Participation in insolvency or restructuring proceedings requires commitment, knowing one's obligations and the tools available to fulfil them. One of the basic principles of law states "ignorantia iuris nocet" which means "ignorance of the law harms". Therefore, with this article we would like to start a series in which we will gradually introduce our readers to who is who in restructuring and bankruptcy proceedings. Sanitation trustee One of the types of restructuring proceedings is sanitation proceedings. Sanitation proceedings are the most extensive of all restructuring proceedings. It is characteristic of this type of proceeding: In sanction proceedings, unlike in other types of restructuring proceedings, the court appoints an administrator and not a court supervisor. It is the administrator - as the name implies - who takes over the management of the Debtor's business and ensures that the purpose of the proceedings, i.e. the conclusion of an arrangement with the creditors as well as the improvement of the company's asset situation through the tools provided by the Restructuring Law, is achieved. Since the role of the administrator as the person managing the restructured entity is temporary (for the duration of the restructuring proceedings) therefore [...] (...)
A second chance for your company In May this year, an introductory article on the PMR Restructuring S.A. website was published on the issue of proceedings for the change of arrangement. The presented topic met with your interest and revealed that not all entrepreneurs who are in the process of implementing an arrangement adopted in restructuring proceedings are aware of the existence of such a solution and the possibilities and benefits it entails. It should begin with an explanation of the consequences of a delay in the implementation of the approved arrangement, which may crystallise even in a situation where the entrepreneur has only one arrears in the payment of due arrangement instalments. In such a case, among others, the creditor and the supervisor of the agreement execution are entitled to file a motion for annulment of the agreement, the positive recognition of which causes the loss of all benefits under the agreement, including the earned redemption, and the entirety of the liabilities becomes immediately due and payable, including interest. It should be borne in mind that the approved arrangement is not, however, a definitive construction, which means that these difficulties do not [...] (...)
In the context of restructuring law, the restructuring of a company refers to a process aimed at transforming and adjusting the financial, organisational or operational structure of a company in order to improve its financial health, efficiency or chances of survival. Restructuring law, as a set of rules and procedures, aims to help the entrepreneur go through the process to avoid bankruptcy. Let us remember that the purpose of restructuring proceedings, the objective under the law, is to avoid bankruptcy of the company. Restructuring proceedings are regulations on restructuring proceedings that offer companies tools to carry out the restructuring process. These can be special procedures such as arrangement proceedings, sanitation proceedings, accelerated arrangement proceedings, proceedings for the approval of an arrangement or consumer arrangements, or bankruptcy processes opened at the request of the entrepreneur, the so-called 'controlled bankruptcy' The main and most common objective of restructuring proceedings is the conclusion and approval of an arrangement with creditors. How to reach and achieve this process is a very individual matter. In each case resulting from the objective of the entrepreneur in question and his expectations. The process [...] (...)
According to data published by the Central Economic Information Centre, 9184 people declared consumer bankruptcy in the first five months of 2024. This is the highest ever number of consumer bankruptcies in the history of the institution. What do these figures mean and what can we expect? The increasing number of consumer bankruptcies is mainly due to the difficult economic situation of many consumers who, having no other option, reach for - what may seem like - a last resort. Continuing inflation and rising prices of basic necessities mean that many people cannot afford their everyday living and therefore cannot service their debts, which are usually bank loans or credits. However, the latest figures also indicate that consumers are increasingly aware of the debt relief tools available to them, including the possibility of opening a consumer bankruptcy procedure. Thanks to the solutions offered by bankruptcy, consumers can count on debt relief to free themselves from financial problems that would otherwise [...] (...)
Negotiating with creditors in a restructuring process refers to attempts to reach an agreement between a company (the debtor) and its creditors to restructure financial liabilities and improve the financial health of the company. The process aims to find a balance between the interests of the debtor, who wants to avoid bankruptcy, and the interests of the creditors, who seek to recover as much of their receivables as possible. To achieve the objective in the restructuring process, it is important to: 1. identification of financial problems: A thorough understanding of the company's financial situation is necessary before negotiations can begin. This includes an analysis of debt, liquidity, assets and liabilities. 2. Developing a restructuring plan: A restructuring plan should be presented, which includes proposals for changes in the terms of repayment of the debt, restructuring of the debt, possible write-off of part of the debt or other measures to improve the financial situation. 3 Consultation with creditors: The company - in our case it is often the RESTRUCTURING CONSULTANT - must make contact with creditors to discuss the restructuring plan presented. This may include meetings, presentations and exchanges of information to understand and consider [...] (...)
Leasing is one of the key sources of business financing in Poland, which is steadily gaining in popularity. According to data presented in a report prepared by the Association of Polish Leasing and EY-Parthenon, the Polish leasing sector is the fastest-growing market in the European Union, having increased sixfold over the past 18 years, and its current growth rate exceeds 10% per year. In 2023, the barrier of PLN 100 billion of investments financed through leasing in a single year has been broken, which places Poland as the 5th largest market in Europe and the barrier of PLN 200 billion of the value of assets in use by leasing companies' customers. According to the cited report, as many as 62% SME companies identify leasing as a key source of financing, resulting in a noticeably higher share of leases in the structures of receivables under restructuring proceedings. The main division is between operating and finance leases based on the ownership option and the distinction of which party to the contract is entitled to depreciation on [...] (...)
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