added||08 October 2021 (updated 03 February 2022)|
New legislation, the ‘Companies (Rescue Process for Small and Micro Companies) Act 2021’ was passed in July 2021. The legislation amends the Companies Act 2014 to provide for a new dedicated rescue process for small and micro companies.
The legislation is part of commitment which were contained in the Programme for Government, published in October 2020. It is also part of the Government’s response to the economic challenges of the pandemic.
According to the Department of Enterprise Trade and Employment: “It is recognised that Ireland’s existing framework, examinership, while internationally recognised and successful in its own right, may be beyond the reach of small companies due to the associated costs.” As such the Company Law Review Group (CLRG) was asked to review the matter and issued recommendations.
According to the Government:
It is intended that SCARP will be more cost efficient and capable of conclusion within a shorter period of time.
Discussing the Act, Minister for Trade Promotion, Digital and Company Regulation, Robert Troy said: “Over the past year, this Government has focused on supporting businesses and ensuring jobs were protected through what has been a very difficult year. We quickly recognised that additional measures would be necessary to support businesses in the face of the rapidly evolving Covid-19 crisis. We set our sights on a proactive and comprehensive review of the regulatory framework for the rescue of viable small and micro companies and an assessment of all available policy options to enable these companies to continue in business and return to full operation and profitability.”
Not yet available.
Other groups of workers
One person or microenterprises
|Does not apply to citizens|
No special funding required
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Form||Not applicable||Not applicable|
Social partners' role in the implementation, monitoring and assessment phase:
The Small Firms Association welcomed the new Act. It stated: "This is good news for small businesses who find themselves in distress. This law will bring in efficient and timely restructuring for those companies worst hit by the devastation of Covid-19 and is a huge step forward in improving the business environment for entrepreneurs and small business owners."
Eurofound (2021), New legislation provides for rescue framework for small and micro companies, measure IE-2021-29/2026 (measures in Ireland), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/IE-2021-29_2026.html
30 January 2023
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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.