Latest news with #DessieMorrow
Irish Independent
5 days ago
- Business
- Irish Independent
The Indo Daily: What next for Dylan McGrath as Fade Street empire on the brink
Judge O'Connor, who appointed Dessie Morrow of Azets Ireland as examiner of the company's affairs, was also told that Mr Morrow had undertaken to provide a special report to Revenue in relation to inter-company loans of almost €4.5m. Barrister Ross Gorman said the company's board of directors had decided on June 26 to seek the protection of the court from its creditors by the appointment of an examiner. Mr Gorman, who appeared with BHSM Solicitors for the company, told Judge O'Connor that Mr McGrath of Mespil Road, Ballsbridge, Dublin 4, and Vincent Melinn of Howth Lodge, Howth Road, Co Dublin, own 50pc of the company's share capital. He said the company has 86 employees whose jobs could be saved under a scheme of arrangement with its creditors. So how did the high-flying chef of the Celtic Tiger era end up here, and was the temper part of the act, or just part of the pressure cooker? Today on The Indo Daily, Fionnán Sheahan is joined by John Mulligan, Senior Business Journalist with the Irish Independent, and Melanie Finn, Entertainment Correspondent with The Irish Independent, to look at how Ireland's original 'bad boy' chef went from Michelin stars to mounting debts.
Irish Examiner
07-07-2025
- Business
- Irish Examiner
More than 1,300 jobs saved by SCARP since launch in 2021
Ireland's construction, hospitality and alcohol sectors have benefited the most from the Small Company Administrative Rescue Process (SCARP), with new data from Azets Ireland reporting a 15% rise in the number of firms availing of the scheme in the first six months of 2025. According to the professional services firm, more than 1,300 jobs across a milestone 100 companies have been saved since the rescue business was introduced in December 2021. SCARP aims to facilitate simplified out-of-court debt restructuring for small businesses deemed to be viable. As part of the scheme, a process adviser is appointed to prepare a rescue plan and to work with creditors to consolidate company debts. Some 15 SCARPs have commenced to date in 2025, reflecting an increase of 15% on the same period last year, with some 240 jobs having already been saved in 2025 as a result of successful SCARPs. The hospitality sector accounted for the highest proportion of SCARP cases in the first half of 2025, at 20%. It is followed by the construction (13%) and alcohol producing (13%) sectors, an indicator that uncertainty around trade tariffs may already be impacting the export orientated boutique spirits sector, Azets said. More than half (53%) of businesses availing of the SCARP process have been based in Dublin. 'In a period of heightened economic uncertainty, Ireland's SMEs are navigating challenging trading conditions, from rising costs to elevated energy costs and supply chain issues," said Dessie Morrow, Partner in Advisory and Restructuring at Azets. "In sectors which are heavily export dependent, the unknown position on tariffs and how that might recalibrate the trading relationship has caused considerable uncertainty and a slowdown in key decision making. "This can have a major impact on firms from production slowdowns to pauses in capital expenditure and is particularly challenging for firms already struggling with the high cost of doing business." To enhance engagement with the SCARP process among firms in financial distress, Azets is calling for the existing Revenue opt-out at the start of the process to be removed, which is deterring some businesses to undertake the process. The firm also said that while the short time frame of the process allows a restructure to take effect quickly, there are resource constraints in particular for micro companies where individuals are responsible for a number of areas within the business. This, they say, is a barrier to increased take up. 'By reducing the burden on businesses and enhancing the flexibility of SCARP, we can support the future viability of more small businesses that may need to restructure in the months ahead," said Mr Morrow.
Irish Times
07-07-2025
- Business
- Irish Times
Scarp cases up 15% in 2025 amid ‘economic uncertainty'
The number of small and micro businesses looking to restructure their debts through the small business rescue scheme has jumped by 15 per cent so far this year, with the hospitality sector responsible for the biggest proportion of cases, Azets Ireland has said. Unveiled in 2021 as a more cost-effective alternative for smaller businesses to the examinership process, the Small Companies Administrative Rescue Process (Scarp) facilitates simplified out-of-court debt restructuring for viable companies. A new analysis of the regime by Azets Ireland, formerly Baker Tilly Ireland, found that some 1,314 jobs have been saved through the process since 2021. Almost three-quarters of the 100 businesses that have gone through the small business rescue regime have survived, just over half of which were based in Dublin, the restructuring and corporate advisory firm said on Tuesday. READ MORE In 2025, 15 Scarp cases have commenced this year, up 15 per cent on the same period last year, Azets said. How the wealthy are buying up land to avoid inheritance tax Listen | 22:03 Hospitality accounted for 20 per cent of new Scarp cases this year, followed by construction and the alcohol-producing sectors, which accounted for 13 per cent each. 'In a period of heightened economic uncertainty, Ireland's SMEs are navigating challenging trading conditions, from rising costs to elevated energy costs and supply chain issues,' said Dessie Morrow, partner in advisory and restructuring at Azets Ireland. 'In sectors which are heavily export dependent, the unknown position on tariffs and how that might recalibrate the trading relationship has caused considerable uncertainty and a slowdown in key decision making. 'This can have a major impact on firms from production slowdowns to pauses in capital expenditure and is particularly challenging for firms already struggling with the high cost of doing business.' Azets Ireland, which has been involved in 33 per cent of all successful Scarp cases since 2021, wants the Government to look at ways of making the process more attractive for qualifying firms. At the moment, the Revenue Commissioners can exclude tax debts from the scheme if it has concerns about the company, if it has a history of noncompliance. Among other things, Azets said the Government should consider removing this opt-out at the start of the process, which it said is deterring some businesses from applying for the scheme. 'Notwithstanding the Revenue's positive engagement with the scheme, the ability to opt out is a deterrent to some business owners considering the process,' Mr Morrow said, adding that removing some of the administrative burden on businesses would make it a more viable option for under-pressure firms. 'By reducing the burden on businesses and enhancing the flexibility of Scarp, we can support the future viability of more small businesses that may need to restructure in the months ahead,' he said.
