Restructuring architecture must be tailor-made

How do restructuring proceedings proceed?
- The procedure itself is set out in the Restructuring Act and depends on the type of proceedings, and the type itself should depend on the degree of crisis in the company and the detailed action architecture defined by the restructuring advisor.
Here, special attention should be paid to the simplified restructuring procedure, which is currently the 'most popular' among indebted companies. In order to speed up all procedures, the simplified procedure takes place almost entirely out of court. In addition, the entrepreneur independently selects a restructuring advisor and signs a contract with him/her to supervise the proceedings. Once the agreement is concluded, the entrepreneur himself publishes a relevant notice in the Monitor Sądowy i Gospodarczy and the day of its publication automatically becomes the day the proceedings are opened, without waiting for the court's decision. From that moment, the four-month period for concluding an arrangement with creditors also begins to run. The new formula genuinely protects the company's assets, as enforcement proceedings initiated earlier are suspended immediately after the opening of proceedings. Contracts of key importance to the company are also protected, e.g. the termination of lease or tenancy agreements, leases, property insurance, bank account agreements or surety agreements is not permitted without the agreement of the arrangement supervisor.

Wywiad z Małgorzatą Anisimowicz, prezesem zarządu PMR Restrukturyzacje i kwalifikowanym doradcą restrukturyzacyjnym w Gazecie Finansowej.

This article appeared in Gazeta Finansowa in paper form, 24 September 2021. Read the full version here:Financial Gazette, Paper edition: 39/2021