Once that assessment has been carried out, the company can commence the process by company resolution with the same advisor handling the rescue process. First and foremost, the company must focus on putting together a rescue plan that is acceptable to creditors. It is essential that creditors understand that they stand to do better under a rescue plan than they would under a liquidation. If considering a Small Company Administrative Rescue Process, up-to-date and reliable financial information is key and the company should have projections for the period of the process and 18 months beyond. Overall, the Small Company Administrative Rescue Process, is most definitely to be welcomed.

Source: Irish Examiner November 07, 2021 20:30 UTC