The dairy industry is unique – bankruptcies happen every few years. It is worth examining how it looks in the context of the entire food sector. As Coface states in its 2018 report on bankruptcy and restructuring of companies in Poland, more and more companies at risk of bankruptcy are trying to get back on track. As we read in the report, even though the total number of companies is growing bankruptcy and restructuring – an increase of 10 percent in 2018 compared to the previous year, the number of restructurings also increases significantly compared to previous years.
Since the introduction of the new restructuring law in 2016, the number bankruptcy The number of companies is still below the level before the changes in the law were introduced – in 2014 it was 701, in 2015 – 650, and in 2018 – 558.
He points out that the market restructuring is a niche that requires specific knowledge, and in particular specific competencies that are only available in teams. Some law firms are expanding their scope of activity by company restructuring, but legal knowledge is not enough according to experts. In order to effectively carry out repair of the company, negotiators, financiers, accountants, lawyers and people experienced in managing companies are needed.
There is still a lack of specialized law firms on the market that would manage the entire process from start to finish. Bankrupt companies usually go to lawyers who propose using the protection provided by the new act. In this way, they prolong the process company bankruptcy, but they are unable to effectively repair it, i.e. conduct appropriate audits, negotiate with creditors, obtain financing needed to maintain the company's liquidity and manage the changes that need to be introduced to improve the situation. As specialists in saving companies unanimously confirm: the most important moment is when the entrepreneur comes for help.
19 February 2019:
" Milk Wednesday: Dairy bankruptcies (analysis)
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