Avalanche rise in insolvency
The number of insolvent companies is growing at an exponential pace.
Korporacja Ubezpieczeń Kredytów Eksportowych (KUKE) informed that the number of open restructuring and bankruptcy proceedings increased by nearly 265% over the next year. Entrepreneurs whose companies find themselves in a difficult financial situation try to protect themselves against bankruptcy and make decisions to conduct restructuring proceedings. The simplified restructuring procedure is in the lead over all available types of restructuring. It owes this to the speed of the proceedings, protection against execution and extra-judicial nature. Among the industries that most often decide to restructure are the sectors of the economy that have been most affected by the effects of the coronavirus pandemic, i.e. trade, construction, tourism, and gastronomy.