Other proceedings

Contact Us:

wlodarzewska@zfrsa.pl

Proceedings

Włodarzewska S. A.

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

Dear Sirs,

We inform you that, pursuant to the decision of the District Court for the Capital City of Warsaw in Warsaw, 10th Commercial Division for Bankruptcy and Restructuring of 21 September 2016 (case file No. X GR 48/16), a fast-track arrangement proceeding was opened for Włodarzewska S.A. with its seat in Warsaw (hereinafter: the “Company”). Zimmerman Filipiak Restrukturyzacja S.A. was appointed the court-appointed supervisor for the proceeding. Aleksandra Ziółkowska - Majkowska, District Court Judge holds the position of the judge-commissioner and A. Kaftańska holds the position of the deputy judge-commissioner.

The opening of the restructuring proceeding does not adversely affect the operations of Włodarzewska S.A. The Company conducts business activity, performs concluded contracts and may enter into new contracts, as it did before.

The fundamental change is about the protection of the Company against execution proceedings (a prohibition against initiating execution against Włodarzewska S.A.) the fact that any debts which originated before 21 September 2016 will be restructured in line with the principles set forth in the arrangement proposals (the arrangement proposals will be served on each creditor at the address of the creditor's registered office in the next few weeks).

The court-appointed supervisor supervises compliance with the law and the current operations of Włodarzewska S.A. Without the consent of the court-appointed supervisor, the Company may not perform any actions which go beyond the so-called ordinary management.

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

 

 

 


13.10.2017

Decision on declaration of bankruptcy of Włodarzewska S.A. with its seat in Warsaw

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We inform you that on 18 September 2017, the the District Court for the Capital City of Warsaw in Warsaw,

10th Commercial Division for Bankruptcy and Restructuring rendered a decision on declaration of bankruptcy of Włodarzewska S.A. with its seat in Warsaw. Aleksandra Ziółkowska - Majkowska, District Court Judge was appointed the judge-commissioner and Krzysztof Gołąb (restructuring adviser No. 140) was appointed the official receiver. The bankruptcy proceeding became thereby the only relevant proceeding, in the course of which the creditors of the Company may pursue their claims by submitting their claims. This note also applies to creditors which were included in the record of claims prepared by the court-appointed supervisor, which was not approved in the course of the restructuring proceeding.

We also inform you that the declaration of bankruptcy of Włodarzewska S.A. with its seat in Warsaw results in the expiration of the positions of the court-appointed supervisor and the court-appointed interim supervisor, which were held by Zimmerman Filipiak Restrukturyzacja S.A. In the restructuring proceeding and the proceeding to declare bankruptcy.

The declaration of bankruptcy of the Company was announced in Monitor Sądowy i Gospodarczy on 25 September 2017. As of that date, the creditors have 30 to submit their claims, which should be submitted to the Judge-Commissioner in two copies (the claim submission form is available at: https://ms.gov.pl/pl/restrukturyzacja-i-upadlosc/wzory- stosowane-w-postepowaniu-upadlosciowym/

 

14.04.2017

Decision to discontinue the fast-track arrangement proceeding for Włodarzewska S.A.

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Dear Sirs,

We inform you that, with the Decision of of 12 April 2017, the District Court for the Capital City of Warsaw in Warsaw, 10th Commercial Division for Bankruptcy and Restructuring discontinued the fast-track arrangement proceeding for Włodarzewska S.A. 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 service of a copy of the decisions including the reasons. An application for reasons and service of the decision together with the reasons shall be filed within a week as of the court’s session (applicable to entities which were notified of the session) or the publication of this announcement in Monitor Sądowy i Gospodarczy (applicable to entities which were not notified of the session).

In the opinion of the restructuring court, it was necessary to discontinue the fast-track arrangement proceeding, in particular, to avoid the risk of doing the creditors wrong, and, moreover due to the high risk of the failure to perform the arrangement proposed by the debtor to the creditors. The court pointed out that under the applicable laws and regulations, for creditors – and, in particular, for a group of buyers of residential premises – the most advantageous option may be to conduct bankruptcy proceedings against Włodarzewska S.A. w restrukturyzacji with its seat in Warsaw.

From the very beginning, the court-appointed supervisor has taken the position that, in order for the restructuring process to be successful, it is necessary to obtain additional funding and reaching an agreement with creditors in rem in order to ensure conditions that allow for the continuation of the development projects which had already been started and the completion of the planned projects. Unfortunately, the debtor failed to achieve those objectives, despite the talks conducted by the debtor.

We inform you that Zimmerman Filipiak Restrukturyzacja S.A. holds the position of the court-appointed supervisor until the decision on discontinuation of the fast-track arrangement proceedings for Włodarzewska S.A. 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 pertains to, among others, the protection against execution, given to the debtor, and the prohibition against satisfying claims included in the arrangement, as well as to the obligation to obtain the consent of the court-appointed supervisor to performance of any actions which go beyond ordinary management.

