Easier restructuring of companies during a pandemic

To meet the crisis situation of companies, the government simplified the restructuring procedure. Today, it is already clear that the solution introduced meets the needs of companies and is proving to be very useful.

The simplified arrangement approval procedure, known as the simplified restructuring procedure (SPR), is predominantly an out-of-court procedure.

– This procedure, aimed at approving the arrangement with creditors and protecting the company's assets and key contracts, is carried out on the basis of an agreement with restructuring advisor, and the day of the announcement in the Court and Economic Monitor is the day of opening the proceedings for approval of the arrangement. From that day also begins the four-month period for concluding an arrangement with creditors – explains Małgorzata Anisimowicz, qualified restructuring advisor and CEO PMR Restructuring, a company with extensive experience in conducting restructuring proceedings.

– Start of simplified restructuring companies by operation of law result in suspension enforcement proceedings, both with respect to receivables arising before the opening of the proceedings and included in the arrangement, as well as with respect to receivables secured in kind. It is also inadmissible to initiate new enforcement proceedings. It is also inadmissible to terminate lease or tenancy agreements, leasing agreements, property insurance agreements or bank account agreements without the consent of the arrangement supervisor. - points out Malgorzata Anisimowicz.

The article appeared in the daily newspaper Puls Biznesu:27 October 2020. We invite you to read the full version:"Easier restructuring of companies during a pandemic

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