On 1 December 2021, an amendment came into force which, with certain changes, permanently implemented the solutions offered by the simplified restructuring procedure.
On 1 December 2021, an amendment came into force which, with certain changes, permanently implemented the solutions offered by the simplified restructuring procedure.
This was the legislator’s response to the positive reception of the simplified restructuring proceedings developed during the pandemic. Under this amendment, the so-called Simplified Restructuring Proceedings became a permanent solution under the name of Proceedings for Approval of an Arrangement.
The most important features and effects of these proceedings include:
- Opening by an ICT system: National Debt Register.
- The need to draw up a list of claims, a list of disputed claims and a preliminary restructuring plan as a positive prerequisite for making an announcement on the setting of the arrangement date, i.e. the opening of proceedings.
- Suspension of enforcement by operation of law for a period of 4 months.
- Prohibition on initiating new enforcement proceedings, executing decisions on granting security, and ordering security for claims.
- Inclusion of claims (including those secured by mortgage) in the arrangement without the need for the creditor’s consent.
- Appeal procedure in the event of refusal to make an announcement by the restructuring adviser due to the existence of negative circumstances in his opinion.
- Maintenance of ordinary management of the enterprise.
- Preferential rules for calculating the majority required to adopt the arrangement. This means that the inactivity of the creditor will not block the conclusion of the arrangement.
- Easier opening of rehabilitation or bankruptcy proceedings in the event of non-approval of the arrangement.
- Protection against termination of contracts important for the enterprise.
- A significant disadvantage is the lack of exclusion of subsidiary liability of managers of capital companies for the company’s debts as a result of timely notification of the opening of proceedings for approval of the arrangement.
The proceedings also provide for the protection of creditors’ rights through, among other things:
- The debtor’s liability for damages.
- Limited duration of the proceedings.
- Revocation of the effects of the announcement of the arrangement date.
- Limit on the possibility of opening proceedings for the approval of an arrangement.
- Protection against the risk of the debtor circumventing the provisions on ineffectiveness.
We also invite you to read articles on this topic on the ministry’s website:
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