{"id":11336,"date":"2025-02-17T13:45:15","date_gmt":"2025-02-17T13:45:15","guid":{"rendered":"https:\/\/pmrsa.pl\/?p=11336"},"modified":"2025-03-20T12:48:47","modified_gmt":"2025-03-20T12:48:47","slug":"bankruptcy-estate-methods-of-liquidation-of-assets-in-bankruptcy-proceedings","status":"publish","type":"post","link":"https:\/\/pmrsa.pl\/en\/bankruptcy-estate-methods-of-liquidation-of-assets-in-bankruptcy-proceedings\/","title":{"rendered":"Bankruptcy estate \u2013 methods of liquidating assets in bankruptcy proceedings."},"content":{"rendered":"<p class=\"wp-block-paragraph\">In the previous article titled: <mark style=\"background-color: rgba(0, 0, 0, 0);\"><a title=\"\" href=\"https:\/\/pmrsa.pl\/en\/bankruptcy-estate-basic-information\/\"><strong>&quot;Bankruptcy estate - basic information&quot;<\/strong><\/a> <\/mark>basic information on the bankruptcy estate has been presented - what it is, what it consists of and what is its role in bankruptcy proceedings. This article will be a continuation and development of the subject of the bankruptcy estate, and specifically will focus on the methods of liquidation of the bankruptcy estate, i.e. will answer the question of how the trustee can sell the assets of the bankrupt debtor to satisfy the creditors to the highest possible extent. In simple terms, this is the stage in which all the debtor&#039;s assets are collected, assessed and sold, and the funds obtained are divided between the creditors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Contents:<\/strong><\/p>\n\n\n\n<ul>\n<li><a href=\"#aioseo-przebieg-likwidacji-masy-upadlosciowej\">The course of liquidation of the bankruptcy estate<\/a><\/li>\n<li><a href=\"#aioseo-1-powierzenie-zarzadu-masa-upadlosciowa-syndykowi\">1. Entrusting the management of the bankruptcy estate to the trustee<\/a><\/li>\n<li><a href=\"#aioseo-2-inwentaryzacja-i-ocena-masy-upadlosciowej\">2. Inventory and assessment of the bankruptcy estate<\/a><\/li>\n<li><a href=\"#aioseo-3-likwidacja-aktywow\">3. Liquidation of assets<\/a><\/li>\n<li><a href=\"#aioseo-3-1-zbycie-przedsiebiorstwa-jako-calosci\">3.1 Sale of the business as a whole<\/a><\/li>\n<li><a href=\"#aioseo-3-2-sprzedaz-z-wolnej-reki\">3.2 Negotiated sale<\/a><\/li>\n<li><a href=\"#aioseo-3-3-aukcja-i-przetarg\">3.3 Auction and tender<\/a><\/li>\n<li><a href=\"#aioseo-3-4-dochodzenie-splaty-wierzytelnosci\">3.4 Collection of receivables<\/a><\/li>\n<li><a href=\"#aioseo-3-5-przejecie-majatku-przez-wierzycieli\">3.5 Taking over of assets by creditors<\/a><\/li>\n<li><a href=\"#aioseo-3-6-pre-pack-czyli-przygotowana-likwidacja\">3.6 Pre-pack, or prepared liquidation<\/a><\/li>\n<li><a href=\"#aioseo-4-podzial-uzyskanych-srodkow-i-zakonczenie-postepowania\">4. Distribution of funds obtained and conclusion of the proceedings<\/a><\/li>\n<li><a href=\"#aioseo-podsumowanie\">Summary<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\">A few words about the article - Listen<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Masa-upadlosci-\u2013-sposoby-likwidacji-majatku-w-postepowaniach-upadlosciowych.mp3\"><\/audio><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>&nbsp;<a>The course of liquidation of the bankruptcy estate<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The liquidation of the bankruptcy estate aims to sell or recover the debtor&#039;s assets in order to maximize the satisfaction of creditors. The procedure includes several key stages:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-1-powierzenie-zarzadu-masa-upadlosciowa-syndykowi\"><a>1. Entrusting the management of the bankruptcy estate to the trustee<\/a><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After declaring bankruptcy, the court appoints a trustee to manage the bankruptcy estate. The trustee is responsible for liquidating the debtor&#039;s assets, selling assets, and settling the funds obtained from the sale.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-2-inwentaryzacja-i-ocena-masy-upadlosciowej\"><a>2. Inventory and assessment of the bankruptcy estate<\/a><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The trustee conducts a detailed inventory of the debtor&#039;s assets, determining which components are part of the bankruptcy estate. The trustee conducts an inventory of the assets and also orders the valuation of individual components of the bankruptcy estate. The valuation is important because it will help determine the market value of the items, which allows for determining which of them are suitable for sale and will bring real positive value in order to maximize the degree of satisfaction of creditors. It is important that the valuation process is conducted reliably, because an unreliable valuation could reduce the sale price, which would ultimately harm the creditors. Importantly, the participants in the proceedings have the right to familiarize themselves with such a valuation and even file an objection to it if it turns out to be unreliable. In accordance with the applicable regulations, the trustee is obliged to prepare an inventory list together with a liquidation plan within 30 days of the declaration of bankruptcy, in which he will present to the judge-commissioner the proposed methods of selling the bankrupt&#039;s assets, the date of sale, a budget of expenses and the economic justification for continuing to run the enterprise. If it is impossible to submit the above information within the specified deadline, the trustee shall prepare a general report on the state of the bankruptcy estate and the possibility of satisfying the creditors, and shall submit the remaining documents immediately as soon as possible.