Rapid repair an opportunity for companies

Companies that are quick to introduce recovery plans dramatically increase their chances of surviving the coming recession.
In the face of a prolonged pandemic, more and more companies are facing the spectre of bankruptcy, and more industries are joining the messages about the dramatic situation. In order not to become insolvent, thousands of Polish companies will have to resort to remedial tools such as restructuring operating under the restructuring law.

The restructuring law provides for a number of solutions that companies can use to protect liquidity and safeguard key assets in the face of distress. The opening of a restructuring proposal allows, among other things, for the freezing of liabilities or their significant write-off by approving an arrangement with creditors, protecting key contracts and withdrawing from contracts toxic to the company. It also opens up the possibility of stopping enforcement, protects against aggressive debt collection or protects directors from personal liability.

– List of important facilities necessary to protect the company it provides companies restructuring, is much longer. Ultimately, each of them is to lead to what is most important for business - protecting jobs and removing the spectrum company bankruptcy – explains Małgorzata Anisimowicz, President of the Management Board of PMR Restrukturyzacje SA.

However, a successful restructuring procedure is one that has been implemented in a timely manner.

– The role of advisors is to develop and implement solutions tailored to the company's needs that will support the process saving the company and create conditions enabling a return to stabilization.
The prepared action plan will allow for support and implementation of ready-made solutions in the enterprise in order to stabilize the company's situation on the market, in order to reach an agreement with creditors, which in turn will allow it not only to survive the crisis, but also to open up again, with a broad perspective for subsequent periods - explains Małgorzata Anisimowicz.

However, judges are meeting the needs of business and, as far as possible, reducing the wait for a decision to a minimum.
All restructuring cases are ranked among the most urgent ones and decisions are issued as quickly as possible. As a result, entrepreneurs instantly gain practical tools to protect their interests and often their life's work,' says Małgorzata Anisimowicz.

The article appeared in the daily newspaper Rzeczpospolita:28 April 2020. We invite you to read the full version:" Rapid repair an opportunity for companies

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