Polish Law on Bankruptcy and Rehabilitation came into force in 2003. It regulates both: bankruptcy and restructuration procedures.
This Law focuses rather on creditors interest than on restructuration. "Wind of changes" in economy after 1989, among others resulted in thousands of bankruptcies. "Bankrupts" often disappeared with creditors' money in their pockets. In 2003, the lack of trust was too strong to implement "debtor-friendly" regulations. As a result bankruptcies are currently approximately 80% of insolvency cases in Poland.
For the same historic reasons the position of IP in Poland is weak comparing with his/her foreign counterparts. He/she is chosen and closely supervised by Judge Commissioner. It is preferred that he/she is a natural, not legal, person. The system of remuneration is specific. IP does not know his/her gains until the final stages of the procedure. It increases the risk of this business. Therefore, IPs do not tend to build large teams in Poland, but they relay on outsourcing.
OUT Insolvency Consulting Sp. z o.o. is the response to the described economic reality. We have not built a big team of employees. Outsourcing results in flexibility. Within the years, the network of highly specialized experts on fields of Insolvency and Restructuration, Crisis Management, Civil and Company Laws, Finance, including Corporate Finance and Taxes was established. We, as a closely co-operating team, can offer the complete high quality service, accommodated to individual needs of each client.
OUT Insolvency Consulting Sp. z o.o. is a member of world-wide network of IPs: HWW International Co-operation Partners.
The company bases on court jobs, mostly on bankruptcies. As it is preferred by judges, court procedures are run by natural person, Pawel Sadowski, the leader of the company. "Market" contracts are the minority. The tasks that might negatively influence relations with our main clients - judges commissioners - are accepted, however, they are covered by other members of the network. These are mainly contracts ordered by debtors. The company also welcomes non-insolvency issues. They are commissioned to an appropriate expert from our team.