Public aid as part of the restructuring procedure: Private Creditor Test exemplified by limited liability company under restructuring

When the new Restructuring Law entered into force on 1 January 2016, it opened a lot of possibilities for entrepreneurs to use aid for the purpose of keeping a company on the market. As part of the procedure, it is necessary to determine whether the granted aid does not constitute incompatible public aid that disrupts free market rules. The answer to this issue is provided by the private creditor test and the private investor test. The objective of the article is to present the developed method of a private creditor test for the restructuring of a company in which one of the authors participated as an auditor. The article presents the method which allows verification of justifiability of participation of a public creditor in the process of debtor restructuring. The method was developed on the basis of hitherto studies and practical experience of the authors. The Wilcox method was used in one of the test stages to assess property. The prepared method has been successfully applied in other cases of company restructuring, and the case presented in this article is used to explain the principles of operation

Pomoc publiczna w ramach postępowania restrukturyzacyjnego – Test prywatnego wierzyciela na przykładzie spółki z o.o. w restrukturyzacji

When the new Restructuring Law entered into force on 1 January 2016, it opened a lot of possibilities for entrepreneurs to use aid for the purpose of keeping a company on the market. As part of the procedure, it is necessary to determine whether the granted aid does not constitute incompatible public aid that disrupts free market rules. The answer to this issue is provided by the private creditor test and the private investor test. The objective of the article is to present the developed method of a private creditor test for the restructuring of a company in which one of the authors participated as an auditor. The article presents the method which allows verification of justifiability of participation of a public creditor in the process of debtor restructuring. The method was developed on the basis of hitherto studies and practical experience of the authors. The Wilcox method was used in one of the test stages to assess property. The prepared method has been successfully applied in other cases of company restructuring, and the case presented in this article is used to explain the principles of operation.Wejście w życie z dniem 1 stycznia 2016 roku nowej ustawy Prawo Restrukturyzacyjne dało wiele możliwości przedsiębiorcom do skorzystania z pomocy w celu utrzymania przedsiębiorstwa na rynku. W ramach tego postępowania konieczne jest ustalenie czy udzielona pomoc nie stanowi niedozwolonej pomocy publicznej zakłócającej reguły wolnego rynku. Odpowiedź na to daje przeprowadzenie testu prywatnego wierzyciela, testu prywatnego inwestora

Insolvency a liquidity in the context of new law restructuring

Artykuł przedstawia rozważania nad pojęciem niewypłacalności zdefiniowanym w znowelizowanym prawie upadłościowym i ustanowionym od początku 2016 r. prawie restrukturyzacyjnym. Celem artykułu jest wskazanie praktycznych problemów ze stosowaniem znowelizowanej definicji niewypłacalności. Autorki wskazują na problem identyfikacji stanu zagrożenia niewypłacalnością i metod badania – mierzenia takiego zagrożenia. Autorki poprzez analizę definicji niewypłacalności w poprzednim i obecnym brzmieniu ustawowym przedstawiają optymalne metody i narzędzia identyfikacji momentu powstania niewypłacalności.This article presents reflections on the notion of insolvency defined in the amended bankruptcy law and established from the beginning of 2016 nearly restructuring. The authors attempt to identify the practical problems with the application of the amended definition of default. Present the basic methods and tools to determine the birth of insolvency. They point to the problem of identification of an emergency insolvency and test methods – measuring such a threat

Public aid as part of the restructuring procedure: Private Creditor Test exemplified by limited liability company under restructuring

When the new Restructuring Law entered into force on 1 January 2016, it opened a lot of possibilities for entrepreneurs to use aid for the purpose of keeping a company on the market. As part of the procedure, it is necessary to determine whether the granted aid does not constitute incompatible public aid that disrupts free market rules. The answer to this issue is provided by the private creditor test and the private investor test. The objective of the article is to present the developed method of a private creditor test for the restructuring of a company in which one of the authors participated as an auditor. The article presents the method which allows verification of justifiability of participation of a public creditor in the process of debtor restructuring. The method was developed on the basis of hitherto studies and practical experience of the authors. The Wilcox method was used in one of the test stages to assess property. The prepared method has been successfully applied in other cases of company restructuring, and the case presented in this article is used to explain the principles of operation