31 July 2023

Throwing business a lifeline

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please reread the article before attempting the questions again.

  1. What does SCARP stand for?

  2. When did SCARP come into force?

  3. Which of the following is NOT a criterion for eligibility for SCARP?

  4. Who has responsibility for assigning a process adviser to a company?

  5. How much quicker is the timeline for SCARP than Examinership?

  6. Which of the following statements is true? Statement 1, Revenue Commissioners can opt out of the rescue process within 14 days of it starting, or statement 2, shareholders and creditors must vote on the rescue plan within 30 days

  7. Under what circumstances can Revenue exclude its debt from the rescue process?

  8. Which of the following statements is correct? Statement 1, SCARP cases so far have resulted in fewer creditor objections in court, or statement 2, SCARP cases so far have seen less Revenue involvement than under the Examinership regime

  9. After the approval of a rescue plan, how long do creditors have to lodge an objection in court?

  10. What are the benefits for creditors of the SCARP process?

1 unit