Longford-Westmeath TD Announces Dedicated Small Business Rescue Process
Robert Troy TD, Minister of Trade, Digital Promotion and Business Regulation, announced the start of the 2021 Companies Act (Small and Micro-Business Rescue Process).
The entry into force of the law makes the administrative rescue process for small businesses accessible to all eligible small and micro businesses in the country.
Announcing the start, Minister Troy said: âIrish small and micro businesses are the backbone of our local communities and our national economy, but the past two years have seen a disproportionate and negative impact on these businesses by due to the pandemic. Throughout this period and to ensure their long-term survival, the government prioritized support policies for this vital sector.
âA central part of this effort has involved a complete overhaul of the restructuring and rescue mechanisms available to struggling small businesses. This involved a comprehensive review of the existing regulatory framework and an assessment of all available policy options. As a result of this review, we set ourselves the ambitious task of creating an entirely new procedure to meet the specific needs of small businesses.
âThis work has been a personal priority since my appointment as Minister, which is why I am very pleased to announce the start of the new Small Business Administrative Rescue process. “
The legislation provides for a new, streamlined restructuring process for viable small businesses, which is more profitable and faster, initiated by the companies themselves and launched without the need for court approval.
Minister Troy continued, âThis rescue process is modeled on our existing review process and built on a foundation of well-understood precedents and procedures. This is a streamlined and efficient process which I believe will give small and micro businesses a real opportunity to restructure and continue to trade. If a small business is experiencing temporary difficulties but is fundamentally viable, I encourage them to consider this process as an appropriate option.
More information on the Small Business Administrative Rescue process is available at enterprise.gov.ie/RescueProcess