The Companies (Rescue Process for Small and Micro Companies) Bill 2021 has passed through all legislative stages in the Oireachtas. The Bill will now be sent to Office of the President for signature and enactment into law.
The Bill amends the Companies Act 2014 to provide for a new dedicated rescue process for small and micro companies.
The administrative rescue process mirrors key provisions of the existing examinership process including the repudiation of onerous contracts, cross-class cram down of debts, and encourages ongoing creditor engagement. The process also allows companies to apply for a stay on proceedings. The Small Company Administrative Rescue Process is designed to be more cost efficient and capable of conclusion within a shorter period of time.
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