Zimmerman Sierakowski & Partners provides legal assistance in case of insolvency or risk of insolvency affecting a real estate developer – an entrepreneur that carries out projects consisting in construction of a building, dividing it into separate flats and sale of those flats to customers. Our experts provide professional support for both developers and buyers of premises.
We specialise in advisory services relating to all regulations governing developer’s insolvency, that is provisions in force since April 2012 (the so-called “old developer’s insolvency”) and new legal measures introduced by the Restructuring Law. Our team has cross-cutting experience in this area of specialisation.
We advise developers’ customers on how to recover their funds if a construction company fails to transfer the premises in due time. We also provide assistance in cases where bankruptcy proceedings against a developer would not lead to satisfying the claims of its customers, and buyers’ rights could be exercised only by way of enforcement proceedings. We also advise other creditors of a developer, such as banks that finance development projects or construction subcontractors, on how to protect their rights in the course of bankruptcy and restructuring proceedings against the developer.
Our experts provide assistance also to real estate developers whose condition implies loss of ability to meet their financial obligations or risk of such loss. The Zimmerman Sierakowski & Partners Law Firm also provides services at the stage of getting ready for bankruptcy proceedings or restructuring proceedings, including evaluation of economic standing, drawing up documents needed to file petitions in bankruptcy or restructuring courts, identifying the best proceedings scenario and actions to be taken in the course of reorganisation or liquidation of a real estate development undertaking.
Thanks to our determination and engagement we have been successful on many fronts, including:
✓ We provided assistance to a group of banks in the course of bankruptcy proceedings of a real estate development company carrying out a high-standard residential project in Tricity.
✓ We successfully advised would-be buyers of premises in a housing co-operative in Warsaw that had become subject to liquidation bankruptcy. Thanks to our efforts, members of the co-operative obtained the ownership of their apartments, although in principle it should have been impossible in bankruptcy proceedings before April 2012.
✓ We handled recovery proceedings for a real estate developer based in Kraków. As a result of reaching a composition arrangement, the company managed to reorganise its debt and get back on the right business track, which allowed it to resume its halted construction project.
✓ We recovered funds allocated by our Clients in a real estate development undertaking from Poznań even before filing a bankruptcy petition.
✓ We advise a group of families to help them acquire property ownership rights by way of concluding a so-called liquidation arrangement.