Restructuring is a cure for insolvency
Currently, the avalanche of bankruptcies is not recognized, but experts say it is only a matter of time.
Entrepreneurs from the micro, small and medium-sized enterprise sector judged their preparation for the second wave of the coronavirus pandemic moderately. Many of them took advantage of the opportunities offered by the anti-crisis shields. The support obtained in this way helped to survive the most difficult crisis moment. However, this should not stop entrepreneurs from observing the company’s situation and, when noticing signs of financial problems, prompt them to take appropriate corrective actions.
One of the available remedial solutions is restructuring, which is often mistakenly viewed by entrepreneurs as a way to declare bankruptcy. It should be noted, however, that restructuring is aimed at saving the business from bankruptcy.
Any enterprise can benefit from restructuring. The key is to choose the right procedure for the individual problems of the company. The catalog of available types of restructuring proceedings was supplemented in June with a new procedure, namely the simplified restructuring procedure, which is a quick and simple procedure.