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-3-likwidacja-aktywow\"><a>3. Liquidation of assets<\/a><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After valuation and inventory, the trustee starts selling the components of the bankruptcy estate. This process is carried out in different ways depending on the components in the bankruptcy estate and their value. Liquidation may also look different in proceedings conducted against bankrupt companies than against consumers. The next article will discuss the issue of the influence of creditors and the judge-commissioner on the liquidation of the bankruptcy estate. In this state of affairs, this study does not take into account the specifics of individual types of bankruptcy proceedings, but is an outline of the generally available means available to the trustee in the course of liquidating the debtor&#039;s assets. &nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The trustee is required to sell the property for the highest possible price in order to ensure the highest possible profit for the creditors. At the same time, the liquidation is assumed <strong><a title=\"\" href=\"https:\/\/pmrsa.pl\/en\/what-is-bankruptcy-estate\/\">bankruptcy estate<\/a><\/strong> should be carried out efficiently, and the trustee should take steps to complete it within 6 months of the date of bankruptcy. The trustee cannot simply sell assets at a low price if there is no justifiable reason for doing so (e.g. lack of interest in the subject of the sale). According to the provisions of bankruptcy law, the sale should be conducted in an open and transparent manner.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The liquidation of the bankruptcy estate is carried out by means of an unrestricted sale or by way of a tender or auction of the bankrupt&#039;s enterprise in its entirety or its organised parts, real estate and movables, receivables and other property rights included in the bankruptcy estate, or by collecting receivables from the bankrupt&#039;s debtors and exercising his other property rights.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-3-1-zbycie-przedsiebiorstwa-jako-calosci\"><a>3.1 <\/a><strong><a title=\"\" href=\"https:\/\/pmrsa.pl\/en\/how-to-sell-a-company-without-debts\/\">Sale of the business as a whole<\/a><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;As a rule, if bankruptcy proceedings are conducted against a company, it should be sold as a whole in the liquidation process, which means that this involves the simultaneous acquisition of not only the movable and immovable assets of the company but also the name, concessions, permits, licenses, receivables, employment relations, etc. The trustee may decide to sell the company as a whole if he considers this to be the most advantageous solution. In such a case, the company may be sold to a single buyer who will continue its operations. This form of liquidation aims to maintain business continuity and employee employment. The sale of the debtor&#039;s entire company is one of the more complicated cases in bankruptcy proceedings. This type of sale requires a detailed analysis because the value of the company depends on many factors, including its profitability, location, the market value of its products and services, and its market potential. Only in the event that the sale of the company as a whole is not possible for economic or other reasons should the trustee consider a separate sale of individual components or an organized part of the company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The significance of the action taken by the Trustee in the scope of the sale of the enterprise as a whole is emphasized by the necessity for the Trustee to obtain the consent of the Board of Creditors to withdraw from the sale of the enterprise as a whole, and if the Board of Creditors was not appointed in the course of the proceedings, the necessity for the Trustee to obtain <strong><a title=\"\" href=\"https:\/\/pmrsa.pl\/en\/the-role-of-the-judge-commissioner-in-bankruptcy-proceedings\/\">The trustee<\/a><\/strong> consent of the Judge Commissioner.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-3-2-sprzedaz-z-wolnej-reki\"><a>3.2 Negotiated sale<\/a>&nbsp;<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/pmrsa.pl\/en\/whether-all-of-the-bankrupts-assets-are-included-in-the-bankruptcy-estate\/\"><img fetchpriority=\"high\" decoding=\"async\" width=\"827\" height=\"354\" src=\"https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Posty-na-strone-2.png\" alt=\"\" class=\"wp-image-12209\" title=\"\" srcset=\"https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Posty-na-strone-2.png 827w, https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Posty-na-strone-2-300x128.png 300w, https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Posty-na-strone-2-768x329.png 768w, https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Posty-na-strone-2-18x8.png 18w\" sizes=\"(max-width: 827px) 100vw, 827px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is a simplified and less formal method of selling seized assets. It also has other advantages, such as freedom in choosing a buyer and the possibility of negotiating the terms of sale. For example, assets can be sold in this way in a situation where:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>there is only one potential buyer (e.g. in the case of the sale of a receivable that is not of interest to other people).