Bankruptcy law

The department of bankruptcy law is managed by the advocate Michał Kalit who is entitled to perform a role of an official receiver and a temporary court executive supervisor (licence no. 381). His long-standing practice and comprehensive knowledge of bankruptcy law is suitably used in conjunction with other branches of law, which is a strong point during litigation.

Our Law Firm represents clients during bankruptcy and recovery proceedings, i.e. in the following way:

  • preparing applications for statement of bankruptcy on behalf of the bankrupt, as well as on behalf of bankrupt’s creditors,

applications concern both liquidation bankruptcy and bankruptcy which leads to conclusion of an agreement.

The goal of the former is to sell property which belongs to the bankrupt (enterprise, partnership) and to satisfy its creditors as much as it is possible. In the course of liquidation bankruptcy proceedings the court appoints an official receiver who takes over the bankrupt’s property, and is responsible for its management and securing. Property liquidation is concerned with selling the bankrupt’s enterprise entirely or partly, selling real estate, chattel, recovering receivables from bankrupt’s debtors, as well as executing other laws, or their disposal. 

The bankruptcy which leads to agreement conclusion allows for further activities taken by the bankrupt, yet it requires conclusion of contract with his/her creditors. Contract propositions shall be submitted jointly with the application for bankruptcy, yet not later than within a month counting from the day when the application for bankruptcy was filed. Contractual propositions shall specify the method of repayment to creditors. 

  • representing the bankrupt or creditors during bankruptcy proceedings.

i.e. acting on behalf of the bankrupt or the creditor during meetings of the committee of creditors, representation in the court, preparing applications with submission of claims, preparing applications for exclusion from the bankruptcy estate.

  • representing entrepreneurs during recovery proceedings,

The goal of the recovery proceedings is to protect an entrepreneur (i.a. a partnership) against a bankruptcy proceedings. In addition to submitting a statement of recovery proceedings commencement, an entrepreneur shall submit a recovery plan which specifies i.a. the method of restructuring obligations which is conducted in the form of an agreement concluded during a meeting of creditors. The court appoints a court executive supervisor to act during recovery proceedings.  

  • representing debtors and creditors, as well as partners and members of legal persons’ organs during proceedings regarding a prohibition from running a business – in accordance with the act – bankruptcy and recovery law.

In order to force entrepreneurs to be disciplined, the legislator allows to prohibit running a business right which allows to eliminate persons who, due to their negligence, exposed other subjects to loss and went bankrupt. 

The court can order revoking the right to run a business from 3 to 10 years, as well as fulfilling a role of a member of a supervisory body, representative or a proxy of a commercial company, state enterprise, co-operative, foundation or association. Proceedings in this case shall be commenced i.a. within a year counting from the day of discontinuance or termination of bankruptcy proceedings or dismissing the bankruptcy petition.