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Bankruptcy economic
Perhaps you are concerned that you will be dragged into the responsibility for the company's liabilities? Maybe it's too late for liquidation? If so, you need support! We are here to help you. From now on, we can walk this path together.
We realise that no matter how big a company you run or how many employees you have, declaration of bankruptcy can be a difficult experience for you. Contact us as soon as possible, so that we can comprehensively help you through this process.
We provide assistance
for entrepreneurs
We provide assistance
for entrepreneurs
Bankruptcy economic
Perhaps you are concerned that you will be dragged into the responsibility for the company's liabilities? Maybe it's too late for liquidation? If so, you need support! We are here to help you. From now on, we can walk this path together.
We realise that no matter how big a company you run or how many employees you have, declaration of bankruptcy can be a difficult experience for you. Contact us as soon as possible, so that we can comprehensively help you through this process.
Check for free,
whether your company can go into debt
Entrepreneur, We want to help you
- at every stage of the insolvency process
- Did you know that an arrangement can be made in bankruptcy? We'll check if it's the right solution for your needs
- Did you know that your company can buy the entity you indicate? We will support you in preparing the appropriate application
- Did you know that if you are running a business then you have the right to write off your debts and, if you run a company, can you exempt yourself from liability for its debts? We will give you some tips on what to do to make this happen
- We will prepare a company analysis for you, we will verify the situation of your company in detail and propose optimal solutions
- We will draw up a bankruptcy petition, we will support you in preparing the necessary documentation required by the court
- We will provide full support in contacts with the trustee and the court and investors
- Restructuring adviser licence entitles us to act as Temporary Court Supervisor, Administrator and Trustee in bankruptcy proceedings
We support entrepreneurs
Kim are we?
We are a law firm whose The overriding aim is to help companies in difficult times. We have been conducting bankruptcy and restructuring proceedings for many years. We draw up insolvency petitions and also advise in times of crisis.
We have at your disposal licensed restructuring advisors, who, in collaboration with experts in communications, finance and law They will guide you through the crisis and the bankruptcy process can be your New Start.
PMR in the media
PMR in the media
Important information
concerning restructuring
What are the advantages
declaring bankruptcy
- Ability to continue the business
- Payment of funds to employees from the Employee Benefit Fund
- Possibility of selling the company as a whole or its organized part
- Debt relief or release from liability for company obligations
- Cancellation of enforcement
Additional advantages
for individuals running a business activity
- Maintaining basic livelihoods
- Meeting housing needs
- Possibility of removal from the Register of Insolvent Debtors and other registers
- Possibility of writing off 'private' liabilities
Consumer bankruptcy - news
Free yourself from debt and start life anew.
Are the amount of debts starting to overwhelm you?
Are you short of funds to repay your debts?
With our help, you will have the chance for freedom from debt and a new start
Consumer bankruptcy - news
Free yourself from debt and start life anew.
Are the amount of debts starting to overwhelm you?
Are you short of funds to repay your debts?
With our help, you will have the chance for freedom from debt and a new start
What is
consumer bankruptcy?
Consumer bankruptcy is a type of court proceedings intended for consumers, i.e. people who do not run a business.
However, running a business does not completely preclude the possibility of declaring bankruptcy.
A bankruptcy declaration may occur when there is a state of insolvency. In other words – it is help in a situation of overwhelming debt, usually resulting from reasons beyond the debtor's control, such as illness, dismissal from work, difficult personal situation, as well as bad financial decisions. The purpose of declaring consumer bankruptcy is debt relief, i.e. enabling the insolvent person to get out of debt.
In a significant proportion of proceedings, liabilities are written off completely. In the remaining proceedings, most debts are written off, and the remaining unwritten liabilities are repaid through a realistic repayment plan – one low instalment set by the court.
We support consumers
What it looks like insolvency proceedings step by step?
1. Contact with the law firm
Contacting the Law Firm is the first and most important step. We will analyze your financial situation free of charge and check whether declaring bankruptcy is a good solution for you.
