A new deadline for Simplified Restructuring Proceedings

by Katarzyna Kołodziej

24 June 2021 ​

The deadline for announcing the opening of simplified restructuring proceedings (SRP) in the official bulletin Monitor Sądowy i Gospodarczy has been extended until 30 November 2021.
 
The President signed the Act of 28 May 2021 amending the National Debtors' Register Act and Some Other Acts on 9 June 2021. By virtue of the above act, provisions amending the current arrangement approval procedure are coming into force on 1 December 2021.
 

What are the SRP and how do they work?

The Simplified Restructuring Proceedings are one of anti-crisis measures implemented in 2020 to rescue enterprises facing financial distress due to COVID-19. They are supposed to make it easier for businesses to turn around through an arrangement with creditors, and thus to avoid declaring bankruptcy. The SRP are much faster, less formal, and do not involve the court at the opening stage – that is why they are so popular among enterprises.
 
To open the SRP, the enterprise only needs to conclude an agreement on the supervision of proceedings with a restructuring adviser and then make an announcement in Monitor Sądowy i Gospodarczy (MSiG).