Public Financing of Restructuring

The Restructuring Law of 15 May 2015 makes provision for enterprises who wish to seek restructuring in a crisis situation. Restructuring, understood as the totality of activities from the time that difficulties arise to the time that financial health is restored, can be carried out successfully when appropriate financial support is secured. An important problem in the context of insolvency law is what instruments are available and where to seek financial assistance. This article focuses on entities that can offer help to a business in crisis, presents the national aid program “New Opportunity Policy”, designed to provide businesses with support from public funds, and discusses public aid instruments (rescue aid, temporary support and restructuring aid). It needs to be kept in mind that the company’s financial situation will determine which public aid instruments can be chosen to provide funding. The paper also highlights signifi cant difficulties in obtaining private (internal, external) financing for restructuring. With the public support offered under Guidelines [EFTA Surveillance Authority Decision No. 321/14/COL of 10 September 2014], the state can support an enterprise that is insolvent or endangered with insolvency in a difficult financial situation.ewa.janik@uekat.plUniversity of Economics in Katowice, PolandAdamus R., Geromin M., Groele B., Miczek Z. (eds.) (2021), Dyrektywa o restrukturyzacji i upadłości. Perspektywa międzynarodowa i polska, C.H. Beck, Warsaw.Ambroziak A., Pamuła-Wróbel K., Zenc R. (eds.) (2019), Pomoc publiczna dla przedsiębiorców. Wybrane zagadnienia, Wolters Kluwer, Warsaw.Janik E. (2019), Restructuring Advisor [in:] Kopeć, B. Mikuła (eds.), Knowledge – Economy – Society Challenges for contemporary economies – global, regional, network and organizational perspective, TNOIK, Toruń.Klimas D. (2017), Upadłościowy forum shopping w Unii Europejskiej. Pojęcie i ocena upadłościowej migracji celem uzyskania lepszej pozycji procesowej, “Internetowy Przegląd Prawniczy” TBSP UJ No. 10.Leszek E. (2010), Koncepcje zawodności rynku: teoria a rzeczywistość, “Equilibrium” No. 1.Sierakowski B., Zimmerman P. (eds.) (2020), Ustawa o udzielaniu pomocy publicznej. Komentarz, C.H. BECK, Warsaw.Witosz A. (eds.) (2021), Prawo upadłościowe, Komentarz, Wolters Kluwer, Warsaw.Directive (eu) No. 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (Directive on restructuring and insolvency).Eft a Surveillance Authority Decision No. 321/14/COL of 10 September 2014 amending for the one-hundredth time the procedural and substantive rules in the field of State aid by adopting new Guidelines on State aid for rescuing and restructuring non-fi nancial undertakings in difficulty (Guidelines 2015/1856).Bankruptcy Law Act of 28 February 2003 (Journal of Laws of 2021, item 1588 later amended).Restructuring Law Act of 15 May 2015 (Journal of Laws of 2020, item 1228 later amended).Rescue and Restructuring Aid Law Act of 16 July 2020 (Journal of Laws of 2020, item 1298 later amended).Government programme The Rescue and Restructuring Aid Law. Explanatory Memorandum – form No. 300.Scientific Conference – Restructuring Congress on December 9, 2021: Corporate Finance in Restructuring: “Public Aid”, M. Zalewska (Development and Industry).354