Cheaper and faster SME protection laws set to be passed by the summer

Minister of State Robert Troy said the Government aims to have in place, by the summer, a simpler and less costly restructuring process for struggling SMEs.

The Government intends for the long-awaited overhaul of insolvency legislation – making it cheaper, faster, and easier for viable small companies to restructure if their survival is at risk following the removal of Covid supports – to be in place by the summer.

Passing of the proposed small business rescue legislation has long been seen as key to the survival of many SMEs currently being propped up by the Government’s Covid supports. It will act as a simpler and less costly alternative to examinership and court protection.