The new Insolvency and Restructuring Law, in operation since 1 January 2016, has given a real possibility to defend against bankruptcy filings by unfair competition or as blackmail. This is a significant change that allows honest companies to defend themselves more effectively against the informational consequences of such a request and the loss of their good image.
The entry into force of the new Bankruptcy and Restructuring Law at the beginning of this year regulates not only the issues of actual bankruptcies and restructuring companies, but also bankruptcy applications that are baselessly filed by dishonest creditors in order to harm the company.
A typical example would be a situation where a service provider does not properly fulfill its contract, but demands payment from the client for the service. Companies enter into a dispute, which is resolved either through amicable talks or through legal proceedings. However, it sometimes happens that an impatient service provider, in order to force its client to pay the debt and end the dispute, files a motion to the court for bankruptcy of the company informing customers, sometimes through the media, sometimes even through direct contact with the company's customers and contractors, that the company is bankrupt.
Such actions often result in serious damage to the company's image. Information about filing for bankruptcy and for many contractors who are not familiar with this type of practice and the details of the bankruptcy process, only two words matter – the name of the company and bankruptcy.
- explains Malgorzata Anisimowicz.
19 October 2016:
" Companies need not fear fraudulent bankruptcy filings - PMR Restructuring analysis
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