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

23.01.2017

Debtor’s arrangement proposals of 9 January 2017

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Dear Sirs,

We kindly inform you that, on 9 January 2017, the debtor submitted arrangement proposals in the case files.

The debtor’s arrangement proposals provide for division of the creditor into ten groups which include individual interest categories determined on the basis of, among others, the criterion of the amount or type of the claims. Considering that this proceeding is conducted pursuant to the provisions on restructuring of a property developer, we emphasise the fact that the arrangement proposals for buyers of apartments and detached houses were included in groups No. 9 and 10. We also kindly inform you that the date of the Creditors' Meeting, convened in order to vote on the arrangement, has not been set yet. Within the set time limit, the judge-commissioner will notify the creditors listed in the record of claims thereof and will serve the arrangement proposals, information on the division of the creditors listed in the record of claims according to the categories of interests, and information on the manner of voting at the Creditors' Meeting, and an instruction on the meaning of Articles 107-110, Articles 113 and Articles 115-119 of the Restructuring Law Act on the creditors. The notice will also be served on the creditors listed in the record of disputed claims, together with the information that the judge-commissioner may admit them to the Creditors' Meeting, if they substantiate the existence of their claims.

http://zimmermanfilipiak.pl/assets/files/Włodarzewska - propozycje układowe Dłużnika.pdf

 

09.12.2016

The Creditors' Committee established for Włodarzewska S.A.

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Dear Sirs,

We inform you that, pursuant to the decision of the Judge-Commissioner of 9 November 2016 (case file No. X GRp 12/16) in the arrangement proceeding for Włodarzewska S.A. w restrukturyzacji with its seat in Warsaw, the Creditors' Committee was established. The following persons and entities were appointed members of the Creditors' Committee: Bank Ochrony Środowiska S.A. with its seat in Warsaw,

Filip Maliszewski,

The Capital City of Warsaw,

A curator appointed to represent the rights of bondholders – Katarzyna Uszak,

Trasko Inwest spółka z ograniczoną odpowiedzialnością with its seat in Ostrzeszow.

Further, the following entities were appointed as members of the Creditors' Committee: Zakład Ubezpieczeń Społecznych and Wspólnota Mieszkaniowa Pory 65 in Warsaw.

The fundamental obligation and right of the Creditors' Committee is to assist and control the court-appointed supervisor. In addition, the Creditors' Committee has the right to inspect the condition of the arrangement estate, grant permission for actions which may be performed only with the consent of the Creditors' Committee. At the request of the supervisor, the judge-commissioner or the debtor, the Creditors' Committee also expresses their opinions on other matters. The Creditors' Committee may also submit opinions on the activities of the debtors and the court-appointed supervisor to the judge-commissioner. When performing their obligations, the Creditors' Committee is guided by the interest of all creditors.

http://zimmermanfilipiak.pl/assets/files/Włodarzewska S.A. Postanowienie o ustanow. RW X GRp 12- 16.pdf

 

03.11.2016

Submission of the restructuring scheme for Włodarzewska S.A.

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We inform you that, on 1 November 2016, a restructuring scheme for Włodarzewska S.A. w restrukturyzacji with its seat in Warsaw was submitted in the District Court for the Capital City of Warsaw in Warsaw, 10th Commercial Division for Bankruptcy and Restructuring, ul. Czerniakowska 100A, 00-454 Warszawa. Pursuant to Article 10.3 in conjunction with Article 455.2 of the Restructuring Law Act, a restructuring scheme shall be submitted in the secretariat of the court, where it is available for all the participants in the proceedings.

04.10.2016

Appointment of a curator for the bondholders of Włodarzewska S.A.

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We inform you that, pursuant to the Decision of the District Court for the Capital City of Warsaw in Warsaw, 10th Commercial Division for Bankruptcy and Restructuring of 4 October 2016, Katarzyna Uszak was appointed a curator to represent the rights of the bondholders in the fast-track arrangement proceeding conducted for Włodarzewska S.A. w restrukturyzacji with its seat in Warsaw.

We inform you that the restructuring proceedings for bond issuers were regulated separately in Articles 362 - 367 of the Restructuring Law Act. In particular, we inform you that, pursuant to article 363.1 of the Restructuring Law Act, each bondholder may act independently in this proceeding (which includes voting for an arrangement), after having been admitted by the judge-commissioner. To be admitted to the proceedings, the interested bondholder must prove their right under the bond by submitting the proof of holding the bond. After being admitted to the proceeding, the bond holder will not be represented by a curator and will be able to exercise all the rights of a participant to the proceeding. http://zimmermanfilipiak.pl/assets/files/kurator K.Uszak.pdf