The effects of the pandemic are already being felt very strongly by micro and small enterprises employing several to a dozen people, but also those employing up to several dozen employees. However, in a perspective of several months, the size of the company will gradually lose its significance, believes Małgorzata Anisimowicz, President of the Management Board of PMR Restructuring.
- In order to avoid worst-case scenarios, entrepreneurs operating in endangered sectors should start as soon as possible to develop a catalogue of rescue tools they can use to maintain liquidity in such a difficult period, suggests Małgorzata Anisimowicz.
In the case of companies that may lose their financial liquidity in the coming months, the rescue solution is restructuring. It allows you to use both the range of aid instruments introduced by the government and stops all enforcement. It also protects against aggressive debt collection, stops the payment of receivables and allows make an arrangement with creditors, regarding the repayment of liabilities – even with the possibility of their significant write-off in a situation where the only alternative is bankruptcy. It also allows to protect key contracts and protects the management from personal liability
- Let us remember that it is the duty of the board filing a bankruptcy petition enterprise, no later than within 30 days from the date on which the basis for declaring bankruptcy occurred, i.e. from the moment the state of insolvency arose.
From the point of view of protecting your own company, it is natural to take precedence restructuring over bankruptcy, and this is also how the courts see it. However, it is worth bearing in mind that the possibility of applying legal provisions securing and protecting the company is decided by time.
23 March 2020. We invite you to read the full version:" The effects of the coronavirus will not only be felt by small businesses
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