Other proceedings

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polbrand@zfrsa.pl

Proceedings

Polbrand sp. z o.o.

Status: Pending
Sąd: District Court for the Capital City of Warsaw in Warsaw

Dear Sirs,

Pursuant to the Decision of the District Court for the Capital City of Warsaw in Warsaw, 10th Commercial Division for Bankruptcy and Restructuring of 9 February 2017, a sanation proceeding was opened for Polbrand with its seat in Warsaw, KRS [National Court Register] No. 0000146273 (hereinafter referred to as the “Company”). Zimmerman Filipiak Restrukturyzacja S.A. was appointed the administrator in the proceeding. Anna Żuława, District Court Judge holds the position of the judge-commissioner. The case was assigned the file No. X GR 54/16.

As of the date on which the Court rendered the above decision, the Company lost its right to management of and the right to use the assets included in the sanation assets and to use and dispose of them. However, the opening of the sanation proceedings does not adversely affect the Company’s operations. As of 9 February 2017, the administrator will continue the Company’s business, perform contracts and enter into new contracts. Pursuant to Articles 230 and 313.1 of the Restructuring Law, within 30 days as of the opening of the sanation proceeding, the administrator will submit a record of claims and a restructuring scheme to the judge-commissioner; however, the restructuring scheme may be submitted at a later date with the consent of the judge-commissioner.

At the same time, the Administrator points out that all claims for the period before 9 February 2017 (taking the statutory exclusions into consideration) will be satisfied under the terms and condition of the arrangement through a vote by the creditors on the arrangement in the sanation proceeding.

In any matters pertaining to the course of the restructuring proceeding, the administrator contacts the creditors via e-mail. Please send any correspondence to the following address: polbrand@zfrsa.pl.

 


14.06.2017

Decision on discontinuation of the sanation proceeding for “Polbrand” sp. z o.o.

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Dear Sirs,

We inform you that, with the Decision of of 13 June 2017 rendered in secret session, the District Court for the Capital City of Warsaw in Warsaw, 10th Commercial Division for Bankruptcy and Restructuring discontinued the sanation proceeding for “Polbrand” sp. z o.o. w restrukturyzacji with its seat in Warsaw. The ruling is not final. The decision on discontinuation of the proceeding may be appealed against with a complaint (art.  327 of the Restructuring Law). The deadline for filing a complaint is two weeks and starts as of the date of publication of an announcement in Monitor Sądowy i Gospodarczy [Court and Economic Gazette]. For persons, whom the Act requires to be served a decision rendered in secret session, the deadline for filing a complaint, the deadline for filing a complaint starts as of the date on which the decision was served.

In the opinion of the restructuring court, it was necessary to discontinue the proceedings, as the debtor lost its ability to cover the costs of the proceedings and to satisfy liabilities which originated after the opening thereof, on an ongoing basis. To take a different position would, in the opinion of the court, mean acting to the creditors’ detriment. From the very beginning, the administrator had provided the information that the debtor did not regain the ability to cover the costs of the proceedings on an ongoing basis and financial aid of an external party was necessary for the restructuring to be successful. Despite the talks conducted by the debtor, the debtor failed to get aid.

We inform you that Zimmerman Filipiak Restrukturyzacja S.A. holds the position of an administrator until the decision on discontinuation of the sanation proceedings for “Polbrand" sp. z o.o. w restrukturyzacji with its seat in Warsaw becomes final. Before the said decision becomes final, the provisions of the Restructuring Law continue to apply to the debtor – it applies to, among others,  to the protection against execution, given to the debtor, and the prohibition against satisfying claims included in the arrangement.

We remind you that, in any matters pertaining to the course of the restructuring proceeding, the administrator contacts the creditors via e-mail. Please send any correspondence to the following address: polbrand@zfrsa.pl. We emphasise the fact that, due to the restrictions provided for in the Restructuring Law, the administrator only informs creditors about the course of the proceeding, and any consultation must not have any features of providing legal assistance, in particular as regards pursuing claims against the debtor.