Best Restructuring & Insolvency Lawyers in Gdańsk

About Restructuring & Insolvency Law in Gdańsk, Poland

Restructuring & insolvency law in Gdańsk, Poland, is designed to help both individuals and businesses that are facing financial difficulties. The goal is to offer solutions that can rescue viable companies, maximize recoveries for creditors, and provide fair procedures for all parties involved. In recent years, Polish law has been modernized to align with European Union standards, making the legal framework more accessible and efficient for debtors and creditors alike. Gdańsk, as a major business hub and port city on the Baltic Sea, sees a diverse range of restructuring and insolvency cases, from small businesses to large enterprises.

Why You May Need a Lawyer

Navigating the restructuring and insolvency process is complex and often stressful. Legal assistance is advisable in many situations, including:

• If your company is experiencing severe financial distress or insolvency
• When you are a creditor seeking to recover debts from a struggling business partner
• If you are considering submitting a restructuring application to court
• When facing bankruptcy petitions from creditors
• If you require negotiation with creditors-or between creditors and debtors-to restructure obligations
• When protecting personal assets during business insolvency
• If you are a stakeholder (employee, supplier, investor) needing to understand your rights and risks
• For guidance through court proceedings and compliance with regulatory requirements

A lawyer ensures your interests are protected, legal procedures are followed, and the chosen strategy best fits your situation.

Local Laws Overview

The key aspects of restructuring and insolvency law in Gdańsk are governed primarily by national Polish legislation, but local courts and economic realities can influence proceedings. Some core facets include:

• Restructuring Law: The Restructuring Law Act of 2015 offers several procedures, including arrangement approval proceedings, accelerated arrangement proceedings, arrangement proceedings, and remedial proceedings. These procedures aim to help debtors avoid bankruptcy and restore liquidity.
• Bankruptcy Law: The Polish Bankruptcy Law (Prawo upadłościowe) covers insolvency, liquidation, and the fair distribution of debtor’s assets among creditors.
• Court Jurisdiction: Cases in Gdańsk are typically handled by the Gdańsk District Court (Sąd Rejonowy w Gdańsku), which has a specialized division for commercial and insolvency matters.
• Creditors’ Rights: Creditors may file claims, participate in creditors’ meetings, and join proceedings to recover what they are owed.
• Debtors’ Protections: Debtors can seek court protection against enforcement actions once restructuring or bankruptcy proceedings begin.
• Reporting Obligations: Company management must file for restructuring or bankruptcy without delay when insolvency is recognized, to avoid legal sanctions and personal liability.
• EU Law Compliance: As part of the EU, Poland implements regulations regarding cross-border insolvency and recognition of foreign proceedings.

Frequently Asked Questions

What is the difference between restructuring and insolvency?

Restructuring aims to help financially troubled businesses reorganize and avoid bankruptcy, often through negotiated arrangements with creditors. Insolvency refers to a legal state where a person or company cannot meet their debt obligations and may lead to bankruptcy or liquidation.

Who can initiate restructuring or insolvency proceedings in Gdańsk?

Both debtors and creditors can file for restructuring or insolvency. However, company management has a legal duty to do so promptly once insolvency conditions are met.

What happens to employees during insolvency or restructuring?

Employees have certain protections under Polish law. Wages are usually given priority for payment, and some benefits may be paid by the Guaranteed Employee Benefits Fund if the employer becomes insolvent.

Are personal assets at risk if my company goes insolvent?

For limited liability companies or joint-stock companies, shareholders’ personal assets are generally protected. However, management board members can be held personally liable in cases of failure to file for insolvency on time.

What is the usual timeframe for restructuring or bankruptcy proceedings?

The duration varies depending on complexity. Accelerated restructuring procedures can take a few months, while bankruptcy proceedings often last over a year.

Can foreign creditors participate in insolvency cases in Gdańsk?

Yes, both domestic and foreign creditors can file claims and participate in court-supervised proceedings.

Do I need to attend court in person?

Personal attendance may be required for key hearings, but much of the procedure can be handled by your lawyer or legal representative.

How are assets distributed in bankruptcy?

Assets are collected by the court-appointed receiver and distributed according to a statutory order of priority, with secured creditors and employees typically paid first.

Can a company continue operations during restructuring?

Yes, the goal of restructuring is to enable the company to continue its business, but sometimes under the supervision of a court-appointed supervisor.

What are the risks of not seeking legal advice?

Failure to get proper advice may lead to personal liability for management, loss of assets, missed deadlines, and overall worse outcomes for all parties.

Additional Resources

Several governmental bodies and organizations in Gdańsk and Poland offer information and assistance concerning restructuring and insolvency matters:

• Gdańsk District Court (Sąd Rejonowy w Gdańsku) - Commercial & Insolvency Division
• Ministry of Justice of Poland (Ministerstwo Sprawiedliwości)
• National Court Register (Krajowy Rejestr Sądowy) - for company information and filings
• Polish Association of Licensed Restructuring Advisors (Krajowa Izba Doradców Restrukturyzacyjnych)
• Polish Chamber of Commerce
• Local business support centres, such as Gdańsk Economic Development Agency (InvestGDA)

Next Steps

If you believe you need legal assistance with restructuring or insolvency in Gdańsk, consider the following steps:

• Assess your current financial situation and gather all relevant documents, such as contracts, debts, and correspondence
• Contact a qualified lawyer or licensed restructuring advisor who specializes in Polish insolvency law
• Schedule a consultation to discuss your options and possible strategies
• Be open with your advisor about all circumstances to ensure the best possible legal support
• Follow all legal advice and court deadlines carefully to protect your interests

Taking swift and informed action can greatly enhance your chances of a favorable outcome. Do not hesitate to seek professional help, especially if you are unfamiliar with legal procedures in Poland.