According to the latest data from the National Debt Register of the Economic Information Bureau, more than half of small and medium-sized companies complain that their customers fail to pay for products or services on time. In turn, Coface indicates that the number of insolvencies of Polish companies increased in the third quarter of 2020. What should you do if you reach insolvency due to counterparty problems? How to deal with your own liabilities and recover from the crisis?
The pandemic has once again drawn our attention to the fact that the economy is a network of interconnected vessels. The consequences of the lockdown and the economic slowdown can affect every company in an unexpected way. Quick, but at the same time well-thought-out actions will minimize any problems with debt repayment. If a point is reached where the risk becomes a real threat, loss of liquidity financial situation, simplified restructuring comes to the rescue and can actually protect us from having to declare bankruptcy, says Małgorzata Anisimowicz, qualified restructuring advisor and president of PMR Restrukturyzacje.
The opening of restructuring proceedings allows, among other things, for the freezing of liabilities or their substantial write-off by means of an arrangement with creditors, suspension of enforcement, protection against aggressive debt collection, protection of key resources and also protection of key contracts.
13 October 2020. We invite you to read the full version:" Fight for survival - simplified restructuring a lifesaver in the face of insolvency
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