Restructuring law reinforces priority of restructuring over insolvency. It involves proceedings which are beneficial both for debtors and creditors. It contains solutions which are to help debtors avoid insolvency, increasing, at the same time, the influence of creditors on insolvency proceedings.
In case the court receives both restructuring and insolvency application, a judge analyses, first of all, whether restructuring process is possible for the enterprise. As a result, the entrepreneur has an opportunity to negotiate and make an agreement with their creditors, which protects his company from insolvency and, at the same time, determines the terms of his debt payment.
PROCEEDINGS OF RESTRUCTURING LAW
In restructuring laws, four restructuring procedures are defined; entering with arrangement proceedings, summary arrangement proceedings, arrangement proceedings and sanitation proceedings. The choice of the proceedings is on the side of the entrepreneur, who may decide to introduce the solution which is the most proper in their situation. There is also a possibility to introduce partial arrangement proceedings with the biggest creditors only.
According to the restructuring laws, a syndic acts as a restructuring counsellor. The choice of the syndic is performed not only by the court, but by debtors and creditors, as well. Corporate Law Advisers Firm deal with cases of restructuring, among others. Our restructuring counsellors’ duties are; supervision of the debtor’s activity, supporting negotiations, arrangement proceedings and support while realising the process.
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