According to a new report released, the new examinership process had helped save as many as 400 jobs during the first three months of the year.

The Hughes Blake SME Examinership Index showed that 191 jobs were saved across a number of small and medium firms while another 219 jobs were saved at construction giant SIAC during the period. Neil Hughes, a managing partner at Hughes Blake that the firms will have to address the debt issue before benefiting from the recovery in business.

"While overall economic performance is beginning to improve, the legacy of the past five difficult years is that the core business of many firms has been undermined. In the vast majority of cases, if legacy debts can be dealt with and more control put on costs, then they have a strong chance of being viable for the long term. They can then position themselves well for future growth and success," he said.

He also said that as the circuit court examinership process begins, an increasing number of firms will benefit from the process.  Through the process, small firms have gained access to a low-cost version of the expensive process and data showed that seven of the eight companies to emerge from the process in the first quarter were SMEs.