2. preparation of the application
We collect all the information and documents necessary to prepare an effective application. Based on these, we will comprehensively prepare a complete consumer bankruptcy application.
3. Consideration of the application
by the Court
The court may declare bankruptcy proceedings or dismiss or return a consumer bankruptcy petition.
4 Proper insolvency proceedings
At this stage, the trustee determines the value of your debts, examines what assets you have at your disposal and which of your assets can be disposed of and which are exempt from enforcement under current legislation
5. setting up a creditors' repayment plan
Depending on which form your proceedings take - simplified or general - the trustee will prepare a draft repayment plan for you, or it will be incumbent on you to submit a timely request for the establishment of a repayment plan or a request for remission of liabilities.
6 Cancellation of claims
The court, after reviewing the case material, will decide to what extent your liabilities will be written off and when this will finally take place.
About which worth remembering?
Consumer bankruptcy is a special opportunity for debt relief, if you are a non-business individual who is unable to meet your obligations on your own. However, declaring consumer bankruptcy has far-reaching consequences, that you should take into account when considering filing for bankruptcy.
About which - worth remembering?
Consumer bankruptcy is a special opportunity for debt relief, if you are a non-business individual who is unable to meet your obligations on your own. However, declaring consumer bankruptcy has far-reaching consequences, that you should take into account when considering filing for bankruptcy.
Above all, you will lose the right of administration over your assets
The assets will become the bankruptcy estate. It is worth noting that the bankruptcy estate is not only the assets you own at the time of the bankruptcy declaration, but also those you acquire during the bankruptcy proceedings. Hence, part of the income you earn may be seized for the benefit of the bankruptcy estate.
Separation of property
The assets will become the bankruptcy estate. It is worth noting that the bankruptcy estate is not only the assets you own at the time of the bankruptcy declaration, but also those you acquire during the bankruptcy proceedings. Hence, part of the income you earn may be seized for the benefit of the bankruptcy estate.
Your property will be sold
All your assets, subject to the exceptions set out in the legislation, will be sold by the trustee during the insolvency proceedings. The funds raised in this way will be used to cover the costs of the proceedings and your obligations towards your creditors.
Impact on legal actions
All your assets, subject to the exceptions set out in the legislation, will be sold by the trustee during the insolvency proceedings. The funds raised in this way will be used to cover the costs of the proceedings and your obligations towards your creditors.
Limitation of contractual possibilities
Among the unpleasant consequences of consumer bankruptcy is a restriction on your ability to enter into contracts. In practice, this means that you will be able to enter into typical everyday contracts, such as buying food. However, you are absolutely precluded from entering into contracts that could increase your debt balance - i.e. you will not be allowed, for example, to take out another loan.
These are just some of the consequences of declaring bankruptcy; nevertheless, consumer bankruptcy is a good recipe for combating the problem of over-indebtedness.
We can Help you
In which cases are we helping?
PMR Restructuring will provide you with comprehensive assistance in consumer bankruptcy cases.
You can count on counsel from our law firm to help you prepare the necessary documentation.
Some of the cases and people we assist include:
- people who have fallen into 'momentary loan' loops,
- former entrepreneurs,
- board members of companies,
- difficult family situations (divorce, separation, illness, debtor spouse and others),
- loss of job, reduction of earnings,
- guarantors,
- farmers,
- tenants in shopping malls.
If one of the above keywords describes you, don't delay any longer.
Explore stories
our customers
History Ms Catherine
Ms Catherine's story
Mrs Catherine was a partner in a civil partnership in the 1990s. The activity was actually handled by her husband and she did not make any business decisions herself.
In the course of its business, it signed a promissory note surety. Over the next few years, Ms. Katarzyna left the company, divorced her husband, and began to rebuild her life. However, her employer received a letter from a bailiff requesting that Ms. Katarzyna's salary be seized.
