The new restructuring law, in force since 1 January 2016, has given priority to recovery actions over company liquidation. The new legislation not only helps save companies from bankruptcy, stops bailiff executions and the termination of previously concluded contracts by banks, but also provides debtors with protection against the sale of assets for nothing and protects jobs.
Under the new law, restructured companies can also apply for public aid, e.g. in the form of spreading debts to the State Treasury (such as overdue ZUS contributions or taxes due to the Tax Office) into instalments. However, according to the provisions of the Treaty on the Functioning of the European Union, until now, state aid could only be granted to entrepreneurs in exceptional situations - and only after obtaining approval from the European Commission under the so-called notification procedure. Unfortunately, notification is a long process, taking on average up to 15 months.
The loan is already in advance restructuring
This is why Ministry of Development and the Ministry of Justice have prepared an amendment to the restructuring law, according to which an entrepreneur can receive financial assistance even before the initiation of restructuring proceedings. This is to enable him to develop a restructuring plan or conduct business activity until the plan is implemented.
Who gets the financial assistance?
Entrepreneurs who are not yet undergoing restructuring proceedings, but have just filed an application to open such proceedings, will be able to apply for rescue aid (temporary pre-restructuring support) in the form of a loan. The loan is to help them regain financial liquidity. the company and give time to develop a plan to repair it.
In turn, help for restructuring is intended to implement a restructuring plan that is to restore the company to good condition. Such support may also be provided in the form of a loan, but also as a subsidy, acquisition of shares, bonds or stocks. Entrepreneurs already covered by one of the court restructuring proceedings will be able to apply for such assistance. Thus, facilitating access to restructuring financing will greatly facilitate the very process of restructuring. restructuring of enterprises and protecting them from bankruptcy and liquidation.
26 May 2017:
" There will be financial assistance for companies in restructuring - amendment to the law
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