The sector, which employs 800,000 people in more than 13,000 companies and is worth close to PLN 55 billion, hinges its future on the development of the pandemic, as well as the entry into force of the Tourism Shield Act. The next parliamentary work in relation to the new legislation is scheduled for 10 September this year. According to PMR Restructuring experts, a simplified restructuring procedure may prove to be a helpful solution for many companies in a crisis situation.
– In order to get back on track and compensate for the losses incurred, in July and August companies from tourism industry would have to significantly increase the planned profits and maintain a high level of revenues in the coming months. The coming autumn is, however, completely unpredictable and due to fear of the announced another wave illnesses, most of us decide to take a vacation now. In September and October, we can therefore expect another slowdown in the industry, which the budgets of many companies may no longer withstand – explains Małgorzata Anisimowicz, President of the Management Board of PMR Restructuring and a qualified restructuring advisor, and adds that in the near future, the second huge challenge for entrepreneurs from this sector will be the expiring deadline for paying reservation refunds. It is therefore all the more crucial to implement aid mechanisms to cushion the effects of the loss of financial liquidity, including the temporary exemption of entrepreneurs from ZUS contributions, payment of downtime benefits, as well as the establishment of the Tourist Refund Fund, which will help maintain liquidity despite the need for companies to pay funds for cancelled tourist events.
Simplified restructuring a chance to survive
Representatives of the tourism industry who do not manage or will not have the opportunity to take advantage of the solutions provided for in the anti-crisis shield may therefore prove to be a significant 'beneficiary' of the new tool for entrepreneurs, in the form of simplified restructuring proceedings.
– In comparison to the classic restructuring procedure, its a simplified version brings for the company several indisputable advantages. First of all, it is the extrajudicial nature, which speeds up the decision-making process and allows for an almost immediate stay of enforcement. The simplified procedure also takes much less time than other repair procedures, allows for remote voting on the arrangement and facilitates the protection of key contracts - explains Małgorzata Anisimowicz. The new legal regulations provide, among other things, for the inability of landlords to terminate reciprocal agreements, such as agreements for the lease of premises or real estate on which a business is run, as well as leasing agreements.
25 August 2020. We invite you to read the full version:" Tour and stage industry seeks rescue in simplified restructuring
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