Polish entrepreneurs are convinced that statutory restructuring tools are a solution reserved exclusively for large companies - according to a study conducted by the OBOAK Opinion Research Center on behalf of PMR Restrukturyzacje SA. The opposite and correct opinion is expressed by only one in fifty respondents. Such a high level of unawareness costs the Polish economy billions of zlotys annually. Small entrepreneurs also suffer, often losing not only the company but also...

Buying real estate from a trustee is another way to find an attractively priced apartment, in addition to bailiff auctions. Before making a decision to buy, however, it is worth getting to know the transaction process from the inside out, to find out what the buyer can expect. In the event of a declaration of bankruptcy, the assets of the debtor who is an entrepreneur or consumer become the bankruptcy estate. It consists of all rights and things belonging to it on the day of its declaration, including the debtor's right to...

More than two years have passed since the introduction of key changes to restructuring and bankruptcy law in Poland. Has the mentality of Polish businessmen changed significantly during this time? Are we more effective in saving Polish companies from bankruptcy? Do creditors still primarily use aggressive debt collection, or is dialogue with the debtor an increasingly common alternative? Analysis by restructuring advisors PMR Restrukturyzacje SA. According to data from the Central Economic Information Center...

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...