At the beginning of 2016, a new Restructuring Law and amendments to the Bankruptcy Law came into effect
New regulations significantly change the operational options of companies which are in distress and extend the scope of duties of entities acting as receivers, supervisors or managers in restructuring and bankruptcy proceedings.
Entrepreneurs can now use several new types of proceedings, among other things, a second-chance policy (i.e. preference for restructuring proceedings over bankruptcy proceedings). Both creditors and debtors can have impact on the selection of the restructuring advisor who acts as a supervisor, manager or receiver in the proceedings.
Depending on your needs, we ensure comprehensive legal services for debtors and creditors which comprise, in particular, the following:
- representing creditors and the debtor at each stage of restructuring or bankruptcy proceedings;
- preparing court pleadings and other documents for the purposes of the proceedings;
- preparing draft requests for opening restructuring proceedings and declaring bankruptcy, including cross-border ones;
- providing advice to members of the management board in respect of their duties and liability in the event of the actual or pending insolvency of the company;
- advisory in purchasing assets from the receiver in bankruptcy;
- advisory in respect of out-of-court debt restructuring.
Our cooperation with PwC experts from other departments (audit, tax advisory, business advisory) allows us to offer comprehensive services for entities undergoing restructuring or bankruptcy. In a single organization, we can ensure the full support of the best specialists in specific sectors, including former market leaders or former regulatory officials, which can significantly contribute to the successful conduct of restructuring or bankruptcy processes.
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