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A Small Company Administrative Rescue Process (“SCARP”) is a formal insolvency process which enables a restructuring of a business operation by way of a compromise arrangement
between a company and its creditors where a proportion of debts are often written off and the company agrees to pay back a lower proportion of the remaining debt.
It’s a way for a company to remain trading and restructure itself to hopefully come out stronger and more profitable at the end of the process.
Once approved it is legally binding on all creditors.
Homepage: https://www.scarp.ie/
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