The post-pandemic anxiety on the European markets was largely due to the anticipated wave of bankruptcies. High interest rates, surging energy prices and out-of-control inflation took their toll on many European businesses. Although the doomsday scenario did not come to pass, we have been seeing increasingly more restructurings and insolvencies. The Polish market is no … Continue Reading
The statistics are clear that the number of restructuring proceedings in Poland is on rise. Among all types of restructuring proceedings available in Poland, the procedure which is of most interest is the approval of an arrangement, primarily because it is the least formal and it offers special protection against enforcement. However, with the increase … Continue Reading
Amid the current market uncertainties, distressed asset sales are likely to rise. International investors are looking for efficient solutions, preferably ones that reflect solutions in their home jurisdictions. One popular mechanism is the use of pre-pack sales. A pre-pack sale manages the adverse impact of insolvency proceedings on the distressed company’s business, while reducing the … Continue Reading
As previewed in our prior post, Poland’s simplified restructuring proceeding (uproszczone postępowanie restrukturyzacyjne) is now in effect. The enabling legislation – with only minor changes from the description in our prior post affecting such restructurings – was finally adopted on 19 June 2020, signed into law on 23 June 2020 and took effect the same … Continue Reading
Poland’s Parliament is expected to pass legislation on Wednesday (3 June) that will offer expedited and simplified restructuring procedures for debtors. This will be the fourth in a series of laws in response to the COVID-19 pandemic – known as Shield Laws, but the first to add a new type of restructuring procedure. … Continue Reading
This quick guide summarises the duties that directors of Polish companies are subject to and how those duties change when the company is insolvent or at risk of being insolvent. It also gives an overview of the personal risk to directors when the company is in financial difficulty and suggests some practical tips to help … Continue Reading
To assist Polish businesses in understanding what financial support packages are now available we have produced a helpful guide summarising those. This gives an overview of the package, the level of funding available, eligibility, how to apply and when it will be available. To access the most up to date guide click on this link. … Continue Reading
