The act of May 15, 2015 Restructuring law along with the amendments of Bankruptcy law has entered into force on January 1, 2016. After several months of its effectiveness, it can be already observed in practice, how it is applied to first entrepreneurs that have decided to use the new regulations.
The act offers to the entities that experience financial difficulties a wide range of solutions within the scope of four different procedures including the so called remedial proceedings. After its commencement the debtor’s assets becomes the so called remedial assets and go under the management of a trustee. The debtor benefits from the protection against creditors that cannot carry out execution.
The aim of restructuring is to avoid bankruptcy and to reduce debts with respect for the creditors’ rights.