The prolonged pandemic and the resulting slowdown in the economy are making it significantly more difficult for entrepreneurs to repay their obligations. Companies are struggling to properly fulfil contracts concluded with banks, insurers, leasing and factoring companies or rental agreements. However, many of these can be renegotiated or amended.
- Many tools can be applied almost immediately. It's important for business owners to know that there are several solutions within their reach that can save company budgets - and they are. says Małgorzata Anisimowicz, restructuring advisor and president PMR Restructuring Management Board.
Regardless of the effectiveness of invoking the force majeure institution or the rebus sic stantibus clause (extraordinary change of circumstances) and the number of existing obligations on the part of the debtor, the most effective solution for entrepreneurs may find it useful to use the tools provided for by the restructuring law.
– Taking appropriate corrective actions will allow the debtor to negotiate appropriate terms of repayment of its liabilities with maximum protection of the economic value of the company, especially since the company can then count on the support of restructuring advisors and experienced negotiators who understand the expectations and specifics of individual creditor groups. Restructuring activities, apart from satisfying receivables, also suspend debt collection, protect against aggressive debt collection and save key resources – points out Malgorzata Anisimowicz.
2 June 2020. We invite you to read the full version:" Contracts during a pandemic - how to renegotiate or amend?
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