Rise in number of small firms using rescue scheme Scarp, experts say

Baker Tilly assisted the six firms that exited the Scarp scheme in the past week and among them were three companies behind the Entertainment.ie platform, including Sortridge Limited, Entertainment Media Networks, and Castleforbes Investments.

Baker Tilly said 356 jobs have been saved and 16 viable small businesses used the Scarp scheme since it was created by the State in December 2021.

A scheme set up during the pandemic to help small businesses survive the ongoing volatile economic environment experienced its busiest period last week, as it rescued six firms from insolvency, retaining 23 jobs.

The Small Company Administrative Rescue Process, or Scarp, aims to facilitate simplified out-of-court debt restructuring for small businesses deemed to be viable through advisors such as Baker Tilly.