More than two years have passed since the introduction of key changes to restructuring and bankruptcy law in Poland. Has the mentality of Polish businessmen changed significantly during this time? Are we more effective in saving Polish companies from bankruptcy? creditors are still the first to benefit from aggressive debt collection, or is dialogue with the debtor an increasingly common alternative? Analysis by restructuring advisors PMR Restrukturyzacje SA.
According to the data from the Central Economic Information Centre, the number of bankrupt companies is decreasing year by year, while the number of those undergoing restructuring is increasing. Thus, in 2014, 888 companies went bankrupt, in 2015 750, in 2016 606, and in 2017 only 591. Restructuring proceedings, which have been in operation for only two years, were 212 in 2016 and 348 in 2017, respectively. These numbers show actual changes in the functioning of companies. As restructuring advisors explain, real changes are behind the numbers mentality of business partners, institutions and market regulators, as well as the increasingly widespread use of recently available company rescue tools.
Creditor behaviour - the Polish plague
Aggressive debt collection activities are still the primary method of debt recovery in Polish conditions. Unfortunately, it is very often these actions that lead to the bankruptcy of companies. How does this happen?
– says Małgorzata Anisimowicz, president of PMR Restrukturyzacje SA and an experienced restructuring advisor.
There are cases when, for example, one of the machines from the technological line is sold through bailiff's execution, which does not represent a significant value on its own, and its sale allows only partial satisfaction of one creditor. Such debt collection entails the inability to repay the remaining creditors.
27 March 2018:
" How to convince creditors to wait, or even help the debtor
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