Joint success of BBS and Nowacka & Górnicki in the Szembeka Shopping Center case

This is a joint success of the law firm Nowacka & Górnicki and the law firm BBS. In the proceedings, Karolina Nowacka acts as court supervisor, while attorney-at-law Wojciech Bokina is the supervisor’s attorney. The case is extremely momentous due to the value of the sum of claims, which amounted to more than PLN 100 million. A number of complex issues arose in the proceedings, including:

• the effectiveness of the assignment of future receivables during the restructuring;
• public assistance in restructuring;
• the entity entitled to vote in a situation where a mortgage administrator is appointed;
• the extent to which a personal creditor holding a security interest in rem in the debtor’s assets is covered by the arrangement;
• the effectiveness of an investment agreement entered into by the debtor; and many others.

Approximately ten expert opinions from various fields of law were presented. In the oral recitals of the decision, the Court shared the interpretations provided by the court supervisor. As regards the existence or absence of an obligation to pay security claims in kind after the date of opening restructuring proceedings, the Court pointed out that it is reasonable to formulate de lege ferenda postulates that the legislator should regulate this issue directly.

These proceedings show how, in the successful conclusion of an arrangement, the active role of the court supervisor is very important, both in contacts with creditors, the debtor and potential investors. Although the proceedings, which have lasted almost three years, have shown that restructuring may not always be the simplest solution (it is much easier to ‘turn off the light’), if conducted properly, it can lead to a joint solution for the benefit of creditors, the debtor and also favours the protection and preservation of many jobs, which is particularly important in the current economic climate.

The order approving the arrangement can still be appealed against. As part of the BBS law firm, the case was also handled by advocate Paulina Sułkowska and advocate Aleksandra Bobińska.