Restructuring in a new formula
Shield 4.0 introduces a model of the so-called rapid restructuring, for which it will only be necessary
- to conclude an agreement with a restructuring advisor and
- disclose in Monitor Sądowy i Gospodarczy the fact of opening the procedure for the approval of the agreement.
Courts will participate in the procedure only in the case of an application for annulment of the effects of the opening of the procedure, which may be submitted by a creditor feeling wronged by the action of its debtor.
In order for the simplified procedure to be effective, the court should receive an application for approval of the arrangement within 4 months from the date of the notice. Importantly, the shield also introduces restrictions on the maximum remuneration of restructuring advisors, which is intended to protect entrepreneurs from excessive costs of proceedings. Simplified restructuring is intended to protect entrepreneurs in a difficult financial situation against enforcement proceedings, also with regard to receivables secured in kind.
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