Pre-pack, i.e. bankruptcy under control
Bankruptcy procedure is associated with a tedious and lengthy procedure aimed at ending business activities of an indebted entity. Its effects are usually not satisfactory for any of parties. The bankrupt loses its assets and ceases activities, whereas creditors recover a negligible part of their claims.
However, changes in the bankruptcy procedure that relate to prepared liquidation (so-called pre-pack) are perceived positively. The advantage of the prepared liquidation is the possibility of accelerated disposal of bankruptcy estate and recovering funds to satisfy creditors.
Marcin Borkowski, Ph.D., writes more about so called pre-packs in his article on Lexplorers.pl.
Link to the article: http://lexplorers.pl/pre-pack-czyli-upadlosc-pod-kontrola/
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