The recent example of Atlantic proved that, once again, the Polish culture of liquidation has won out over Western restructuring practice. However, as European experience confirms, restructuring proceedings are much more effective than bankruptcy. This makes it all the more surprising that Polish entrepreneurs are unaware of the methods and procedures of judicial restructuring. Early initiation of the procedure makes it possible to obtain court approval and an agreement with creditors, and this enables companies to continue their operations, preserve their value, maintain jobs and satisfy creditors. However, the arrangement method of resolving company crises is, for unknown reasons, particularly badly perceived by employees and officials, who seek liquidation bankruptcy at all costs (seeing in it de facto erroneously greater benefits than with an arrangement). Therefore, the most common nail in the coffin of many companies is the late filing of an arrangement application and the lack of practical knowledge of restructuring law and its possibilities. People are even frightened off by restructuring and composition, whereas they offer the best chance of reconciling the interests of the various parties to the proceedings [...] (...).
The receiver is a special type of manager who 'puts in order' the economic and financial area of the bankrupt debtor with a view to the optimum satisfaction of creditors. As a body acting to maximise the satisfaction of creditors, he or she seeks to support the debtor's enterprise as far as economic factors allow. The creditors and the bankrupt are therefore beneficiaries of the trustee's services, but this is not the same as the implementation of their will. Thus, it cannot be said that the trustee performs actions in the particular interest of a specific entity. He is a representative of many groups of interests, including the court, the debtor, the creditors, state institutions, i.e. ZUS or the tax office. His main goal is to minimise the consequences of the bankruptcy of companies, including the protection of jobs. Thus, it also has an impact on the condition of markets and the national economy. The problem of determining the overriding interest of receivers' activities may be solved by the New Restructuring Law, which will be in force from 1 January 2016. According to the new law, the tasks of receivers, or more precisely restructuring advisors, have been expanded to include, among other things, assistance in obtaining financing, determining the direction of strategic changes, restructuring [...] (...)
Greece's financial problems in microeconomic terms can be related to the everyday life of companies in Poland and the world. Every country, like a large enterprise, has revenues and costs and obligations to employees or citizens in the form of social benefits. Companies and countries operate in specific macro- and microeconomic conditions that strongly influence the condition of markets and their individual participants. Moreover, both commercial organisations and countries pursue specific goals, are led by their leaders and different interest groups operate within. Comparing Greece to a corporation broadens the horizons of thinking about governance and recovery. It is a classic case study and a good lesson for entrepreneurs. Support in crisis To successfully bring a debtor out of crisis, whether it is a country, a city or a family business, three elements are needed - a legal formula, a restructuring concept and a financing plan. The legal formula is set out in Greece's agreement with the EU. The concept of change is dictated by the conditions dictated by Euroland, and the financing in [...] (...)
Year after year, dozens of companies in Poland get into financial trouble. Loss of financial liquidity is the most common cause of bankruptcy - hundreds of companies throughout the country find themselves in this situation every year. However, the problem is only noticed when the company reaches the state of insolvency, when the company's account is empty, while employees and contractors demand payment of outstanding receivables. Until now, the scenario has ended with a bankruptcy petition and a licensed receiver taking over the bankruptcy estate. From January 2016, with the entry into force of the new Restructuring Law, this will change. Does this also mean the end of demand for the services of receivers? Lack of liquidity does not mean bankruptcy Often the case is not as much of a lost cause as it seems. A properly conducted restructuring process of a company, is able to save the enterprise. Unfortunately, few entrepreneurs in crisis are able to discuss their problems with creditors, formulating solutions that are attractive to them. What comes to the rescue in such a situation is not a trustee, but a restructuring advisor, whose [...] (...)
As to the very causes of the financial collapse in Greece, the genesis and the circumstances that led to the stalemate in talks between Greece and its creditors, many renowned commentators on politics, economics and finance have already spoken out. Many truisms, advice and warnings have been given. The key question, however, seems to be the extent of the Greek government's awareness and willingness to take responsibility for the livelihood of all Greeks. Negotiations have now reached the point where decisions must be taken. It is uncertain whether, should the creditors give up some of their expectations, Greece will take advantage of the 'ajar door' or continue to stand firm on its position. And what is this position really? Greece's expectations seem to be - prolong your demands for the repayment of sums owed to you, give us further loans and we will consider whether and how we can take action to repair the sphere of our public finances. Why is Greece taking such a hard line when [...] (...)