As a result of the work undertaken, Ms Catherine identified, that the enforcement relates to a debt of several million dollars, for which it is liable under the said promissory note surety. For nearly 10 years, the bailiff conducted enforcement proceedings, during which he seized the wages of Ms Catherine's work, but the income was not sufficient to cover such a huge debt. Ms Catherine decided to declare bankruptcy.
As part of the bankruptcy proceedings conducted The court established a repayment plan for her over a period of 24 months in the amount of PLN 400. Currently, Ms. Katarzyna has already completed the repayment plan, and her obligation in the amount of over PLN 12 million has been written off.
Ms Catherine's situation may have seemed like a no-brainer, However, thanks to the declaration of bankruptcy, it was able to be repaired.
History Mr. Mark
Mr. Marek's Story
Initially, everything was going well, he had a job, bought an apartment on credit, met a woman. After some time, the couple had a child, but unfortunately it turned out to be sick. For some time, both parents tried very hard to provide the child with the best care possible, but over time, the condition overwhelmed the child's mother and she left - leaving both the child and Mr. Marek.
Mr. Marek was overwhelmed by the sudden change in his life – not only did he have to take care of a sick child by himself, but he also had to cover all the maintenance costs and repay the loans by himself. Trying to make ends meet, he took on additional jobs, but it was hard to combine this with childcare. Soon, he began having problems with making timely repayments, which quickly grew.
The situation was so overwhelming that Mr. Marek didn't know how to deal with it all. He was most afraid of never being able to repay his debts, of losing his apartment and having nowhere to go with his child, and the persistent calls from debt collectors made it impossible to forget about the problem even for a moment.
In order to address this problem, our specialists suggested that Mr. Marek consider filing a petition for consumer bankruptcy. We explained in detail what the entire process involves and assured Mr. Marek that in the event of the sale of the apartment during bankruptcy proceedings, it is possible to obtain funds to rent another place for a period of 2 years.
After the bankruptcy proceedings, Mr. Marek visited our office, and the change that took place in him was enormous. We saw a man who walked proudly forward, a smile finally appeared on his face, and peace emanated from him. The burden of financial obligations that had previously overwhelmed him was enormous, but thanks to the proceedings, it disappeared and allowed Mr. Marek to look to the future with hope and joy.
History Mrs. Emilia
Mrs. Emilia's Story
Ms Emilia ran a business in beauty services. The business was viable and profitable until Ms Emilia experienced family problems that forced a reduction in Ms Emilia's involvement in the business.
Co-workers took advantage of Ms Emilia's reduced supervision and performed their duties unreliably. This has translated into declining revenues and mounting debt.
This led to Ms Emilia's decision to terminate her business. To get out of her stalemate, she filed for consumer bankruptcy.
During the course of the proceedings, Ms Emilia became pregnant, and thanks to the Court writing off her debts without setting a repayment plan, she was able to start a new life without debt without worrying about the cost of supporting her growing family.
How can we Help you?
Consumer bankruptcy is the type of legal proceeding provided for for consumers, i.e. people who are not in business. If you have found yourself in a difficult situation contact us – we will help you find a solution tailored to your situation.
What is consumer bankruptcy?
Consumer bankruptcy is a court procedure for private individuals who do not conduct business activity and have become insolvent. Bankruptcy
Consumer bankruptcy – what about the spouses’ assets?
There are many people who have excessive debt, and undoubtedly a significant number of them have a spouse.
What does consumer bankruptcy not cover?
Consumer bankruptcy covers all obligations that arose before the date of bankruptcy declaration. Proceedings
Consumer bankruptcy where to start?
Before filing a bankruptcy petition, you must prepare a number of documents that are required
Does the application for consumer bankruptcy have to be on a form
The application for consumer bankruptcy should be filed through the National Register of Debtors. From 1
Whether to file for bankruptcy electronically only
As of December 1, 2021, the National Debt Register telecommunications system came into force and
What if the court rejects the application for consumer bankruptcy
Bankruptcy proceedings are opened on the basis of a bankruptcy petition. The petition contains, first of all,
Withdrawal of a consumer bankruptcy petition?
