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Bankruptcy economic
Perhaps you are concerned that you will be dragged into the responsibility for the company's liabilities? Maybe it's too late for liquidation? If so, you need support! We are here to help you. From now on, we can walk this path together.
We realise that no matter how big a company you run or how many employees you have, declaration of bankruptcy can be a difficult experience for you. Contact us as soon as possible, so that we can comprehensively help you through this process.
We provide assistance
for entrepreneurs
We provide assistance
for entrepreneurs
Bankruptcy economic
Perhaps you are concerned that you will be dragged into the responsibility for the company's liabilities? Maybe it's too late for liquidation? If so, you need support! We are here to help you. From now on, we can walk this path together.
We realise that no matter how big a company you run or how many employees you have, declaration of bankruptcy can be a difficult experience for you. Contact us as soon as possible, so that we can comprehensively help you through this process.
Check for free,
whether your company can go into debt
Entrepreneur, We want to help you
- at every stage of the insolvency process
- Did you know that an arrangement can be made in bankruptcy? We'll check if it's the right solution for your needs
- Did you know that your company can buy the entity you indicate? We will support you in preparing the appropriate application
- Did you know that if you are running a business then you have the right to write off your debts and, if you run a company, can you exempt yourself from liability for its debts? We will give you some tips on what to do to make this happen
- We will prepare a company analysis for you, we will verify the situation of your company in detail and propose optimal solutions
- We will draw up a bankruptcy petition, we will support you in preparing the necessary documentation required by the court
- We will provide full support in contacts with the trustee and the court and investors
- Restructuring adviser licence entitles us to act as Temporary Court Supervisor, Administrator and Trustee in bankruptcy proceedings
We support entrepreneurs
Kim are we?
We are a law firm whose The overriding aim is to help companies in difficult times. We have been conducting bankruptcy and restructuring proceedings for many years. We draw up insolvency petitions and also advise in times of crisis.
We have at your disposal licensed restructuring advisors, who, in collaboration with experts in communications, finance and law They will guide you through the crisis and the bankruptcy process can be your New Start.
PMR in the media
PMR in the media
Important information
concerning restructuring
What are the advantages
declaring bankruptcy
- Ability to continue the business
- Payment of funds to employees from the Employee Benefit Fund
- Possibility of selling the company as a whole or its organized part
- Debt relief or release from liability for company obligations
- Cancellation of enforcement
Additional advantages
for individuals running a business activity
- Maintaining basic livelihoods
- Meeting housing needs
- Possibility of removal from the Register of Insolvent Debtors and other registers
- Possibility of writing off 'private' liabilities
Remember, only timely application
will bring you the most benefits
Want to know more?
Running a business involves a huge risk, and even a temporary loss of financial liquidity can mean serious problems. At the same time, the people running the business or managing the company are responsible for running the business taking into account the ability to pay, which entails, among other things, the need to monitor whether the company has gone into insolvency.
Check for free,
whether your company can go into debt
Economic bankruptcy - news
Running a business involves a huge amount of risk, and even a temporary loss of liquidity can mean serious problems. We know this very well, because we help entrepreneurs on a daily basis in financial difficulties and we help prepare scenarios for times of crisis.
Economic bankruptcy - news
Running a business involves a huge amount of risk, and even a temporary loss of liquidity can mean serious problems. We know this very well, because we help entrepreneurs on a daily basis in financial difficulties and we help prepare scenarios for times of crisis.
We help entrepreneurs
What is insolvency proceedings?
Bankruptcy is often a last resort that is worth implementing when other methods of repairing a difficult financial situation do not work.
Entrepreneurial bankruptcy process is intended to safeguard the interests of both the debtor, i.e. a company in financial difficulties, and in particular the management of that company, and its creditors.
A primary aspect, One thing to pay attention to when considering filing for bankruptcy is to check whether the entrepreneur is insolvent and has insolvency capacity. This means checking whether bankruptcy proceedings are possible for the form in which the business is conducted.
We realise that the economic bankruptcy of a company is a professional blow, which, as an entrepreneur, is difficult to deal with on your own, so it is worth enlisting the help of experienced professionals to be able to successfully navigate through the insolvency process.
What conditions must be met,
for economic insolvency to take effect?
- Insolvency
This is in other words the loss of the ability to meet due monetary obligations.
It is presumed that this occurs when there is a 3-month arrears in the repayment of liabilities.
For legal persons and entities that are not legal persons a state of insolvency also arises when the amount of liabilities is greater than the value of the assets held, and this condition persists for at least 24 months.
- Sufficient assets
In order to be able to conduct insolvency proceedings it is necessary for the company to have assets to cover the costs of the proceedings, as well as to satisfy, albeit to a small extent, the claims of creditors.
The analysis of this issue is complex in relation to assets on which security interests have been established, e.g. in the form of mortgages or pledges.
- Multiple creditors
In accordance with the provisions of the Bankruptcy Law, It is not possible to declare business bankruptcy if a company has only one creditor.
Hence, in order for a bankruptcy petition to be granted at least two creditors must be indicated.
- Additional information
This was just a brief description of the conditions to be met.
If you have any questions or concerns, please contact us and we will be happy to clarify them for you.
When to think about it, Should the company be declared bankrupt?