At the beginning of the month, the specialist law firm PMR Restrukturyzacje SA began operations. It was founded by two receivers, recognised specialists in the field of company restructuring - Maciej Roch Pietrzak and Małgorzata Anisimowicz, who merged their law firms. The aim of the company is to create a modern consulting formula, supporting the entrepreneur in the process of repairing and improving the company. PMR Restrukturyzacje will provide highly specialised advisory services in the field of planning and implementation of restructuring processes, arrangement proceedings and corporate recovery. In addition, the company will support clients in insolvency prevention, liquidity protection, crisis management, as well as enhancing the efficiency of companies and raising finance for restructuring or investment in distressed assets projects. The establishment of a specialised firm of advisors is a response to changes in restructuring law, and addresses the needs of companies in financial distress. "The idea behind the law firm is to combine theoretical knowledge (law and economics) and many years of practical experience in restructuring and management. A well-conducted resolution process is [...] (...)
Expert comment: "The New Opportunity Policy and the closely related Restructuring Law - these are two big steps towards changing the philosophy of the approach to insolvency. A change from a culture of liquidation to a culture of restructuring. Two big, but nevertheless only first steps. We still have a lot of work ahead of us to change the mentality of entrepreneurs so that they use tools from the wide range of new restructuring procedures much more often and at the earliest possible stages of a crisis. To also change the approach of judges, so that they approach restructuring cases with more sensitivity and less formalism as matters of a 'living economy', for which sometimes two days are the to be or not to be of business - and not as matters aimed at the inevitable, yet ungenerous dispensation of justice, where a ruling in a month is even the 'blink of an eye'. The perception of receivers also needs to change from the hitherto "liquidator" - to a genuinely effective "restructuring advisor". These actions will therefore still require a great deal of work and financial resources for training, for the necessary public campaign, [...] (...)
Małgorzata Anisimowicz, a syndic recognised in the community, decided to break with the previous convention of working in her own law firm and follow a completely new path. This is how the idea of creating PMR Restrukturyzacje S.A. was born. Supervisor, Administrator, Mediator, licensed receiver, simultaneously conducting many bankruptcy proceedings. Prodean of the National Chamber of Syndics and President of the Regional Chamber of Syndics in Wrocław. Małgorzata Anisimowicz, who has been restructuring bankrupt companies in Lower Silesia for more than 14 years. "I prefer the term restructuring advisor. My aim is to streamline business and help in difficult moments when the entrepreneur loses control of the business and the lawyers and the CFO have no idea or competence to make radical changes to the company's organisation. Not only do I conduct insolvency processes for companies in order to satisfy creditors as much as possible, but where possible I renew and restructure the company's operations so that it regains financial stability and can continue to compete in the market." - Małgorzata Anisimowicz sums up her work. Currently a recognised trustee, she has decided to break with the convention of working in [...] (...)
Revolutionary legislation is a challenge for all. The emergence of the New Restructuring Law and profound changes to the Bankruptcy Law testify to the long-standing need to implement changes for entrepreneurs, both insolvent and those merely at risk of insolvency. The regulations coming into force on 1 January 2016 are groundbreaking and, for Polish legal conditions, even revolutionary. However, the success of the new regulations depends primarily on the participants in the restructuring processes. These include the main beneficiaries of the Act (debtors and creditors), courts and state institutions, banks and investment funds, as well as those themselves handling the change processes - receivers and, soon, restructuring advisors. Only the mobilisation and involvement of all participants can bring the desired effects of the groundbreaking changes. The new law will change everything So far, entrepreneurs who have lost liquidity have had a choice between bankruptcy with the possibility to make an arrangement or complete liquidation of the company. Given the regulations on bankruptcy by arrangement, liquidation unfortunately led the way. In most cases, entrepreneurs were not familiar with the arrangement procedure, did not [...] (...)
Under the New Restructuring Law, entrepreneurs who are even at risk of insolvency will be able to take advantage of tools to protect them from aggressive debt collection and further loss of liquidity. How companies can be helped in practice is explained by restructuring advisor Maciej Roch Pietrzak. The Restructuring Law introduces new regulations on how to exit from debt. How to choose the optimal solution? The new law simplifies restructuring procedures and introduces effective tools hitherto completely unknown. Therefore, the key to effective action will be the selection of the optimal resolution procedure, adequate to the problems faced, and the proper design of the arrangement architecture. In the difficult choice of procedures and implementation of restructuring, entrepreneurs will be supported by licensed restructuring advisors. They will indicate optimal arrangement proposals, assist in negotiations with creditors and in obtaining financing. One of the restructuring proceedings provided for in the new law is the procedure for approval of an arrangement by independent collection of votes. In which case will this solution be the most favourable? The procedure for approval of an arrangement is a safe and minimally invasive restructuring tool. It provides an excellent [...] (...)
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