International cooperation and international trade very often lead to consequences of insolvency in the sphere of economic relations of different countries. As a result of a growing number of companies with foreign capital, more and more debtors are struggling with insolvency branches or subsidiaries, while their parent companies are based in other countries.
Cross-border insolvency proceedings are also a practical consequence of the Single Market within the European Union. Indeed, many entrepreneurs cooperate with contractors from other Member States. Consequently, more and more bankruptcy proceedings are conducted pursuant to international regulations. A court of one State may declare insolvency of an entity established in another State and a national entrepreneur may submit a claim directly in the course of foreign insolvency proceedings.
We represent clients in insolvency proceedings pending under the provisions of the Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings and the national regulations of international insolvency law and private international law.
It is obvious that debtor’s insolvency causes the most severe effects in the sphere of legal interests of creditors, depriving them of full satisfaction of their claims. The Firm undertakes actions to protect interests of creditors of a bankrupt as much as possible:
- we represent clients in ongoing insolvency proceedings involving winding-up or reorganization of the debtor’s assets.
- we represent clients in foreign insolvency proceedings and in insolvency proceedings pending in Poland;
- we lodge claims to the bankruptcy estate on behalf of our clients;
- we challenge actions undertaken in the course of the proceedings by administrators or bankruptcy trustees;
- we submit requests for exemptions from the bankruptcy estate;
- we conduct proceedings for the recognition of foreign insolvency proceedings, as well as on the repeal or revision of a judgment to recognize such proceedings;
- we take all necessary steps to ensure that insolvency proceedings are carried out in transparent and predictable way and lead to rapid realization of the bankruptcy estate or restructuring of the debtor’s assets (liabilities, employment, and property).