<\/li>\n\n\n\n<li>the value of the assets is too low to make it sensible to organise a tender or auction (e.g. in the case of used property of low value).<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Nevertheless, sales without auctions must be transparent and prices must be justified by market valuations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even before the formal commencement of the liquidation of the bankruptcy estate, the trustee may sell movables without the consent of the creditors&#039; committee or the judge-commissioner, if this is necessary to cover the costs of the proceedings. In addition, the trustee may sell movables that are subject to rapid deterioration or would lose significant value due to the delay in sale or whose storage entails costs that are too high in relation to their value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">During the proper liquidation of the estate, the trustee may sell components without a tender or auction procedure, after obtaining prior consent from the Judge-Commissioner or the Board of Creditors. This consent is not required in the case of the sale of movables if the estimated value of all movables included in the bankruptcy estate, as indicated in the inventory list, does not exceed the equivalent of PLN 50,000, and also in the case of the sale of receivables and other rights, if the nominal value of all receivables and other rights included in the bankruptcy estate, as indicated in the inventory list, does not exceed the equivalent of PLN 50,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"827\" height=\"354\" src=\"https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Rzetelna-inwentaryzacja.png\" alt=\"\" class=\"wp-image-11512\" title=\"\" srcset=\"https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Rzetelna-inwentaryzacja.png 827w, https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Rzetelna-inwentaryzacja-300x128.png 300w, https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Rzetelna-inwentaryzacja-768x329.png 768w, https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Rzetelna-inwentaryzacja-18x8.png 18w\" sizes=\"(max-width: 827px) 100vw, 827px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-3-3-aukcja-i-przetarg\">3.3 Auction and tender<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Other methods of selling assets included in the bankruptcy estate include auctions and tenders. An auction is a process in which potential buyers submit their bids publicly, and the price of the sale item increases as higher bids are submitted. Bidding can apply to various assets of the bankruptcy estate, including real estate or merchandise. The aim of the auction is to obtain the highest possible price. The trustee organizes an auction at which the assets are offered. Auctions often attract greater interest, which can lead to a higher sale price. In the case of public auctions, information about the auction is widely disseminated, which increases the chance of potential buyers participating.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A tender, on the other hand, is a more formal process in which the notice of sale specifies the rules for submitting bids. Interested buyers submit bids, and the trustee selects the one that offers the highest price or the most favorable terms. Tenders are usually used for more complex assets in the bankruptcy estate, such as businesses, commercial properties, or high-value machinery. Similar to an auction, a tender involves inviting potential buyers to submit bids for the purchase of assets. A minimum price is set, and then the bids are evaluated and the most favorable one is selected. Tenders can apply to individual assets or entire collections.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When organizing a tender and auction, the provisions of the Civil Code apply accordingly, except that:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<figure><a href=\"https:\/\/pmrsa.pl\/en\/economic-bankruptcy\/\"><img decoding=\"async\" style=\"width: 1387px; height: auto;\" src=\"https:\/\/pmrsa.pl\/wp-content\/uploads\/2024\/11\/bh4-1024x421.jpg\" alt=\"\" title=\"\"><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1) the terms of the tender or auction are approved by the judge-commissioner;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2) a tender or auction must be notified by means of an announcement at least two weeks before the date of the meeting scheduled to conduct it, and if the tender or auction concerns an enterprise of a public company \u2013 at least six weeks before the date of the meeting scheduled to conduct it;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3) the tender or auction is conducted in a public meeting;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4) the tender or auction is conducted by the trustee under the supervision of the judge-commissioner;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">5) the selection of the bidder is made by the trustee; the selection requires the approval of the judge-commissioner;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">6) the judge-commissioner may issue a decision approving the selection of