The social market economy is characterized by a multitude of enterprises in the most different forms. However, companies are often face financial difficulties that can be so severe that bankruptcy may be the consequence, or that the same cannot be prevented anymore. In such a case, creditor claims, i. e. debts, cannot be served at all, or they can be served in part only. In the light of these considerations, the Polish bankruptcy law was subject to reforms in the domain of rescuing enterprises. These reforms have, in particular, led to the introduction of a prepared liquidation (the so-called przygotowana likwidacja, in English: “pre-pack”). This article provides an overview of the reasons for this reform, and it describes the statutorily prescribed procedure. A discussion of the pros and possible cons of the Polish pre-pack procedure reveals that the latter significantly supports the crucial objectives of bankruptcy proceedings, i. e. satisfying creditors (claims) to the utmost extent, as well as facilitating the rescuing of cash-strapped enterprises.
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