In the first half of 2017, the number of Polish companies filing for bankruptcy or restructuring increased by as much as 18 per cent. The largest increase was recorded in restructuring proceedings, which allow the company to be repaired. According to experts, this trend will grow in the following years.
According to a report published by Coface, in the first half of this year as many as 387 companies have initiated bankruptcy or restructuring proceedings. This is 18 percent more than in the first half of 2016. According to former Prime Minister Kazimierz Marcinkiewicz, the increase in the number of bankruptcy proceedings and restructuring results from the deterioration of legal and financial conditions in the business environment.
The largest number of bankruptcies for the purpose of liquidation of assets was declared - 238, but the number of companies that opted for this solution is lower than last year (249 companies). This is due to the amendment of the restructuring law, which came into force on 1 January 2016 and placed resolution proceedings (making an arrangement with creditors or carrying out sanitation measures) before the company bankruptcy.
It is therefore not surprising that the number of companies opting for a turnaround is increasing - 149 restructuring proceedings have already been announced this year, compared to only 57 in the same period of 2016.
According to the expert, success restructuring depends largely on the stage at which the company requiring repair is:
Former Prime Minister Kazimierz Marcinkiewicz points out that the report, indicating significant changes in bankruptcies and company restructuring in the first half of this year, does not explain their causes.
1 August 2017:
" More and more companies are opting for resolution procedures
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