Introduced with Shield 4.0 (i.e. the Act on interest subsidies for bank loans granted to entrepreneurs affected by COVID-19 and on simplified proceedings for the approval of an arrangement in connection with the occurrence of COVID-19 - Journal of Laws 2020, item 1086), the new version of the resolution procedure has many undeniable advantages, such as its speed and out-of-court nature. However, there may be even more benefits for companies if certain provisions are improved.
From a simplified version company restructuring proceedings can use from June 24. However, entrepreneurs often do not know what specific facilities they have received thanks to the introduction of new legal regulations. Those who have found themselves in a difficult financial situation are afraid that the restructuring process must be associated with tedious wandering through the courts and very long proceedings. Meanwhile, the new version restructuring meets their needs and solves most of the basic problems. Simplified restructuring not only is it much faster, but it also limits the court's involvement to the necessary minimum. The entire procedure takes place almost entirely outside the court, which only has a supervisory function. In simplified restructuring the method of selecting the arrangement supervisor is also changing, as he is chosen independently by the entrepreneur, and not by the court as in other types of proceedings.
The greater autonomy of companies is also evidenced by the process of posting a notice in the Court and Economic Monitor, which the entrepreneur makes on his or her own. This action amounts to the opening of proceedings for the approval of the arrangement and automatically - by law - leads to the suspension of all enforcement.
19 August 2020. We invite you to read the full version:" Simplified restructuring - what works well and what could work better
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