According to data published by the Central Economic Information Center, 9,184 people declared personal bankruptcy in the first five months of 2024. This is the highest number of personal bankruptcies in the history of this institution. A few words about the article - Listen. What does this data mean and what can we expect? The growing number of personal bankruptcies is primarily due to the difficult economic situation of many consumers, who, having no other option, are resorting to...

Negotiations with creditors in the restructuring process refer to attempts to reach an agreement between the company (debtor) and its creditors in order to restructure financial obligations and improve the financial condition of the company. This process aims to find a balance between the interests of the debtor, who wants to avoid bankruptcy, and the interests of creditors, who seek to recover as much of their receivables as possible. To achieve the goal in the restructuring process, it is important...

Leasing is one of the key sources of financing business activity in Poland, which is constantly gaining popularity. According to the data presented in the report prepared by the Polish Leasing Association and EY-Parthenon, the Polish leasing sector is the fastest growing market in the European Union, which has increased 6 times over the last 18 years, and its current growth rate exceeds 10% per year. In 2023, the barrier of PLN 100 billion in investments was broken...

Dozens of conducted restructuring proceedings and many hours of deliberations with entrepreneurs have allowed the PMR Restrukturyzacje SA law firm to develop a list of benefits of entering the simplified restructuring process: 1. Maintaining control over the financial situation: Simplified restructuring allows the company to approach financial problems professionally and boldly and maintain control over the situation. We stop "burying our heads in the sand"; 2. Avoiding bankruptcy: Effective restructuring...

Remedy for difficulties during the execution of the arrangement Opening restructuring proceedings is the first step on the road to regaining liquidity and avoiding bankruptcy, and the acceptance of the arrangement and its final approval is the moment when the Entrepreneur can finally breathe a sigh of relief. Firstly, as a rule, on this day there is a change in the due dates of the receivables covered by it, the method of their repayment, and often also the amount in connection with the partial cancellation of liabilities, Secondly, in the case of persons...

The wave of insolvencies in the country is gaining momentum. In the first quarter of this year, 1,537 companies reported them, 31 percent more than a year ago - according to Coface data. However, the driving force is not bankruptcies, but restructuring proceedings that are supposed to prevent them. In the first quarter of 2024, as many as 1,537 decided to do so, 33 percent more than a year ago. Until now, these were mainly private companies. However, public companies, including local government ones, are starting to appear on the list. By virtue of the Order of the District Court in Wałbrzych,...

The year 2023 has brought with it extraordinary challenges for economies around the world. The COVID-19 pandemic has had a huge impact on many sectors and industries, leading to a record number of consumer bankruptcies. In this article, we will present the forecasts of the PMR Restrukturyzacje law firm for the near future and look at the causes of this phenomenon and the effects of the record number of consumer bankruptcies in 2023. Consumer bankruptcies in numbers In 2020, the number of consumer bankruptcies...

The past year brought another record number of new restructuring proceedings. According to data from the Central Economic Information Centre, 4,244 restructuring proceedings were opened in 2023, while in the previous year 2,379 proceedings were opened, which is an increase of 78% year-on-year. It should be recalled that in the first year of implementation of the regulations – 2016 – 212 proceedings were opened based on the provisions of the Restructuring Law, while in the period from...

Dozens of conducted restructuring proceedings, many hours of deliberations with entrepreneurs. 1. Maintaining control over the financial situation: Simplified restructuring allows the company to approach financial problems professionally and boldly and maintain control over the situation. We stop "burying our heads in the sand"; 2. Avoiding bankruptcy: Effective restructuring is a solution to avoid formal bankruptcy of the company, which in turn minimizes the negative effects on owners, employees,...

Can companies afford bankruptcy? Bankruptcy only for companies with assets! What to do when a bankruptcy petition has been dismissed? 😧 The year 2023 has shown that bankruptcy is not for everyone. The number of dismissed bankruptcy petitions is downright terrifying: Central Statistical Office data. 👉 The "Four Plagues of Polish Business" - the pandemic, the Polish Deal, the war in Ukraine and an avalanche of cost increases - have made the situation of small and sole proprietorships very difficult. In most entities, negative assessments remain...