Government does not expect a 'tsunami' of small business failures

Department of Enterprise, Trade and Employment official Fiona O’Dea said that while insolvency levels have ticked upwards, they remain below pre-pandemic figures

Scarp was mostly used last year by firms in the construction, manufacturing, and technology sectors but it has become increasingly attractive to retail and hospitality businesses.

Government does not anticipate a “tsunami” of businesses looking to be rescued through a restructuring scheme this year, despite lingering cost pressures that continue to bite small firms.

Fiona O’Dea, principal officer at the Department of Enterprise, Trade and Employment, said that, while insolvency levels have recently ticked upwards according to reports by professional service firms Deloitte and PwC, they remain below pre-pandemic figures.