The main goal of consumer bankruptcy is full or partial debt relief. The advantage is getting rid of debts, creditors and returning to normal life. But the price you have to pay for it is the loss of property. Consumer bankruptcy is decided by very different people, both poor and very wealthy, who have fallen into a debt spiral and are unable to get out of it. How does this process work? Instead of many individual proceedings, there is one. The court, seeking to satisfy the creditors' claims, determines...

According to estimates, even tens of thousands of companies in Poland undertake internal repair and rescue actions each year, but only a few percent of them take advantage of the legal protection and tools provided by the new Restructuring Law. Why? The second year of operation of the amended provisions of the Restructuring and Bankruptcy Law has passed, significantly increasing the chances of saving companies in Poland. Despite the provision of new rescue tools to entrepreneurs, protection periods before...

Google, following Facebook's example, will ban cryptocurrency advertising. Starting in June, virtual money ads will disappear from the world's most popular search engine. Google, following Facebook's example, which in January introduced a ban on cryptocurrency advertising on the social network, has announced that starting in June, the world's most popular search engine will also be banned from advertising Bitcoin, Ethereum, and other financial speculation and gambling tools. Google...

The second year of operation of the amended provisions of the Restructuring and Bankruptcy Law has passed, significantly increasing the chances of saving companies in Poland. Despite the provision of new rescue tools to entrepreneurs, protection periods against aggressive debt collection actions by creditors and the professionalization of the restructuring process, Polish entrepreneurs still very rarely use such assistance. According to data cited by Coface "Bankruptcies and restructuring of companies in Poland in 2017...

Changes to the restructuring law that are beneficial for entrepreneurs have come into force. They allow for obtaining financial assistance from the state (e.g. instalment payment of overdue taxes and ZUS) even before the restructuring procedure begins. Until now, public aid for companies could only be granted in exceptional situations, after obtaining the consent of the European Commission. Thanks to the new regulations, it will not be necessary. Rescue aid or temporary support can only be granted in the form of...

On Tuesday, January 16, 2018, the president signed an amendment to the Restructuring Law, which adjusts its provisions on public aid to the conditions required by the European Commission in the notification "Aid program providing for the granting of aid for the rescue and restructuring of small and medium-sized enterprises". The amendment to the Restructuring Law will provide entrepreneurs repairing their companies with specific financial assistance from the state. The new provisions were long...

The bankruptcy courts are dragging on cases involving companies and consumers. It has been suggested that the latter should be transferred to other justice units. It will soon be two years since the Restructuring Law and the amended Bankruptcy Law came into force. In April, restructuring law experts were already reporting that the new regulations were not working as expected. It is now clear that the flaws are serious and, even worse, there is still no real prospect of eliminating them. One of the biggest...

Just a year ago, with 180 branches, Matras was the second largest bookstore chain in Poland. The court dismissed the company's restructuring proceedings at the end of August, ruling that there was no chance of recovery, but it may take a long time before this decision becomes final. Only then could Matras be taken over by an investor in the so-called prepared bankruptcy procedure. Deadlock? Not necessarily. Matras' new judicial administrator has a plan B — he wants to lease the bookstores that are still operating to companies associated with the Penta fund...

A petition for declaring personal bankruptcy can be filed the day after deregistering a business. However, the court may dismiss it if, in the period of ten years prior to the date of its filing, the debtor did not file a petition for declaring bankruptcy of the enterprise he manages, despite having such an obligation. It is not easy to fulfill, especially in the case of companies that ceased their activity before the amendment to the bankruptcy law, in force since the beginning of 2016 -...

Capital groups are exceptionally complex structures, in which management, strategy implementation and various processes constitute a real challenge. Puls Biznesu is organizing a conference dedicated to capital groups, in which representatives of PMR Restrukturyzacje SA will participate. During the conference, we will suggest how to improve functioning within a capital group, how to optimize mutual relations and develop an effective methodology for cooperation within a holding. During the event, experienced...