The initiation of restructuring proceedings serves to protect the integrity of the company, its value and brand, and saves key resources. It is also worth opting for because it leads to an agreement with creditors, improves liquidity, optimises debt and facilitates obtaining financing for the company. A turnaround can be limited to selected areas of the company or it can mean a strategic overhaul of the company, in financial, product-market and organisational terms.
– However, it must be remembered that the key criterion for the success of the undertaken restructuring, in addition to building the right repair architecture, is the time on which the range of repair procedures that stop the crisis depends. Restructuring undertaken in early phase of the crisis provides a wide range of responses, from launching financing, through contract negotiations, to modifying the business model – says Małgorzata Anisimowicz, President of the Management Board of PMR Restrukturyzacje.
Wrongly for some part entrepreneurs restructuring is associated with the loss of management functions. There is no such threat when it is undertaken in conditions specified by the proposed solutions of the restructuring law.
– Restructuring actually protects the management board against personal liability. The limitation of management functions occurs only in the case of restructuring proceedings concerning companies in the most difficult crisis situations, in which management is entrusted to a person appointed by the court who cooperates with the entrepreneur – emphasizes Małgorzata Anisimowicz.
Who can benefit from restructuring? Everyone. As experts emphasize, the procedure is available to all types of businesses, both individuals running business activity and for companies, regardless of size and industry.
– It is a useful tool for every entrepreneur, both those at risk of insolvency and those who are already insolvent. Early identification of future problems with the liquidity of the company allows for more effective use of the restructuring tools provided for in the act – says attorney Marek Kochański from the law firm FKK Fluder Klocek Kochański Adwokaci i Radcowie Prawni SKA
– Proper preparation of the architecture of the actions taken requires the preparation of analyses and scenarios of restructuring procedures in order to fully secure the enterprise, introduce recovery programs, obtain financing and conclude an arrangement with creditors. Due to the complexity of the issues and the degree of diversity of solutions, these are not regulations for independent application. A restructuring advisor is available to help, providing interdisciplinary support throughout the restructuring process, including a team of experts in fields relevant to the process, such as law, economics, finance, management and marketing – lists Małgorzata Anisimowicz.
But what happens when creditors will submit applications about opening bankruptcy proceedings in the event that the entrepreneur has initiated restructuring activities? This question is answered by one of the fundamental principles of the Act – Restructuring First.
17 March 2020. We invite you to read the full version:" Make an arrangement with creditors on favourable terms
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