The Restructuring Law is a lifeline for companies that are insolvent and at risk of insolvency, allowing, among other things, protection against bailiff enforcement, protection against forced sale of assets, protection against bankruptcy, financial support from the Guaranteed Employee Benefits Fund, or the possibility to conclude an arrangement with creditors with a partial write-off of debts.
The entrepreneur has a choice of five types of restructuring proceedings, two of which with minimal court intervention.
Regardless of the type of proceedings, the payment of receivables covered by the arrangement by operation of law and arising before the date of opening of the proceedings shall take place after the creditors have voted arrangement proposals.
Condition determines
The choice of action should be adapted to the phase of the crisis., i.e. the sum of receivables, the existence of security interests in assets, necessary, radical changes in individual areas of the enterprise, or even the possibility of the debtor independently collecting votes from creditors.
– Proper preparation of the architecture of the actions taken requires the preparation of analyses and scenarios of restructuring procedures, optimal for a given company, in order to ensure its protection against aggressive debt collection and bankruptcy – explains Małgorzata Anisimowicz, qualified restructuring advisor and president of the management board of PMR Restructuring and adds that proposals for the selection of restructuring proceedings are prepared by a restructuring advisor on the basis of an economic and restructuring audit.
on 29 September 2020. We invite you to read the full version.
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