Only 7 per cent of entrepreneurs in Poland know that the syndicator as a profession no longer exists since the beginning of the year. This is according to a nationwide survey conducted by OBOAK.
In Poland, until the end of 2015, the provisions of the Bankruptcy and Restructuring Law were in force, which provided modest possibilities both for survival of companies struggling with financial liquidity, as well as their creditors to recover their debts.
As statistics show, almost 85 per cent of the bankruptcy processes conducted ended with the liquidation of the indebted company. The profession of a trustee was associated with bankruptcy or bailiff proceedings.
- The biggest difference between Trusteeie, and the restructuring advisor is the core scope of their activity – comments Maciej Roch Pietrzak, President of PMR Restrukturyzacje SA – The trustee was appointed by the court to satisfy the claims from the assets of the company in relation to which liquidation bankruptcy was declared. His task was to properly and as quickly as possible conduct bankruptcy proceedings company, liquidation of its assets and repayment of liabilities – explains Pietrzak – The basic task of the advisor is an efficient analysis of the situation of a given company, including, above all, the assessment of the chances of protecting the enterprise from liquidation and effective restructuring.
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