insolvency and restructuring
Starting a new business or establishing relations with other businesses always carries with a certain degree of risk. Thus an extensive legal background check of a prospective business partner will usually be advisable. The question is what is the reasonable scope of such a check and what sort of information may be obtained from public sources.
Can public companies and others operating on a large scale and needing to restructure their debt take advantage of in-court restructuring using the mechanisms in the Restructuring Law?
Reservation in the sales contract of ownership of the goods until full payment of the purchase price by the buyer increases the security of a supplier of raw materials and semi-finished products to a customer threatened with insolvency.
What banks should pay attention to when granting consortium financing or considering restructuring of consortium debt.
At the beginning of 2016 a new regulated profession of “Restructuring Adviser” was created. The role is to be performed by persons professionally qualified for position of office holder in restructuring and bankruptcy proceedings. Restructuring Advisers are required to have knowledge of law, economics, finance and management. Their professional qualifications are confirmed by licence. Currently over 1,050 professionals hold a Restructuring Adviser licence in Poland.
The main provisions of the Restructuring Law of 15 May 2015 enter into force on 1 January 2016. It will serve one of the foundations of commercial law in Poland, enabling effective restructuring of insolvent enterprises.