A debtor who has filed a motion to withdraw a bankruptcy petition if his/her financial situation
Can a creditor file for bankruptcy of a debtor?
The basic tool for recovering your receivables from the debtor is a civil lawsuit. The procedure to
Does the filing of a bankruptcy petition stop enforcement?
There is no doubt that people who are considering filing for bankruptcy are in a difficult situation.
Does my income have to be seized by the receiver?
According to the applicable regulations, the bankruptcy estate includes the bankrupt's assets acquired during the bankruptcy proceedings.
How can I get rid of my debts?
The mere fact that the court issues a decision declaring bankruptcy does not mean that the debts are discharged. In order for the bankruptcy proceedings to result in the debt being discharged
Comprehensive insolvency advice
Bankruptcy proceedings affect many aspects of the life of the debtor. The effects of declaring bankruptcy can extend to actions taken by
How do you declare consumer bankruptcy?
Declaring consumer bankruptcy involves a court procedure, therefore the conditions that must be met are described in detail in the law, and more precisely in
How to deal with debt?
Payday loans, consumer credit, non-bank loan, unpaid installments or account limit - contrary to appearances, this is the reality of many people. Several million
Mostly
questions asked
Whether your debts will be written off in the course of insolvency proceedings, and to what extent this occurs, depends on a number of factors, including. how your debt came about, as well as on the extent to which the trustee succeeds in satisfying your creditors with the funds obtained from the sale of your assets, and also depends on the following what earning capacity you have, what your living situation is, how many dependants you have.
These factors will influence whether the court will make an order refusing remission your liabilities, will set up a repayment plan for you, or will write off your liabilities without you having to make any repayments to your creditors.
However, it is important to be aware that there is a catalogue of liabilities that cannot be written off during insolvency proceedings.
Check whether the liabilities you have can be written off in bankruptcy proceedings.
Contrary to what some lawyers claim, owning a flat, a house or other valuables is not a prerequisite for the court to agree to a consumer bankruptcy.
It is also worth highlighting, that there is a misconception in the media space that only items with a value in excess of PLN 5 000 are considered assets.
In addition, this must also be taken into account, that, on the basis of the applicable legislation, e.g. agreements for the donation or sale of assets that were concluded during a certain interval before the filing of the insolvency petition may be declared ineffective during the insolvency proceedings.
The bankruptcy estate includes the consumer's assets, including that which is acquired during the course of the bankruptcy proceedings. Thus, in the event that you are living off your salary or pension, part of these benefits will be subject to attachment.
However, it is important to remember, that the provisions of the law regulate the extent to which remuneration and retirement benefits may be subject to enforcement. Additionally, the provisions also regulate whether other benefits, e.g. social benefits, insurance compensation, funds paid from the Company Social Benefits Fund, income tax overpayments, etc. are included or not included in the bankruptcy estate
Make sure which of your incomes are safe and will not be seized during bankruptcy proceedings.
Declaring bankruptcy affects your spouse depending on whether there is joint or separate property between you. It is also important to consider how and when the separation of property came about, as this may not be effective in certain cases. When one spouse is declaring bankruptcy, it is also worth considering whether the other spouse is jointly liable for your debts, e.g. as a result of providing surety or signing a promissory note, and how this will affect him or her.
As a general rule, the joint property of the spouses shall form part of the bankruptcy estate in its entirety and serves to satisfy the debts of that spouse who has been declared bankrupt. Nevertheless, the other spouse may claim his or her rights in respect of his or her share of the joint property in the course of the bankruptcy proceedings.
With the declaration of bankruptcy, your assets will become the bankruptcy estate, which will be used to satisfy creditors' claims. However, it is worth knowing that not all of your possessions will be subject to sale. The law directly regulates which items must remain at your disposal and also provides for severe sanctions for failure to demonstrate all your assets.
If you are in doubt about which items belonging to you will be sold by the trustee, please contact us - we will answer your questions.
The basic court fee for filing a bankruptcy petition is PLN 30.00.
