Company restructuring plan in 30 days - is it possible?

According to the new restructuring law, any entrepreneur whose company is in difficulty can apply to the commercial court for protection from bailiffs, court executions and other actions of creditors, such as the blocking of money by banks, in order to restore the normal operation of the company and heal it. However, this is conditional on demonstrating the soundness of the company's restructuring through a plan, which must be submitted within... 30 days.

Is it possible, practical and responsible - we ask experienced advisors at PMR Restructuring SA.

– Tak naprawdę warunków jest nieco więcej – mówi Sławomir Anisimowicz, dyrektor zarządzający PMR Restructuring SA. – Firma musi rokować, jej działalność musi mieć sens i przyszłość ekonomiczną, tak aby mogła spłacać należności wszystkich wierzycieli, a także posiadać zdolność do regulowania bieżących kosztów funkcjonowania z aktualnych przychodów po dacie otwarcia postępowania.Dopiero w takiej sytuacji przedsiębiorca powinien złożyć wniosek o sanację do wydziału gospodarczego właściwego sądu rejonowego. Jeśli jego wniosek wraz z uzasadnieniami, wstępnym przedstawieniem sytuacji, wierzytelności etc. zostanie pozytywnie rozpoznany i sąd uwzględni wniosek restrukturyzacyjny, wyznaczając nadzorcę sądowego lub zarządcę, rozpoczyna się wyścig z czasem. W ciągu 30 dni nadzorca lub zarządca musi dostarczyć gotowy, szczegółowy plan restrukturyzacyjny. Muszą w nim znaleźć się zarówno opis przedsiębiorstwa, w tym sytuacji finansowej firmy, jak i analiza przyczyn zaistnienia potrzeby jej restrukturyzacji.

Key elements of the restructuring plan also include a description and timetable for the implementation of restructuring measures, a description of financing sources or information on production capacity. The restructuring plan is therefore a kind of compendium about the company and a plan of actions that will give the company a chance to function and repay its creditors. The repayment can be and usually is spread over time and is dependent on the successful implementation of the restructuring plan and the continued efficient management of the company.

A period of 30 days is indeed very little, but when a company is in crisis, time is priceless and it is necessary to act very efficiently. In addition, the legislator was keen that this special legal protection should not be abused as a way of delaying payment to creditors indefinitely.

What does this mean for the court-appointed administrator? Is one person able to prepare such a plan in such a short time?

This is the moment to sift the wheat from the chaff. The moment of truth as to whether the manager in question has the right human team with the right competence, experience and capacity to obtain the relevant data, analyse the situation and propose a solution. This is not a task for one person or for a small law firm. The size of the team is also not the only key to success. Depending on the type of crisis, very different competences and experience are needed.

The genesis of the problems is not always financial, sometimes it is a fight over shares in the company, sometimes the company is blocked by unjust claims from the tax authorities, sometimes by trade unions and employee problems. Whatever the root of the crisis, these 30 days have to be enough for everything.

The material appeared on biznestuba.pl:

6 October 2017:
" Company restructuring plan in 30 days - is it possible?