Introduced at the beginning of 2016, solutions for companies in trouble are gaining in popularity, but still the majority of those concerned seek help too late.
Nothing to look forward to
However, experts point out that there are still too many entrepreneurs decides too late to start the process of getting the company out of the company from trouble. They do it when there are already problems with insolvency, which rather oblige to filing for bankruptcy than to carry out remedial proceedings.
This is the result of the still low awareness of the benefits of restructuring and when is the best time to carry it out.
– Although it is clear that the number of conscious entrepreneurs is growing every year. Such entrepreneurs are constantly analyzing financial statements, upcoming legal changes or market conditions. They notice threats and make sure that they do not have a catastrophic impact on their business. They decide to implement solutions that will minimize negative consequences in a situation where unfavorable predictions are confirmed – explains Małgorzata Anisimowicz, president of the board PMR Restructuring.
According to her, as recently as 2016, there were hardly any such companies. Today, they account for approx. 30 per cent.
– The ideal situation would be if the proportions were reversed – i.e. if the percentage of conscious entrepreneurs was 70%. restructuring could more often end in success, which would help to avert a crisis situation, and not only prolong the company's agony, the expert emphasises.
As he explains, restructuring undertaken at an early stage of trouble provides a wide spectrum of activities, from activating financing, through contract negotiations, to modifying the business model.
Małgorzata Anisimowicz believes that too many owners and managers see the occurrence of problems in their company as a temporary situation that can be dealt with on their own, without the help of a specialist, because, after all, no one knows their business as well as they do.
– Our entrepreneurs they still tend to be closed to help from the outside, show aversion to change. In the absence of economic conditions, they prefer to wait for its return than to adapt to new market conditions - he explains. And adds that they are afraid to use the help of an external specialist, because in their opinion it means losing power - And that is not true. Unless it comes to sanitation proceedings. Then the court can take away the debtor's own management and entrust it to a designated person. However, there is no such risk at the early stage of restructuring - assures Małgorzata Anisimowicz.
He urges us to believe in the existence of tools to help solve problems.
Trustworthy partner
There is no chance of restructuring without an adequate capital base. Unfortunately, financial institutions are not interested in providing support because From the moment the proceedings are initiated, the company is considered to be in restructuring, which means an increased risk of cooperation for the bank. Despite the fact that the Restructuring Law states that in the event of a failure of the restructuring proceedings, i.e. company bankruptcy, the entity that provided it with financing to get out of trouble acquires priority in satisfying the receivables. That is why the choice of the consulting company that is commissioned to carry out the restructuring is so important. - The advisor not only indicates the possibilities of financing the process, but should also get involved in obtaining money for this purpose. There are, for example, various types of funds on the market, but restructuring It is also possible through ownership changes, i.e. mergers of companies or resale of shares – lists Małgorzata Anisimowicz.
He points out that, for example, looking for an investor on one's own by an entity that has no experience in this area is a misunderstanding. There is no guarantee of success and the lengthy process throws the company into even more financial difficulties, often leading to bankruptcy.
- Entrepreneurs should remember that there are statutory prerequisites for filing a bankruptcy petition. If they are not met, the company's management exposes itself to criminal liability for undertaking liabilities or actions to the company's detriment, warns Małgorzata Anisimowicz. - Stuck in the boat with the idea that it will be fine may cause all deadlines to pass, she adds.
What else should be taken into account when choosing a restructuring adviser. It is certainly worth looking at the list on the website of the Ministry of Justice. All authorised advisers are included, that is, both practising and non-practising advisers. Another thing to do is to verify experience. This can be done by checking how many proceedings and what kind of proceedings the adviser has conducted, with what result, what resources he has at his disposal. - Acting alone is not enough. He or she should have specialists in law, economics, the art of negotiation or analysts, as well as experience in cooperating with financial institutions,' points out Małgorzata Anisimowicz.
on 24 September 2019
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