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Factors affecting the conclusion of an arrangement in restructuring proceedings: evidence from Poland

100%

Prusak B., Zaremba U., Galiński P.

Ruch Prawniczy, Ekonomiczny i Socjologiczny

2023

vol. 85

issue 3

235-257

The EU Restructuring Directive (2019/1023) requires Member States to provide a preventive restructuring framework for financially distressed entities that remain viable or are likely to readily restore economic viability. The first step to a successful restructuring is the approval of an arrangement between the debtor and creditors. The main research objective of the article is to identify factors affecting the conclusion of an arrangement in restructuring proceedings. In the process of filtering companies initiating a restructuring procedure, these factors are seen as increasing the probability of concluding an arrangement between debtor and creditors. Moreover, an additional research objective is to construct a turnaround prediction model aimed at assessing the probability of a conclusion of an arrangement in restructuring proceedings. The study covered the companies in Poland for which restructuring proceedings opened between 2016 and 2021 ended with the approval of an arrangement, and a similar number of companies that failed to restructure successfully. Binary logistic regression was applied to achieve the aims of this study. The results show that two financial variables affected companies in terms of their chances to conclude the arrangement: the current ratio and return on assets were among the statistically significant indicators and they are characterized by higher values for debtors reaching the arrangement with their creditors. A direct positive relationship was also identified between the company’s lifespan and the outcome of the proceedings. The probability of the conclusion of the arrangement was also affected by the type of industry. Models assessing the probability of completing restructuring proceedings with an arrangement can be useful for insolvency practitioners and financial analysts during viability assessments.

Prawo europejskie impulsem do optymalizacji polskiego prawa upadłościowego. O dyrektywie Unii Europejskiej o postępowaniu przedupadłościowym

84%

Kuglarz P.

Głos Prawa. Przegląd Prawniczy Allerhanda

2019

vol. 2

issue 1(3)

135-141

W czerwcu 2019 r. Rada UE zaakceptowała tekst nowej dyrektywy w sprawie ram restrukturyzacji zapobiegawczej, umorzenia długów i zakazów prowadzenia działalności oraz w sprawie środków zwiększających skuteczność postępowań dotyczących restrukturyzacji, niewypłacalności i umorzenia długów, która ma zostać implementowana do polskiego porządku prawnego do 2021 r. (Dz. urz. UE L 172/18 z 26 czerwca 2019 r.). Celem dyrektywy jest harmonizacja przepisów dotyczących restrukturyzacji, a także umożliwienie dostępu do nowych mechanizmów „obronnych”, których zastosowanie da dłużnikowi możliwość kontynuowania prowadzonej działalności gospodarczej – tzw. podejście pomocowe (zasada drugiej szansy). W opracowaniu przedstawiono podstawowe informacje na temat dyrektywy oraz nadchodzących zmian w polskim prawie upadłościowym.

On 26 June 2019 the Directive was published in the Official Journal Directive 2019/1023 on preventive restructuring frameworks, on discharge of debt. The European Union Directive aims at harmonizing Member State restructuring and insolvency laws and should be adopted and published by 17 July 2021. The Directive includes provisions ius cogens, which Member States have to implement, and ius dispositivum which Member States may implement. Several procedures included in the European Union Directive were introduced by Poland in the Insolvency Law Act which entered into force only in 2016. The most important regulations in the Directive include the preventive restructuring procedure, moratorium for enforcement actions, second chance for entrepreneurs, early warning mechanism, and the legal framework for the restructuring plan. In July 2019 Polish parliament passed an important amendment of Insolvency Law. This amendment, which concerns consumer insolvency, partly contradicts the Directive insofar as it allows the discharge only for honest debtors.

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1 Głos Prawa. Przegląd Prawniczy Allerhanda

1 Ruch Prawniczy, Ekonomiczny i Socjologiczny

1 2023

1 2019

1 Galiński P.

1 Kuglarz P.

1 Prusak B.

1 Zaremba U.

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Factors affecting the conclusion of an arrangement in restructuring proceedings: evidence from Poland

Prawo europejskie impulsem do optymalizacji polskiego prawa upadłościowego. O dyrektywie Unii Europejskiej o postępowaniu przedupadłościowym