Small companies can apply to the Circuit Court to restructure debts

Retail Excellence Ireland has welcomed Minister Richard Bruton’s plan to allow small companies apply to the Circuit Court to restructure debts.

Commenting on the news David Fitzsimons, chief executive, Retail Excellence, Ireland said, “For the legislative intervention to really benefit SME companies and particularly smaller retailers, it must provide for the repudiation of leases where no claim for damages can be made by the landlord against the tenant”.

Mr Fitzsimons also suggested that the legislation should be extended to larger companies who due to a lack of reserves simply cannot afford the standard examinership process which can cost upwards of €1 million.

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