There will be changes to simplified restructuring

There will be changes to simplified restructuring

The Ministry of Justice is recommending changes to the provisions on proceedings for approval of an arrangement.

This concerns the procedure that replaced the simplified restructuring procedure from 1 December 2021. The proposed changes are to allow restructuring to be conducted for four months and to reinstate Article 252 of the restructuring law. In addition, the Ministry wants to remove doubts regarding the liability of the management board for failure to timely file a bankruptcy petition in the event of an announcement on the opening of proceedings for approval of an arrangement. For this, the management board will be able to free itself from liability with its personal assets for the companies’ liabilities. This will be possible when the announcement about the opening of restructuring appears on time.

The drafted by the Ministry of Justice will go to internal and public consultations probably in March. After that, the Sejm will deal with it.

Source: https://www.gazetaprawna.pl/firma-i-prawo/artykuly/8346493,uproszczona-restrukturyzacja-ochrona-praw-wierzycieli-zatwierdzenie-ukladu.html

 

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