New rescue process for SMEs passes through the Oireachtas

A few weeks ago we posted an article on the new dedicated rescue process for small and micro companies. This process is incorporated in the Companies (Rescue Process for Small and Micro Companies) Bill 2021 which has now passed through all legislative stages in the Oireachtas and it will soon become law.

The new rescue process is very similar to the existing examinership process and allows for problematic contracts to be repudiated, allows debts to be compromised and also allows companies who are brought into the scheme to apply for a stay on court proceedings.

This new process is designed to be more cost efficient and completed within a much quicker time frame.

We will follow up with further articles in relation to the features of this new rescue scheme.

If you have any queries in relation to the new bill or if you require advice on any business or company law matter please do not hesitate to contact either Brendan Dillon or Conor White on 01 296 0666.