Restructuring changes are coming
The draft amendment to the Restructuring Law is at the consultation stage. It was prepared by the Ministry of Justice.
It provides for changes in the conduct of restructuring proceedings, resulting from EU Directive 2019/1023. The new regulations provide, among other things, protection for a debtor filing for the opening of restructuring proceedings from enforcement for four months. This period will be able to be extended by the judge to 12 months in exceptional situations.
In addition, through the introduction of the so-called satisfaction test, creditors will gain greater knowledge of the legal and economic situation of the debtor with whom they are to make an arrangement. Arrangements will by law include claims secured in rem. The court will be able to approve the arrangement in some cases, even if it is not accepted by a majority of creditors. One more solution is that the court, at the request of the creditors, will be able to release the arrangement supervisor from his function.
It will take some time for the proposed regulations to come into force. The Ministry of Justice anticipates an 18-month vacatio legis. The reason is the need to streamline the National Register of Debtors.