Restructuring is a process of change in a company that may involve one or more spheres of its activity, such as organisational, financial or operational conducted in order to improve its functioning, increase its efficiency and adapt to changing market conditions.
Since 2016, the restructuring process has been structured through the Restructuring Law, which implemented into Polish law four types of restructuring proceedings directed at companies at risk of insolvency or insolvent companies, the aim of which is to avoid the declaration of bankruptcy of the debtor by enabling them to restructure through an arrangement with their creditors, and to carry out corrective measures, while safeguarding the legitimate rights of creditors.
Restructuring can be carried out under:
- proceedings to approve the arrangement,
- accelerated proceedings systemic,
- arrangement proceedings,
- sanitation proceedings.
The choice of procedure depends on on the existing receivables structure and their desired scope restructuring, the size of the company, as well as the complexity of the necessary corrective actions and the time required to implement them. Some proceedings may only include financial restructuring, while others may also involve operational changes such as optimising the management structure or reducing staff.
Restructuring of operations under the procedures introduced by the Act allows you to take over the company pre-enforcement protection, securing key contracts, suspension of payment of liabilities, or support of a qualified restructuring advisor, which makes the entire process more effective and safer both from the point of view of the restructured entrepreneur and the protection of the interests of creditors.
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