You can find out how to file it and whether these are the only costs you have to take into account when filing for consumer bankruptcy during a free consultation with our specialist.
It is only possible to declare consumer bankruptcy once you have ceased trading.
If you are in doubt about the status of your business or are wondering how long you need to have been out of business before you can apply for consumer bankruptcy, our advisors can answer your questions.
Kim are we?
We are a law firm whose the overriding aim is to help in difficult situations crisis for companies and individuals. We have been conducting bankruptcy and restructuring proceedings for many years.
We have at your disposal licensed restructuring advisors, who in cooperation with experts in the field of communication, finance and law will guide you through the insolvency process.
Do you have questions? Do you need additional information?
Let's talk. The consultation is free of charge.
Remember, only timely application
will bring you the most benefits
Want to know more?
Running a business involves a huge risk, and even a temporary loss of financial liquidity can mean serious problems. At the same time, the people running the business or managing the company are responsible for running the business taking into account the ability to pay, which entails, among other things, the need to monitor whether the company has gone into insolvency.
Economic bankruptcy - news
Running a business involves a huge amount of risk, and even a temporary loss of liquidity can mean serious problems. We know this very well, because we help entrepreneurs on a daily basis in financial difficulties and we help prepare scenarios for times of crisis.
Economic bankruptcy - news
Running a business involves a huge amount of risk, and even a temporary loss of liquidity can mean serious problems. We know this very well, because we help entrepreneurs on a daily basis in financial difficulties and we help prepare scenarios for times of crisis.
We help entrepreneurs
What is insolvency proceedings?
Bankruptcy is often a last resort that is worth implementing when other methods of repairing a difficult financial situation do not work.
Entrepreneurial bankruptcy process is intended to safeguard the interests of both the debtor, i.e. a company in financial difficulties, and in particular the management of that company, and its creditors.
A primary aspect, One thing to pay attention to when considering filing for bankruptcy is to check whether the entrepreneur is insolvent and has insolvency capacity. This means checking whether bankruptcy proceedings are possible for the form in which the business is conducted.
We realise that the economic bankruptcy of a company is a professional blow, which, as an entrepreneur, is difficult to deal with on your own, so it is worth enlisting the help of experienced professionals to be able to successfully navigate through the insolvency process.
What conditions must be met,
for economic insolvency to take effect?
- Insolvency
This is in other words the loss of the ability to meet due monetary obligations.
It is presumed that this occurs when there is a 3-month arrears in the repayment of liabilities.
For legal persons and entities that are not legal persons a state of insolvency also arises when the amount of liabilities is greater than the value of the assets held, and this condition persists for at least 24 months.
- Sufficient assets
In order to be able to conduct insolvency proceedings it is necessary for the company to have assets to cover the costs of the proceedings, as well as to satisfy, albeit to a small extent, the claims of creditors.
The analysis of this issue is complex in relation to assets on which security interests have been established, e.g. in the form of mortgages or pledges.
- Multiple creditors
In accordance with the provisions of the Bankruptcy Law, It is not possible to declare business bankruptcy if a company has only one creditor.
Hence, in order for a bankruptcy petition to be granted at least two creditors must be indicated.
- Additional information
This was just a brief description of the conditions to be met.
If you have any questions or concerns, please contact us and we will be happy to clarify them for you.
When to think about it, Should the company be declared bankrupt?
The answer to this question is both simple and not simple – one thing is certain, it is not worth delaying – acting at the last minute will deprive you of many opportunities.
Therefore, a quick contact from your side will allow us to assess your situation and propose the best strategy of action for your company.
When the first signs of impending insolvency appear, you should carefully analyze the financial situation of the company. At an early stage, you still have the opportunity to take advantage of numerous restructuring solutions. At the moment of insolvency, the number of possible actions to take decreases.
Remember that as an entrepreneur, you are obliged to file for bankruptcy within 30 days of the occurrence of the condition. Ignorance or wilful disregard of this obligation can result in very severe consequences for those representing the company.
Members of the company's board of directors are jointly and severally liable for the company's liabilities and tax arrears.
