In the first three quarters of 2025, a clear increase in interest in restructuring proceedings can be observed. This results not only from challenging market conditions, but also from growing awareness among entrepreneurs of the legal instruments available to them and their effectiveness.

Companies are increasingly responding to liquidity problems at an early stage, before these difficulties translate into a loss of operational stability. For many enterprises, restructuring proceedings are becoming a preventive measure that helps reduce risk, organise relations with creditors, and continue operations under more predictable conditions. This shift in approach is visible both among companies experiencing sudden declines in revenue and among entities threatened by a systematic increase in operating costs.

A record number of restructuring applications

In the third quarter of 2025, entrepreneurs filed 1,093 applications to open restructuring proceedings. This represents an increase of approximately 15% compared to Q2 2025, when 952 applications were recorded. It is also a result 28% higher than a year earlier, as in Q3 2024 the number of applications amounted to 852. At the same time, the figure for Q3 2025 represents the highest quarterly level of restructuring applications since the beginning of 2024.

The growth dynamics in the number of restructuring applications indicate increasing liquidity challenges among many Polish enterprises and a growing need to use formal protective instruments.

Number of opened proceedings in Q3 2025 – quarterly and annual trend

According to data from the Central Economic Information Centre, in the third quarter of 2025 a total of 1,254 restructuring proceedings were opened. This result is very close to that recorded in the previous quarter (1,244 proceedings). From a year‑on‑year perspective, however, the changes are significantly more visible. In Q3 2024, the number of opened proceedings amounted to 1,136.

The growing interest in restructuring is also confirmed by aggregated data. By the end of September 2025, a total of 3,864 restructuring proceedings had been announced, and forecasts indicate that by the end of the year this number will exceed 5,000. This would represent the highest level since the introduction of the current legal framework in 2016.

Analysis of the data indicates that the record number of opened proceedings results primarily from the popularity of arrangement approval proceedings (Polish acronym: PZU). Out of the total number of 3,864 restructuring proceedings opened by the end of September 2025, as many as 3,636 (over 94%) were conducted under this procedure. Entrepreneurs choose this path mainly because of its speed and the possibility of obtaining protection against enforcement without having to wait for a court decision.

Sectors most affected by financial difficulties in 2025

Analysis of data from the first three quarters of 2025 shows that the largest number of restructuring proceedings is concentrated in sectors particularly exposed to fluctuations in demand and rising operating costs. The data indicate that the highest number of proceedings was opened in the trade sector (742), construction (666), manufacturing (581), and transport and warehousing (507).

In the trade sector, companies are increasingly experiencing cost pressure and weakening demand. This particularly affects smaller entities operating within low‑margin business models. In construction, the main challenge remains volatility in material prices and difficulties in maintaining liquidity during long investment cycles.

Manufacturing, in turn, is facing rising energy and raw material costs, as well as disruptions in supply chains that limit the production and operational capacity of enterprises. The transport sector is struggling with high fuel costs, rising labour costs, and limited availability of contracts.

Analysis of the structure of entities also indicates that the largest group of entrepreneurs benefiting from restructuring protection consists of sole proprietors (70%) and limited liability companies (approximately 23%).

Reasons why entrepreneurs are reaching for restructuring earlier

Changing market conditions are causing entrepreneurs to undertake corrective measures increasingly at earlier stages, before serious financial difficulties arise. In their assessment, early action helps limit the effects of growing problems and increases the chances of maintaining operational continuity. Earlier use of restructuring instruments also results from increasing legal awareness and improved access to tools that help stabilise the financial situation. More and more entities understand that early action reduces the risk of reputational damage and enables the continuation of existing commercial relationships.

Among the most frequently indicated reasons for opening restructuring proceedings are the need to protect financial liquidity and the necessity of stabilising core business operations. Entrepreneurs are concerned about the rapid increase in indebtedness that may escalate in the context of a deteriorating economic environment. An important reason is also the need to maintain employment levels, as restructuring may increase the chances of preserving jobs.

Why restructuring remains an effective business protection tool

Restructuring performs a stabilising function because it enables an enterprise to halt negative processes and organise its financial situation. A company gains the opportunity to improve liquidity, reduce excessive indebtedness, and implement corrective measures without the pressure resulting from current liabilities.

The procedure also enables the temporary suspension of enforcement actions, as well as restrictions on the termination of agreements that are essential for the continuation of business operations. This allows the entrepreneur to focus on analysing actual operational needs and planning solutions that may restore balance within the business. An important role is also played by the possibility of renegotiating debt repayment terms, which reduces the financial burden and facilitates the maintenance of operational continuity.

The increasingly frequent use of restructuring demonstrates that entrepreneurs treat it as a tool for protecting ongoing business activity rather than as a last resort. For many entities, it represents a way to safeguard jobs, maintain relationships with business partners, and avoid a sudden loss of enterprise value. Cooperation with restructuring advisers supports this process and enables a proper assessment of the situation. As a result, the entrepreneur can focus on rebuilding operations and preparing the company to function under demanding market conditions.

At RBBC, we specialise in comprehensive restructuring advisory services and the conduct of bankruptcy proceedings. We provide a reliable analysis of the enterprise’s situation, support in selecting optimal legal and financial solutions, and professional management of the process at every stage, taking into account the interests of both the entrepreneur and the creditors.

The above statistical information has been prepared on the basis of the following sources:

https://www.mgbi.pl/blog/upadlosci-i-restrukturyzacje-firm-iii-kwartal-2025-r/

https://www.coig.com.pl/2025-restrukturyzacje-firm_wrzesien.php