the bidder at a closed session;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">7) the judge-commissioner may postpone the approval of the selection of the bidder for one week; in such a case, the decision on the approval of the selection of the bidder shall be announced<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-3-4-dochodzenie-splaty-wierzytelnosci\"><a>3.4 Collection of receivables<\/a><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The liquidation of the bankrupt&#039;s receivables can be carried out by selling them or collecting them. Before deciding on the choice of a specific method of liquidation, it is necessary to conduct a careful analysis, which will allow to assess which of the options will contribute to the best possible satisfaction of creditors. In this assessment, both the potential costs associated with each of these processes and the risk that the collection of receivables may end in failure should be taken into account. It is also important to consider the need to settle the liabilities indicated in Article 230 of the Bankruptcy Law, which will be related to the possible extension of the bankruptcy proceedings. Only in this way can an informed decision be made, which will be aimed at the maximum protection of the interests of creditors and effective management of the bankrupt&#039;s assets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"827\" height=\"354\" src=\"https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Bledy_3.png\" alt=\"\" class=\"wp-image-11517\" title=\"\" srcset=\"https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Bledy_3.png 827w, https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Bledy_3-300x128.png 300w, https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Bledy_3-768x329.png 768w, https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Bledy_3-18x8.png 18w\" sizes=\"(max-width: 827px) 100vw, 827px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In some situations, creditors may decide to seize the debtor&#039;s assets as part of the repayment of their debt. This method of liquidating the bankruptcy estate may be beneficial for creditors who, instead of pursuing their claims through bankruptcy proceedings, prefer to seize the assets and dispose of them themselves. What situations are we talking about?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The liquidation of movable assets encumbered with a registered pledge and receivables and rights encumbered with a registered pledge or a financial pledge may be effected by their takeover by the creditor who is the pledgee of the registered pledge or the financial pledge, if the agreement on the establishment of the pledge provides for the satisfaction of the pledgee by way of takeover of the subject of the pledge.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the pledged item is in the possession of the pledgee (or third parties), the pledgee shall notify the trustee of the satisfaction of the claim. <strong><a title=\"\" href=\"https:\/\/pmrsa.pl\/en\/the-role-of-the-judge-commissioner-in-bankruptcy-proceedings\/\">Judge-Commissioner<\/a><\/strong> may set an appropriate deadline for the pledgee to satisfy their claim from the pledged asset. If the pledgee has not exercised this right within the specified deadline, the person in whose possession the item encumbered by the registered pledge is located is obliged to deliver the pledged asset to the trustee, after which the trustee sells it and from the proceeds of the sale satisfies the secured creditor.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If, however, the subject of the registered pledge from which the creditor may satisfy his claim is in the possession of the trustee and the creditor has the right to take ownership of the subject, the judge-commissioner first sets a deadline for the creditor to exercise this right (no shorter than one month). However, if the pledgee does not exercise his right within the specified deadline, then the subject of the pledge will be sold in a manner permitted by the provisions of the Bankruptcy Law. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a situation where the bankruptcy estate includes movables, the sale of which is impossible under applicable regulations, the creditor has the right to take over ownership of these movables that have been put up for sale. The value of the items taken over cannot be lower than half of their estimated price. In the first place, the right to take over the movables is granted to the creditor whose claim is secured by a lien, including a registered lien or a fiscal lien on these movables, and then - to the creditor who offered the highest price. In order for the declaration of takeover to be taken into account, the creditor must submit it simultaneously with the full amount of the offered price. The transfer of ownership of the movables to the creditor takes place when the trustee informs him of the award of these items to him<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-3-6-pre-pack-czyli-przygotowana-likwidacja\"><a>3.6 Pre-pack, or prepared liquidation<\/a><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a title=\"\" href=\"https:\/\/pmrsa.pl\/en\/business-bankruptcy-information\/\">Prepared liquidation (pre-pack) is a procedure<\/a><\/strong>, which begins at the stage of the bankruptcy proceedings, and therefore before the actual declaration of the debtor&#039;s bankruptcy. Prepared liquidation gives the debtor the opportunity to consciously choose the purchaser of the assets (whether the entire enterprise, its organized part or only a valuable asset) at a price specified in the application and accepted by the court. Fulfillment of the statutory conditions in this procedure allows the liquidation of the indicated assets within 30 days from the date on which the court&#039;s decision approving such sale becomes final. This is the most advantageous method of liquidating assets for all participants in bankruptcy proceedings, because it translates into a reduction in its costs and, therefore, a higher degree of satisfaction of creditors. Due to the extensiveness of this topic, a separate article will be devoted to this issue in the near future.