For the above reasons, it is so important to diagnose the entrepreneur's insolvency and to effectively file a bankruptcy petition in due time.
What are the benefits
for filing for bankruptcy on time?
Avoidance of liability for company debts
Allows a board member to exclude liability for the debts of an insolvent company
Avoidance of liability for tax arrears
It enables a member of the management board of a capital company to be released from liability for the tax arrears of an insolvent company.
Avoidance of criminal liability
It allows members of the management board or liquidators to avoid criminal liability for failing to file a bankruptcy petition for a commercial company
Dismissal of the possibility of ruling on the ban on conducting business activity
The court may order a ban on conducting business for a period of 1 to 10 years, among others, in the event of failure to file a bankruptcy petition on time, therefore, if you want to continue your business within another company or if you want to act as a representative in the company, it is worth filing a bankruptcy petition at the right time
Satisfaction of creditors
It allows for the satisfaction of creditors from the assets of the insolvent entity and leads to the cancellation of other receivables.
We help entrepreneurs
Pre-Pack,
or bankruptcy under control
What does it consist of? A pre-prepared liquidation (pre-pack) is a procedure that allows the assets of an insolvent debtor to be sold quickly and in accordance with the will of the parties to an investor in a non-tendered insolvency procedure.
The greatest advantage of the prepared decommissioning for a failing company it is, That it allows the bankrupt's business to continue to operate. For an investor who wishes to acquire such a company, the greatest benefit is the enforcement effect of the sale, i.e. the acquisition of the bankrupt's property free of liabilities and encumbrances, which is not possible with a regular sale of the company, because then the the purchaser is jointly and severally liable with the transferor for its obligations in relation to the operation of the business.
A prepared liquidation may consist of court-approved terms of sale not only the entire enterprise of the debtor, but also a significant part of it or only a valuable asset within the framework of bankruptcy proceedings. Importantly, the insolvent entrepreneur who plans to benefit from the prepared liquidation has the possibility to consciously choose the buyer indicated in the application, at the price specified in the application and accepted by the court.
This structuring of the relationship between the insolvent company and the purchaser of the business or part of it also allows for other arrangements to be made for the continuation of the business. The speed of this procedure should also be emphasised – the sale should take place within 30 days from the date on which the court decision approving such sale becomes final, which is obviously beneficial for all participants in the proceedings and also translates into a reduction in its costs and, consequently, a higher degree of satisfaction of creditors.
The law sets out in detail who can apply for approval of the terms of sale in a prepared liquidation and how. If you are interested in this topic, please contact our advisor who will dispel any doubts you may have.
Only a properly prepared application for approval of the terms of sale as part of a pre-pack liquidation may be positively considered by the court.
Arrangement in bankruptcy
- the way to seek compromise with creditors
The commencement of bankruptcy proceedings means that the debtor's financial situation is not among the best. However, insolvency is not always a permanent phenomenon, sometimes entrepreneurs manage to find ways to improve the operation and profitability of the business even during the insolvency proceedings.
Then a new rescue scenario for the company becomes possible, i.e., the submission of proposals for arrangement to creditors. If they are accepted favourably by the creditors and the entrepreneur demonstrates the possibility of implementing the arrangement, the court may terminate the bankruptcy proceedings by issuing a decision approving the arrangement.
What are the benefits accepting an arrangement in bankruptcy?
For the Creditor:
- the possibility of recovering receivables to a greater extent than in bankruptcy proceedings
For the Insolvent Entrepreneur
- termination of insolvency proceedings
- restoration of the right to manage and dispose of property
- discontinuance of proceedings to declare an act ineffective against the bankruptcy estate
- the possibility of deleting entries relating to insolvency in land registers and registers
- preserving the company and stopping the liquidation of assets
We help entrepreneurs
Arrangement proposals in insolvency proceedings are not only entitled to be submitted by the bankrupt, but also by the creditor and the trustee. They are fully free to make arrangement proposals.The rule is simple: everything that is not prohibited is allowed.
