The report on the international conference "Preventive Restructuring in Europe. The PRD at Five: from Policy to Practice".

On 17-18 April, a conference on the implementation of the EU Preventive Restructuring Directive (PRD) organized by CERIL - Conference on European Restructuring and Insolvency Law was held at Mykolas Romeris University in Vilnius (MRU, Mykolas Romeris University). During the two-day conference, the experiences of individual EU Member States in the process of implementing the Preventive Restructuring Directive and the application of the implemented solutions were presented.      

The conference was attended by members of the Institute of Bankruptcy, Restructuring and Insolvency Law - Prof. Anna Hrycaj and Dr. Bartosz Sierakowski.  It was the second visit of representatives of our Institute to Mykolas Römeris University in Vilnius (MRU) this year. Participation in the conference is also a continuation of the cooperation between Lazarski University and CERIL. Previously, Dr. Anna Hrycaj and Dr. Bartosz Sierakowski, together with CERIL, organized a scientific seminar on the impact of anti-Russian sanctions on the bankruptcy of companies doing business in the European Union ("Webinar on EU sanctions against Russia and their effects on the bankruptcies of EU-based enterprises"). 

Most of the papers presented during the conference showed that the countries that implemented the PRD did so while respecting their own legal culture and previously existing solutions of national law. Very interestingly, against the background of the solutions adopted in other countries, it is clear that Polish law implements the vast majority of the Directive's solutions to a greater than minimal extent. 

It was also very interesting to compare the effectiveness of different systems of restructuring law, where the first indicator can be the number of restructuring proceedings conducted and the number of approved arrangements. Last year there were about 4,200 proceedings in Poland. On average, 40% of proceedings end with the approval of an arrangement. Interestingly, in many European countries the number of restructuring proceedings is a few, a dozen or a few dozen proceedings per year with an effectiveness of a dozen or so percent. Thus, it can be seen that Polish regulations are not only in line with the solutions of the Directive, but also very effective.