As previewed in our prior post, Poland’s simplified restructuring proceeding (uproszczone postępowanie restrukturyzacyjne) is now in effect. The enabling legislation – with only minor changes from the description in our prior post affecting such restructurings – was finally adopted on 19 June 2020, signed into law on 23 June 2020 and took effect the same day. Debtors have until 30 June 2021 to retain a restructuring advisor and commence the new proceeding, which operates almost entirely out-of-court.
