Restructuring & Insolvency

We have the skills in what is needed to complete successful court-supervised and out-of-court restructurings. We help clients to recover their money in the course of restructuring and insolvency proceedings and provide full-service support. We have worked for businesses in crisis, creditors, investors, holding companies, banks and many other parties involved in restructuring and insolvency cases.

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Our experience includes:

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Court restructuring proceedings

We guide our clients through the selection, development and implementation of optimized restructuring plans and composition proposals. We help them go through all the stages of a court-supervised restructuring, from the drafting of an application, through making arrangements for and holding a meeting of creditors, up to ensuring that the composition is approved and implemented.

We advise on and help to create the best conditions possible to develop and carry out the best possible composition proposals in court restructuring proceedings, using the instruments and methods widely used in international out-of-court restructurings, such as:

• we draw up, negotiate and comment on all the arrangements that predate or accompany a composition, such as standstill and pactum de non petendo, financing and corporate agreements, security arrangements, etc.
• we help adjust the corporate and asset structure of an enterprise to the future composition, such as through the sale of non-core assets, ensuring that such measures are legally safe,
• we make arrangements for reorganization of the employment structure so that it is best suited to the future implementation of the composition,
• we work out a legal framework for ensuring financing for the future restructuring: credit agreements, State aid, restructuring of debt under public dues (relief, postponement of social security dues, taxes and other public charges).

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Bankruptcy proceedings

We support our clients at every phase of the largest and most complex bankruptcy proceedings:

• drafting of bankruptcy petitions,
• pre-packs,
• claims filing,
• drawing up lists of creditors,
• exclusions from the bankruptcy estate,
• control and evaluation of bankruptcy assets,
• assessment of the plans of distribution,
• creating a board of creditors, representing clients on the board,
• contact with the bankruptcy administrator and with the supervising judge,
• bankruptcy litigation, including with respect to fraudulent conveyance and other fraud cases.

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Our resources enable us to carry out most complicated out-of-court restructuring projects that require expertise and experience in a number of fields:

• debt restructuring – we assess the finance documents and advise on how the debt can be adjusted. We negotiate changes to loan documents and the terms of debt instruments. We advise in connection with the extension of new financing,
• State aid – State aid is becoming a frequent factor in restructuring processes. We can make it part of a restructuring program, and our specialists advise on a full range of State aid matters. We provide comprehensive assistance to entrepreneurs who have already received State aid with regard to the restructuring of its terms,
• restructuring of public debt – we evaluate the chances of receiving relief or postponement in payment of social security dues, taxes and other public charges. We represent clients in the related proceedings,
• restructuring of employment – we provide comprehensive assistance in the difficult task of curtailing the number of employees or restructuring of labor forces. We assist with planning and implementing collective redundancy plans (also providing psychological assistance), as well as in negotiations with trade unions,
• distressed M&As – we have vast experience in the sales and acquisitions of troubled assets both in the course of out-of-court restructurings and insolvency proceedings. We know how to ensure that such transactions are safe from a legal perspective,
• Covid-19 – we gained a lot of experience with respect to the practical application of legislation tailored to the restructuring needs of entrepreneurs in the course of the Covid-19 pandemic. We also understand very well how this legislation has evolved over time and how it can be relied on in the post-pandemic era.