Simplified restructuring procedure - news
Whether you are natural person or you run your own business, in the face of difficulties It is advisable to enlist the help of experienced specialists, who will help you choose optimum solutions best suited to your situation.
Simplified restructuring procedure - news
Solutions to the simplified restructuring procedure, which enabled many Polish entrepreneurs to survive in the difficult times of the pandemic as of 01 December 2021. have been implemented into Proceedings for Approval of the Arrangement. Since its introduction, it has become increasingly popular among Polish entrepreneurs ensuring effective restructuring with the possibility of a protective umbrella.
Key benefits proceedings are:
- a formalised procedure to guarantee rapid protection of the trader's assets
- freedom to choose a restructuring adviser
- obtain protection by suspending enforcement proceedings by operation of law from 4 months to as much as 12 months
- contractual protection as to the free termination of contracts essential to the running of the business, including leases, rental agreements, loans
- the possibility of including real or collateralised debts in the composition agreement
- speed of proceedings
- effectiveness in concluding agreements
- lowest costs in relation to other types of proceedings
We support
entrepreneurs
Have the arrangement approval proceedings piqued your interest? Not surprisingly -
w 2023 roku ponad 92% restrukturyzowanych firmhave opted for this form of restructuring.
Procedure for Approval of Arrangement commonly referred to as simplified restructuring to najszybsze, najtańsze i najbardziej bezpieczne rozwiązanie dla firm borykających się z trudnościami
- Po pierwsze – to Przedsiębiorca decyduje, kiedy postępowanie zostanie otwarte (nie jest wymagana zgoda sądu). W przypadku zaistnienia takiej konieczności istnieje możliwość otwarcia nawet tego samego dnia.
- Secondly - it is the Entrepreneur who selects the restructuring advisor (it is not appointed randomly by the Court). Given the importance of the restructuring advisor for the success of the entire process, including its: experience, competence, efficiency, this is one of the key advantages of the
- Thirdly, the possibility of providing far-reaching and complete protection against enforcement for a period of 4 mths to as much as 12 mths. During the period from the date of the announcement of the determination of the day of arrangement, existing enforcement proceedings are suspended by operation of law and new ones cannot be initiated against the debtor for a minimum period of 4 months and, in the case of an application for approval of the arrangement, until it is examined.
- Po czwarte ochrona przedsiębiorcy poprzez zabezpieczenie kontynuacji umów o podstawowym znaczeniu dla prowadzenia firmy, w tym umów dzierżawy, najmu, kredytów;
- Fifthly, the possibility of extending the composition agreement to claims secured in rem or secured by a security transfer
- Sixth - lowest cost
Simplified restructuring
Our experience shows, that since the implementation of precautionary restructuring solutions - a simplified procedure in the form of proceedings for the approval of an arrangement - entrepreneurs are increasingly attempting to save their businesses instead of resorting to liquidation or bankruptcy solutions.
There is definitely a growing awareness of the availability of legal tools to enable entrepreneurs, which is in financial difficulties to retain control of the company and provide protection from creditors for the time needed to implement corrective action.
Proceedings for the approval of an arrangement referred to as PZU for short is conducted for the most part without the involvement of the court. The basis for the initiation of PZU is the conclusion of a contract with a restructuring advisor selected by the entrepreneur, the transfer of the advisor's necessary information such as the Preliminary Inventory of Claims, the Preliminary Restructuring Plan.
Simplified restructuring
- I. Conclusion of the agreement with the selected restructuring advisor
- II. Dokonanie wyboru dnia układowego
- III. Sporządzenie Wstępnego Planu Restrukturyzacyjnego oraz Wstępnego Spisu Wierzytelności
- IV. Obwieszczenie o ustaleniu dnia układowego
- V. Presentation of arrangement proposals to creditors
- VI. Proces negocjacyjny
- VII. Głosowanie nad układem
- VIII. Submission of an application for approval of the arrangement
- IX. Postanowienie o zatwierdzeniu układu
- X. Once the order approving the arrangement has become final, the commencement of performance of the arrangement
These documents allow doradcy dokonanie obwieszczenia o ustaleniu dnia układowego, z którym rozpoczyna się okres ochrony przedsiębiorstwa przed postępowaniami egzekucyjnym, a dotychczasowe ulegają zawieszeniu.
The next stage is the collection of creditor votes. The restructuring adviser is responsible for verifying the proper submission of votes by the creditors, preparing an opinion on the feasibility of the arrangement and a report by the supervisor of the arrangement. If the majority support of the proposed arrangement by the creditors, as required by the Act, is obtained, the entrepreneur shall apply to the Court for approval of the arrangement.
From the date the application is submitted until it is approved, the protection of the company is extended.
Important information
- The procedure for approval of an arrangement is the fastest, cheapest and safest restructuring procedure available;
- The procedure for approval of an arrangement makes it possible to restructure all, but also only selected liabilities;
- Zatwierdzenie układu w postępowaniu o zatwierdzenie układu chroni zarząd spółki przed odpowiedzialnością za jej długi.
Kim are we?
We are a law firm whose the overriding aim is to help in difficult situations crisis for companies and individuals. We have been conducting bankruptcy and restructuring proceedings for many years.
We have at your disposal licensed restructuring advisors, who in cooperation with experts in the field of communication, finance and law will guide you through the insolvency process.
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