The answer to this question is both simple and not simple – one thing is certain, it is not worth delaying – acting at the last minute will deprive you of many opportunities.
Therefore, a quick contact from your side will allow us to assess your situation and propose the best strategy of action for your company.
When the first signs of impending insolvency appear, you should carefully analyze the financial situation of the company. At an early stage, you still have the opportunity to take advantage of numerous restructuring solutions. At the moment of insolvency, the number of possible actions to take decreases.
Remember that as an entrepreneur, you are obliged to file for bankruptcy within 30 days of the occurrence of the condition. Ignorance or wilful disregard of this obligation can result in very severe consequences for those representing the company.
Members of the company's board of directors are jointly and severally liable for the company's liabilities and tax arrears.
For the above reasons, it is so important to diagnose the entrepreneur's insolvency and to effectively file a bankruptcy petition in due time.
What are the benefits
for filing for bankruptcy on time?
Avoidance of liability for company debts
Allows a board member to exclude liability for the debts of an insolvent company
Avoidance of liability for tax arrears
It enables a member of the management board of a capital company to be released from liability for the tax arrears of an insolvent company.
Avoidance of criminal liability
It allows members of the management board or liquidators to avoid criminal liability for failing to file a bankruptcy petition for a commercial company
Dismissal of the possibility of ruling on the ban on conducting business activity
The court may order a ban on conducting business for a period of 1 to 10 years, among others, in the event of failure to file a bankruptcy petition on time, therefore, if you want to continue your business within another company or if you want to act as a representative in the company, it is worth filing a bankruptcy petition at the right time
Satisfaction of creditors
It allows for the satisfaction of creditors from the assets of the insolvent entity and leads to the cancellation of other receivables.
We help entrepreneurs
Pre-Pack,
or bankruptcy under control
What does it consist of? A pre-prepared liquidation (pre-pack) is a procedure that allows the assets of an insolvent debtor to be sold quickly and in accordance with the will of the parties to an investor in a non-tendered insolvency procedure.
The greatest advantage of the prepared decommissioning for a failing company it is, That it allows the bankrupt's business to continue to operate. For an investor who wishes to acquire such a company, the greatest benefit is the enforcement effect of the sale, i.e. the acquisition of the bankrupt's property free of liabilities and encumbrances, which is not possible with a regular sale of the company, because then the the purchaser is jointly and severally liable with the transferor for its obligations in relation to the operation of the business.
A prepared liquidation may consist of court-approved terms of sale not only the entire enterprise of the debtor, but also a significant part of it or only a valuable asset within the framework of bankruptcy proceedings. Importantly, the insolvent entrepreneur who plans to benefit from the prepared liquidation has the possibility to consciously choose the buyer indicated in the application, at the price specified in the application and accepted by the court.
This structuring of the relationship between the insolvent company and the purchaser of the business or part of it also allows for other arrangements to be made for the continuation of the business. The speed of this procedure should also be emphasised – the sale should take place within 30 days from the date on which the court decision approving such sale becomes final, which is obviously beneficial for all participants in the proceedings and also translates into a reduction in its costs and, consequently, a higher degree of satisfaction of creditors.
The law sets out in detail who can apply for approval of the terms of sale in a prepared liquidation and how. If you are interested in this topic, please contact our advisor who will dispel any doubts you may have.
Only a properly prepared application for approval of the terms of sale as part of a pre-pack liquidation may be positively considered by the court.
Arrangement in bankruptcy
- the way to seek compromise with creditors
The commencement of bankruptcy proceedings means that the debtor's financial situation is not among the best. However, insolvency is not always a permanent phenomenon, sometimes entrepreneurs manage to find ways to improve the operation and profitability of the business even during the insolvency proceedings.
Then a new rescue scenario for the company becomes possible, i.e., the submission of proposals for arrangement to creditors. If they are accepted favourably by the creditors and the entrepreneur demonstrates the possibility of implementing the arrangement, the court may terminate the bankruptcy proceedings by issuing a decision approving the arrangement.
What are the benefits accepting an arrangement in bankruptcy?
For the Creditor:
- the possibility of recovering receivables to a greater extent than in bankruptcy proceedings
For the Insolvent Entrepreneur
- termination of insolvency proceedings
- restoration of the right to manage and dispose of property
- discontinuance of proceedings to declare an act ineffective against the bankruptcy estate
- the possibility of deleting entries relating to insolvency in land registers and registers
- preserving the company and stopping the liquidation of assets
We help entrepreneurs
Arrangement proposals in insolvency proceedings are not only entitled to be submitted by the bankrupt, but also by the creditor and the trustee. They are fully free to make arrangement proposals.The rule is simple: everything that is not prohibited is allowed.
Among the most relevant layout proposals are:
- deferred implementation;
- repayment in instalments;
- reduction in the amount of the claim;
- conversion of receivables into shares in a company;
- modification, substitution or revocation of a right securing a specific claim.
Whether it is your business that is in bankruptcy or whether it is your counterparty that is in bankruptcy, it is worth considering whether an arrangement will meet your expectations to a higher extent than liquidation bankruptcy.
Finding a compromise is also possible in bankruptcy - find it with our help. Let's talk, because it's worth it.
Check for free,
whether your company can go into debt
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