Among the most relevant layout proposals are:
- deferred implementation;
- repayment in instalments;
- reduction in the amount of the claim;
- conversion of receivables into shares in a company;
- modification, substitution or revocation of a right securing a specific claim.
Whether it is your business that is in bankruptcy or whether it is your counterparty that is in bankruptcy, it is worth considering whether an arrangement will meet your expectations to a higher extent than liquidation bankruptcy.
Finding a compromise is also possible in bankruptcy - find it with our help. Let's talk, because it's worth it.
Explore stories
our customers
Capital company -production
The capital company was engaged in the business of producing bread for a popular retail chain, a change in the way bakery products are sourced by placing ovens in the discounters to bake pre-prepared frozen bakery products, resulted in an immediate drop in the company's revenue.
Thanks to the immediate reaction of the company's board of directors and the filing of a bankruptcy petition it became possible to declare the company bankrupt. Prompt action also helped to limit the accumulation of the company's debts, and the liquidation of the company's assets led to the satisfaction of creditors' claims to a higher degree.
Following the conclusion of the proceedings, the company was removed from the KRS. Shortly thereafter, one of the largest creditors, wishing to recover the remainder of its receivables that had not been satisfied in the course of the bankruptcy proceedings, filed a lawsuit for payment against the entire management of the company. However, the creditor did not win the case, as the lawsuit was dismissed on the grounds that the members of the company's management board had been freed from liability for the company's debts, as the bankruptcy petition had been filed in due time and by all members of the company's management board.
With the right legal steps, the entire board of directors of the company is safe and need not fear that the company's creditors will reach into their private assets.
How can we Help you?
Consumer bankruptcy is the type of legal proceeding provided for for consumers, i.e. people who are not in business. If you have found yourself in a difficult situation contact us – we will help you find a solution tailored to your situation.
Does the opening of bankruptcy proceedings against an entrepreneur affect the assets of the spouses?
Depending on the form of business activity
Can an employee file for employer bankruptcy?
The employee has the same rights as any other creditor, therefore, in the event that the employer is in arrears
Can a creditor file for bankruptcy of a debtor?
The basic tool for recovering your receivables from the debtor is a civil lawsuit. The procedure
Does the filing of a bankruptcy petition stop enforcement?
It leaves no doubt that individuals running a business or a company
How to deal with a company crisis?
We live in a world where constant change is something we have to deal with every day. The last few years have confirmed everyone's belief that nothing is
How to declare bankruptcy?
The declaration of economic bankruptcy is connected with the court procedure, therefore the conditions that must be met are described in detail in the law, and
How do you sell a business without debt?
There is a visible trend among entrepreneurs, both sole proprietors and majority owners.
Comprehensive insolvency advice
Bankruptcy proceedings have an impact on many areas concerning the activities of the bankrupt.
How can I get rid of my debts?
Running a business involves a lot of risk. As part of operational or financial activities, many liabilities are incurred, which in
What can be done to recover debts from a debtor?
The bottlenecks related to the lack of payments from completed transactions affect almost every company. In
How can I influence the course of insolvency proceedings?
In every bankruptcy proceeding it is necessary to take into account various – and often
I would like to reach an agreement with my creditors
Are you an entrepreneur who has financial problems? You have a shortage of funds and do not know how to continue
Mostly
questions asked
Entrepreneur bankruptcy proceedings are proceedings that should be initiated when an entrepreneur is in a state of insolvency, i.e. when he has lost the ability to settle his due monetary obligations and, in the case of companies, also when his monetary obligations exceed the value of his assets, and this state of affairs persists for a period exceeding twenty-four months. Bankruptcy aims to liquidate the entrepreneur's assets and satisfy its creditors. Importantly, in the event of financial problems, the timely filing of a bankruptcy petition may relieve the persons representing the limited liability company from liability for certain debts of the company.
You are concerned about declaring your form insolvent and are worried about what the consequences will be, contact us, we will carefully review your situation.
