Question 1

What does the Companies (Rescue Process for Small and Micro Companies) Bill 2021 do?

Accepted Answer

Creates a new rescue process for small and micro companies unable to pay debts, as an alternative to examinership that is faster and less costly. Appoints a process adviser to assess company viability, prepare a rescue plan, and call creditor/member meetings to approve it within 49 days. Allows rescue plans to bind creditors if approved by 60% in number of impaired creditors representing majority value, unless objection triggers court review within 21 days.

Question 2

What stage is the Companies (Rescue Process for Small and Micro Companies) Bill 2021 at?

Accepted Answer

As of 11 Sep 2024, the Companies (Rescue Process for Small and Micro Companies) Bill 2021 is at Enacted. Once a bill passes every stage in both Houses of the Oireachtas and is signed by the President, it becomes law.

Question 3

Who introduced the Companies (Rescue Process for Small and Micro Companies) Bill 2021?

Accepted Answer

The Companies (Rescue Process for Small and Micro Companies) Bill 2021 was sponsored by Minister for Enterprise, Trade and Employment, and was introduced on 25 Jun 2021.

Companies (Rescue Process for Small and Micro Companies) Bill 2021

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