The COVID-19 and its impact on Polish bankruptcy and restructuring law
Zimmerman Sierakowski & Partners, a law firm with national reach situated in Warsaw, offers legal support in bankruptcy law matters. Our team provides support in enforcement proceedings, as well as in the field of commercial and companies law. We ensure professional advice on any matter in question; we draft reviews and prepare necessary documentation, as well as represent our Clients before courts and other competent administrative authorities. We act as attorneys for official receivers. We offer our assistance on every step of legal proceedings both in the case of composition bankruptcy and liquidation bankruptcy proceedings. We also help register a company, settle formalities accompanying the ongoing operation of a company and liquidate a company.
We act in compliance with the law in force and work ethics. We offer both long- and short-term assistance. We act as attorneys for official receivers. We offer our assistance on every step of legal proceedings both in the case of composition bankruptcy and liquidation bankruptcy proceedings. We also help register a company, settle formalities accompanying the ongoing operation of a company and liquidate a company. We act in compliance with the law in force and work ethics. We offer both long- and short-term assistance.
Bankruptcy is the process of satisfying creditors’ claims by means of liquidation of a debtor’s assets by a court-appointed official receiver. This is where, as a rule, business activity is wound up and any assets remaining are used to pay off the creditors. This is the final stage of the life cycle of an enterprise, emerging when any previous attempts to rescue it have failed.Read more
A new notion in Polish law (in force since 1 January 2016), restructuring is a chance to save an undertaking and carry on one’s business activity. It grants the debtor a significant level of protection for their undertaking throughout the proceedings. It includes four procedures that help creditors and debtor reach an agreement and reduce the debt of the of the latter’s enterprise, saving it at the same time. These are: composition approval proceedings, accelerated composition proceedings, composition proceedings and remedial proceedings. The choice of the type of proceedings depends on the scale of enforcement risk and creditors’ attitude towards he idea of restructuring.Read more
Enforcement of receivables is an essential part of trade. Most frequently, it is initiated after a successful court case, but the largest problems may arise at the stage of claim satisfaction. As disputes with debtors are often inevitable, it is crucial to duly secure one’s claims, so that the debtor has no time or opportunity to conceal or dispose of their assets. Claims against third parties that have been involved in such disposal of assets are not uncommon (e.g. fraudulent conveyance claim). This branch of law requires vast expertise, ingenuity and patience.Read more
Operation of a commercial company requires compliance with a number of legal, accounting and tax requirements. Assistance of experts minimises the risk of making a mistake or committing an error that could put a company at risk as well as facilitates day-to-day management of an enterprise. Even a small sum allocated in legal counselling may contribute to greater security or claim satisfaction rate in future.Read more