This is not the rule. Insolvency proceedings may lead to the deletion of a business entity from the register and the definitive end of its activity. Nevertheless, it may be the case that the efficient and proactive action of the trustee leads to the satisfaction of all creditors and allows the company to recover. Furthermore, in the case of bankruptcy by arrangement, it is possible to continue to operate the business without having to close it down.
If you are keen to preserve your business despite being declared bankrupt, our advisers will analyse your situation and suggest what action you can take.
In principle, yes. The main objective of bankruptcy is to satisfy creditors' claims to the greatest extent possible, and this is generally done by selling the debtor's assets. Either the entire business or its individual components are subject to disposal by the trustee. Depending on the form in which you run your business, this will affect whether your personal assets or even those of your spouse will also be disposed of in the bankruptcy proceedings. The chance to preserve your business is to have your creditors paid in full through your business or through an arrangement with your creditors.
Don't delay, find out if your personal assets are safe and the property actions you have recently made will be effective against the bankruptcy estate. We can verify this for you - let nothing surprise you during bankruptcy.
It is a good idea to seek the assistance of a restructuring adviser when filing an entrepreneur's bankruptcy petition, as the petition must be filed through the National Debt Register, which restructuring advisers navigate efficiently, unlike those unfamiliar with this system. In addition, the application requires a number of details that may be unclear to those who are not practitioners of bankruptcy and restructuring law.
Benefit from our knowledge and many years of experience. Thanks to the fact that we also perform the functions of receiver, interim court supervisor, administrator, forced administrator, supervisor for the execution of the arrangement, we are sensitive to all the nuances that are relevant in the pre-filing and also during bankruptcy.
In general, insolvency proceedings can be divided into 3 main stages: bankruptcy proceedings, insolvency proceedings and post-bankruptcy actions. The insolvency proceedings comprise all actions aimed at the court's decision to declare the entity bankrupt and are initiated by the filing of a bankruptcy petition. The actual bankruptcy proceedings, on the other hand, are a collection of all actions aimed at:
- determination of the list of claims,
- the determination and liquidation of the assets of the insolvent company,
- the implementation of the plan for the distribution of the funds obtained from the sale of the company's assets.
The activities to be carried out after insolvency proceedings are completed include, for example, the deletion of activities from the relevant registers, in the case of individuals, the cancellation of liabilities without establishing a plan for the repayment of creditors or the establishment of a plan for the repayment of creditors - and its subsequent implementation.
At each stage of the insolvency proceedings, we will assist you, not only with advice and clarification of any complexities, but also with the drafting of the necessary documents and representation before the insolvency authorities.
In order to avoid disappointment in the form of financial losses, it is worth checking your counterparty - whether its company is bankrupt. Information on the company's status can be checked in the Monitor Sądowy i Gospodarczy by its NIP or KRS number, and in the case of proceedings initiated from 01.12.2021, this information is presented in the National Debt Register. Information on bankruptcy or restructuring of registered companies is updated daily.
You have found out that your counterparty has declared bankruptcy, but you don't know what you can do next about it, use our help to pursue your claims in the course of bankruptcy proceedings.
The fixed court fee for filing a petition for commercial bankruptcy is PLN 1,000. In addition, the applicant shall pay an advance on expenses in the course of the proceedings for declaring bankruptcy in the amount of one times the average monthly remuneration in the enterprise sector without payments of rewards from profit in the third quarter of the previous year, announced by the President of the Central Statistical Office, and shall present proof of its payment with the application.
Find out how to pay the fees and whether these are the only costs you should expect to pay when filing for business bankruptcy, as well as the consequences of not filing them, during a free consultation with our specialist
Kim are we?
We are a law firm whose the overriding aim is to help in difficult situations crisis for companies and individuals. We have been conducting bankruptcy and restructuring proceedings for many years.
We have at your disposal licensed restructuring advisors, who in cooperation with experts in the field of communication, finance and law will guide you through the insolvency process.
Do you have questions? Do you need additional information?
Let's talk. The consultation is free of charge.
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