A Small Company Administrative Rescue Process (“SCARP”) is a formal insolvency process which enables a restructuring of a business operation by way of a compromise arrangement

[anonymous]

A Small Company Administrative Rescue Process (“ ​https://www.scarp.ie/ ”) is a formal insolvency process which enables a restructuring of a business operation by way of a compromise arrangement

between a company and its creditors where a proportion of debts are often written off and the company agrees to pay back a lower proportion of the remaining debt.

It’s a way for a company to remain trading and restructure itself to hopefully come out stronger and more profitable at the end of the process.

Once approved it is legally binding on all creditors.