Modification of the restructuring arrangement-The arrangement concluded in the restructuring proceedings does not have to be a final construction, and its modification is possible under the procedure for modification of the arrangement. The procedure for modification of the arrangement is an important tool to maintain the effects of the existing agreement with the creditors and adapt its provisions to the new conditions and possibilities of the entrepreneur.
The re-arrangement process includes:
applying to the General Court for the opening of proceedings to modify the arrangement - The debtor may apply for a variation of the arrangement, usually when he is unable to meet his existing obligations under the arrangement or when there have been changes in his financial situation;
openly proceedings for changing the arrangement and appointing a judicial supervisor - The opening of proceedings shall be by court order. The debtor should present to the court proposals for a new layout and justification of the need for change;
vote on change of arrangement by creditors - According to the legislation, an amendment to the arrangement requires a certain majority of the creditors to vote. Creditors who were entitled to vote on the original arrangement and whose claims have not been satisfied participate in the vote;
court approval - Once the creditors' consent has been obtained, the amendment to the arrangement is referred to the court for approval. The court assesses whether the amendment to the arrangement complies with the regulations and also whether it does not infringe creditors' rights;
implementation of the new layout - once approved by the court, the new the arrangement becomes binding on the debtor and the creditorsand the debtor shall proceed to its enforcement.
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