Company restucturing

contact photo JUDr. Ing. Veronika Škodová

skodova@skodaskoda.sk  •  0910 919 638

SKODA & SKODA  provides both forms of the company restructuring. Giving a priority to legal based restructuring disposing with legal protection of the court. Except that we provide also internal company restructuring. According the company’s condition, we recommend to client which form will have an ideal effect.

We cooperate with the restructuring and insolvency trustee JUDr. Ing. Veronika Škodová.

During the culmination of consequences of the economic crisis, when the business sector in our society is struggling with problems to perform obligations on the one side, and a constant increase of unpaid receivables on the other side, we comes with a solution with impact on entire EU internal market.

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Restructuring your company

Company restructuring or in other words, legal protection from creditors, is a process that operates under Act no. 7 / 2005 Coll. about bankruptcy and restructuring. It is a healing process resulting in a partial and gradual satisfaction of the debtor's creditors, in the amount and period declared in the restructuring plan. The company, restructuring means to have a second chance for start up the business again. During the restructuring proceedings, it is not possible to distraint debtor's assets, it is not possible to exercise security law by the lenders, and judicial or enforcement proceedings stops.

The advantage of the company restructuring is that after the successful approval of the restructuring plan, the debtor old commitments shall expire and to debtor is given the opportunity to successfully continue with business activities. Opposite to the bankruptcy proceeding, restructuring ensure maintenance of economic independence and legal personality of the debtor, achievement of economic recoveryconservation of jobs, and the continuity of income.

Currently, the legislation allows that the restructuring is preferred against the liquidating bankruptcy, not only under the Act no. 7 / 2005 Z.z. on the bankruptcy and restructuring, but also in terms of Act no. 231/1999 Z.z. about state aid. The success of company restructuring depends mainly on whether the process starts early or not!

It should be pointed out the fact that the whole procedure is carried out under the supervision of the restructuring trustee, who can only be authorized person enrolled in the trustee register of Ministry of Justice of the Slovak Republic. The mission of restructuring trustee is to realize the restructuring test (to prove successful or unsuccessful result of proceeding in ideal conditions), restructuring report, preparation of proposal to authorize the restructuring proceeding, trustee supervision over the debtor's business during the restructuring proceeding, improvement of debtors business plandesigning the measures and solutionsnegotiations with creditorspreparation the restructuring plan and due diligence of company.

The final act of the restructuring proceeding is a restructuring plan. The restructuring plan is a binding document regulating the creation, modification and extinction of commitments of persons referred to therein. The restructuring plan also called "supercontract", which newly governs all relations between the debtor (in a company restructuring) and his creditors.

According to restructuring plan and above all, in accordance with the debtor's economic results, trustee suggests a gradual (e.g. payments) and proportional (statistically 33.3%) satisfying the creditors.

Bankruptcy

Company restructuring

Company stops and assets are sold out

The debtor does not lose legal personality, or economic independence

Created know – how extinguish

Proportional satisfying of claims, which must be shown to be higher than during bankruptcy

Debtor's assets are realized and the gained yield will proportionally satisfy creditors' claims

Achievement of economic recovery

Right of disposition over property is transferred only to the trustee (trustee becomes bankrupt statutory body)

Conservation of jobs

Restructuring phases

  • creation of the restructuring report

  • assessment of the proposal to authorize the restructuring

  • authorizing the restructuring proceeding

  • survey of the debtor's creditors

  • preparation of the restructuring plan

  • approval of the restructuring plan

  • confirmation of the restructuring plan

The legal effect of court confirmation of the plan is to discharge of enforcement of those debts, which creditors did not register properly and on time. It is impossible to recover claims already granted in the enforcement proceedings. The creditor´s security right on property is expiring, if the security right was not registered properly and on time.

Does the Company restructuring interest you? Do you think that your business stagnates and survives from one day to another? Are you in debt and the level of your obligations is getting beyond control? We have an effective solution that will restart your business! Visit us to take free advice of restructuring possibility.

Following your business results, we will create the “restructuring report” for free.


Referencie

Portfólio klientely tvoria:

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SKODA & SKODA s.r.o.
Dolná 6/A
Banská Bystrica 974 01
tel/fax.: +421 48 418 09 76
e-mail: Office@skodaskoda.sk

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