The Minister for Trade, Promotion, Digital and Company Regulation, yesterday announced 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 by providing for a simplified restructuring process referred to as SCARP (small company administrative rescue process) for small and micro companies.
The Minister for Trade, Promotion, Digital and Company Regulation, yesterday announced 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 by providing for a simplified restructuring process referred to as SCARP (small company administrative rescue process) for small and micro companies. The process will mirror key elements of the existing examinership process available to companies however it is expected to reduced associated costs and timeframe making this a viable option to smaller businesses.
The announcement is well timed given the enormous pressure and challenges presented to small business owners throughout the pandemic.
Keys elements of the SCARP process:
- The process will be available to small and micro companies ;
- The process will commence without the requirement of court approval instead commencing by resolution of the directors;
- The process is planned to allow matters to conclude within a shorter period of time than examinership with a planned 70 day period;
- The rescue plan can be passed by a simple majority in value of creditors without the requirement for court approval (subject to no objections);
- Limits court involvement.
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