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SMEs cold be forced into court to restructure

Insolvency experts have warned that many struggling small businesses will be forced to go to court to restructure their finances due to flaws in a government-proposed alternative rescue process. The small company administrative rescue process (Scarp) unveiled last week aims to provide a low-cost alternative to examinership for businesses threatened with insolvency after pandemic supports are withdrawn. However, some experts say Scarp may be unsuitable for writing down companies' largest liabilities such as Revenue debt and unaffordable leases with above-market rents.

The Times


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