Simplified restructuring needs improvement

Simplified restructuring needs improvement

The new arrangement approval procedure, which replaced the simplified restructuring procedure, has several drawbacks.

One of them is the reduction of the duration of the proceedings from four to three months. This is the result of no change in the provisions of the restructuring law. It is about provisions that regulate proceedings for approval of an arrangement. Another drawback is the lack of clarity about the direct applicability of provisions giving priority to restructuring when it coincides with bankruptcy. They apply only to judicial restructuring. Another problem lies in the fact that the new version of the simplified restructuring does not provide sufficient protection against asset stripping by the debtor. In addition, the new rules lack the exclusion of management board member liability. The simplified restructuring provided for this from the moment of the announcement of the opening of restructuring. This issue is being examined by the Ministry of Justice. Its team for transposition of the Second Chance Directive is to prepare a draft act. It should enter into force by July 2022 at the latest.



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