Efficient action with the support of an experienced restructuring advisor will allow you to develop the scope of necessary actions within four months. changes and reach an agreement with creditors - says Małgorzata Anisimowicz, CEO of PMR Restructuring.
How are companies reacting to the crisis and falling revenues? Are they waiting for the situation to develop or are they taking corrective action?
As a result of the crisis, many entrepreneurs have limited the scope of their activities and decided to reduce costs. Unfortunately, as the analyses and simulations created for our clients show, limiting revenues with relatively low profitability usually leads to further debt. From there, it is very close to bankruptcy. Therefore, corrective actions should not be delayed and it is worth taking them at an early stage.
Will the simplified restructuring procedure really help? companies to get out of the crisis?
Definitely yes, which is why we are already receiving many inquiries from our clients about new regulations. The form of opening the proceedings and the speed of their conduct are key. The proceedings will be initiated as a result of concluding an agreement with restructuring advisor and announcements of the intention to carry out restructuring in the Court and Economic Monitor. After meeting these conditions, all enforcement proceedings against the entrepreneur will be suspended and no further enforcement proceedings can be initiated. Efficient action with the support of an experienced restructuring advisor will allow for the development of the scope of necessary changes and achievement of the agreement with creditors. This in turn opens up the prospect of a real stabilization of the situation in the company and getting out of the crisis.
Equally importantly, with the simplified procedure there is no danger of unreasonable, and sometimes dictated by incomplete knowledge, actions by creditors. They cannot terminate contracts that are important to the entrepreneur, such as a loan, property lease or rental agreement.
10 June 2020. We invite you to read the full version:" Easier path to restructuring
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