BANKRUPTCY AND
RESTRUCTURING

Team Leader:
Wojciech Barański
Legal Advisor, Partner

Contact:
DMS DeBenedetti
Majewski Szcześniak
tel. +48 22 339 54 00
wbaranski@dms-legal.com

BANKRUPTCY AND RESTRUCTURING

In bankruptcy and restructuring proceedings there are no simple or off-the-shelf solutions. The situation of each business that is considering or is forced to seek the protection afforded to debtors by the bankruptcy or restructuring law is always difficult and varies greatly. In addition, the situation and expectations of the creditors tend to vary extensively. This means that properly assessing the debtor’s and the creditors’ position and selecting an appropriate solution for the client requires expertise, experience and a good understanding of market practices and the industries in which the businesses facing insolvency operate. At DMS we have 15 years of experience in advising clients facing insolvency, representing them in restructuring and bankruptcy proceedings, including proceedings based on international bankruptcy laws. From the very outset of our operations, we have also represented creditors in bankruptcy, restructuring and enforcement proceedings. We also advise investors executing high-risk transactions regarding the possible insolvency of their partners. We have advised on transactions and disputes associated with the largest bankruptcy proceedings in Poland, including procedures involving public companies. Our clients in this area include companies in the insurance, financial, developer, construction, food and white goods sectors, among others. We have successfully represented the creditors of businesses declared bankrupt and entities interested in acquiring assets in bankruptcy and restructuring proceedings. We have earned a reputation as a law firm that proposes creative and unconventional solutions that serve the client’s interests well.

What we offer

• We prepare pre-pack applications and applications for liquidation arrangements, a bankruptcy procedure rarely used in practice.

• We defend clients against unjustified petitions for bankruptcy.

• We prepare applications for opening all the various types of restructuring proceedings and restructuring plans.

• We advise and represent clients at every stage of restructuring proceedings.

• We negotiate amendments on behalf of our clients on the terms of repaying existing liabilities, raising new financing, establishing new security instruments or selling a portion of the assets to repay creditors.

• We develop detailed reports comprising recovery plans, which, with the client’s approval, are implemented in practice by our legal advisors, including companies acquired and managed by investment funds.

• We prepare the documentation for changing the terms of repayment of existing liabilities, establishing new security instruments or selling a portion of the assets to repay creditors.

• We provide advisory services on converting some or all claims into equity, and/or raising new financing to repay existing liabilities.

• We participate in negotiations with creditors – we prepare draft agreements, and conduct litigation as needed to implement certain recovery plans.

• We prepare debt assumption agreements for companies managed by investment funds.

References:

• representing an investment fund in multi-faceted litigation involving the bankruptcy of an entity from the developer industry,
• representing an entity from the construction industry in the liabilities restructuring process,
• representing a creditor in Poland’s largest bankruptcy procedure after the transformation of Poland’s economic system,
• conducting bankruptcy proceedings of a public company,
• debt restructuring closed with a settlement agreement with a public company, thereby ending a ten-year dispute with creditors,
• representing a creditor – a bank – in the bankruptcy proceedings of a company in the construction industry,
• representing a creditor – a public company – in the bankruptcy procedure of a food industry company (a leading producer in the agro sector),
• providing legal advice to a financial creditor regarding bankruptcy procedure on the basis of regulations concerning international bankruptcy proceedings,
• representing a creditor in the bankruptcy proceedings of a foreign concern in the white goods industry,
• representing an entity in the agri-food industry in the restructuring process,
• defending an insurance company against petitions for bankruptcy.