Although entrepreneurs in Poland can already benefit from simplified restructuring proceedings, many of them are still unaware of the specific benefits they have received thanks to the introduced regulations. According to PMR Restrukturyzacje experts, the new solution makes the restructuring proceedings not only quick but also predictable, and its provisions increase the entrepreneur's influence on the restructuring process.
Compared to the classic restructuring procedure, its simplified version brings several undeniable benefits to the company.
The proceedings are of an extrajudicial nature
Simplified the proceedings are conducted almost entirely out of court, while other proceedings require his significant participation. According to the new regulations, the entrepreneur himself selects the proceedings supervisor and signs an agreement with him.
Simplified restructuring assumes at the same time that after concluding an agreement with a restructuring advisor, the entrepreneur himself publishes an announcement in the Court and Economic Monitor. The day of the announcement is the same day of opening the proceedings, without the need to wait for the court's decision, which is obligatory in other types of proceedings.
Executions are stopped immediately
As of the date of publication of the announcement in the Court and Economic Monitor, all enforcement and security proceedings are suspended by operation of law (…)
The procedure takes a very short time
Simplified restructuring proceedings last up to 4 months (…)
30 July 2020. We invite you to read the full version:» Simplified restructuring – what specific benefits does it provide to entrepreneurs?
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