Abstract

The Restructuring Act of 15 May 2015, which entered into force as of 1 January 2016, in its Art. 1 regulates: “1) conclusion of an arrangement with creditors by a debtor who is insolvent or at risk of insolvency and the consequences of the arrangement; 2) carrying out of restructuring measures”. The Act provides for four separate procedures in the course of which a debtor, usually having the status of an entrepreneur, and his “personal” creditors enter into an arrangement. The main effect of opening the restructuring procedure is restriction of the debtor in the management of his assets. That restriction is the greater the larger entitlements and protection against the creditors are obtained by the debtor under the procedure. That is why, in the course of the restructuring procedure the debtor is deprived of the right to manage his assets, whereas under the expedited arrangement procedure and the arrangement procedure this right is merely restricted, and at the stage of individual canvassing in the proceedings for approval of arrangement – debtor’s right to manage the assets is not restricted at all.