2023 business failures increased 25% in Ireland, but insolvencies remain historically low and below pre-pandemic levels, with Scarp saving 600 jobs.

Irish officials have stated there is no clear evidence of an imminent "tsunami" of small business insolvencies despite a 25% increase in business failures in 2023. Insolvencies are still at historically low levels and below pre-pandemic levels, according to the Department of Enterprise. Since the pandemic, the Small Company Administrative Rescue Process (Scarp) has been used by businesses to restructure, saving around 600 jobs.