New Restructuring Law - one cannot rest on one's laurels now

Expert comment:
"The New Opportunity Policy and the closely related Restructuring Law - these are two big steps towards changing the philosophy of the approach to insolvency. A change from a culture of liquidation to a culture of restructuring. Two big, but nevertheless only first steps. We still have a lot of work ahead of us to change the mentality of entrepreneurs so that they use tools from the wide range of new restructuring procedures much more frequently and at the earliest possible stages of the crisis.

To also change the approach of judges, so that they approach restructuring cases with more sensitivity and less formalism as matters of 'living economy', for which sometimes two days are the be-or-not of business - and not as cases aimed at the inevitable, yet ungenerous dispensation of justice, where a ruling in a month is even the 'blink of an eye'.

The perception of receivers also needs to change from the hitherto 'liquidator' - to a genuinely effective 'restructuring advisor'. These activities will therefore still require a great deal of work and financial resources for training, for the necessary social campaign, but also for research into the issue of the restructuring and bankruptcyfor the creation of good practice and professional standards.

Therefore, while congratulating everyone on the great success of the new restructuring law, I would also like to appeal to the Ministries - the Ministry of Justice and the Ministry of Economy, but also the Treasury or Finance - not to "rest on their laurels" and to continue their efforts aimed at effective implementation of restructuring procedures, financial and fiscal incentives, stimulating faster and more effective restructuring of Polish enterprises.

The material appeared on the website:

12 June 2015:
" Adoption of the Restructuring Law and extensive changes to the Bankruptcy Law