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"827\" height=\"354\" src=\"https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Projekt-bez-nazwy-7.png\" alt=\"\" class=\"wp-image-11509\" title=\"\" srcset=\"https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Projekt-bez-nazwy-7.png 827w, https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Projekt-bez-nazwy-7-300x128.png 300w, https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Projekt-bez-nazwy-7-768x329.png 768w, https:\/\/pmrsa.pl\/wp-content\/uploads\/2025\/02\/Projekt-bez-nazwy-7-18x8.png 18w\" sizes=\"(max-width: 827px) 100vw, 827px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-4-podzial-uzyskanych-srodkow-i-zakonczenie-postepowania\"><a>4. Distribution of funds obtained and conclusion of the proceedings<\/a><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">After the sale of assets, the trustee begins to distribute the funds obtained among the creditors. The funds are distributed in accordance with the classification of claims. Creditors whose claims were secured, e.g. by establishing a mortgage on the property sold by the trustee, can count on satisfaction from the funds obtained from the sale of the encumbered asset according to the order of priority to which they are entitled (according to the date of establishment of the security).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a title=\"\" href=\"https:\/\/pmrsa.pl\/en\/can-a-creditor-file-for-bankruptcy-of-debtor-2\/\"><strong>Creditors <\/strong><\/a>should be aware that bankruptcy proceedings, like enforcement proceedings, involve costs. The Bankruptcy Law Act specifies in detail how funds obtained from the liquidation of the bankruptcy estate may be spent. For example, the trustee may cover only part of the costs of bankruptcy proceedings from the funds obtained from the sale of secured assets. Funds obtained from the sale of unencumbered assets and those remaining from the sale of encumbered assets (after satisfying secured claims) contribute to the general funds of the bankruptcy estate, from which the costs of bankruptcy proceedings and other liabilities of the estate are first covered, and only after they have been satisfied are the funds distributed to creditors according to the categories in which their claims have been recognized.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Depending on the type of bankruptcy proceedings we are dealing with, the preparation of division plans will be a separate stage of such proceedings, after which the bankruptcy proceedings will be formally closed (in commercial bankruptcy or consumer bankruptcy on general terms) or it will be an element of the draft creditor repayment plan being prepared (in simplified consumer proceedings).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-podsumowanie\">Summary<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Liquidation of the bankruptcy estate is a complex process that requires thorough analysis and the use of various methods. The key to its effectiveness is skillful management of the debtor&#039;s assets and cooperation with creditors and other institutions. The right approach to liquidation can contribute to the satisfaction of creditors&#039; claims and the completion of bankruptcy proceedings in a manner satisfactory to all parties.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<h5 style=\"text-align: center;\"><em><strong>The bankruptcy estate liquidation process requires experience and regulatory compliance.<\/strong><\/em><br \/><em><strong>Collaboration with specialists allows us to carry it out effectively and legally.<\/strong><\/em><\/h5>\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>W poprzednim artykule pt: \u201eMasa upad\u0142o\u015bci \u2013 podstawowe informacje\u201d przedstawione zosta\u0142y podstawowe informacje nt. masy upad\u0142o\u015bci \u2013 czym ona jest, co wchodzi w jej sk\u0142ad i jaka jest jej rola w post\u0119powaniu upad\u0142o\u015bciowym.&nbsp; Niniejszy artyku\u0142 stanowi\u0107 b\u0119dzie kontynuacje i rozwini\u0119cie tematu masy upad\u0142o\u015bci, a&nbsp; konkretnie skupia\u0107 si\u0119 b\u0119dzie na sposobach likwidacji masy upad\u0142o\u015bci, czyli odpowiada\u0107 b\u0119dzie na pytanie w jaki spos\u00f3b syndyk mo\u017ce sprzedawa\u0107 maj\u0105tek upad\u0142ego d\u0142u\u017cnika, by zaspokoi\u0107 wierzycieli w jak najwy\u017cszym stopniu.&nbsp; W uproszczeniu, jest to etap, w kt\u00f3rym ca\u0142y maj\u0105tek d\u0142u\u017cnika zostaje zebrany, oceniony i sprzedany, a uzyskane \u015brodki dzielone pomi\u0119dzy wierzycieli. Spis Tre\u015bci: Kilka s\u0142\u00f3w o artykule- Pos\u0142uchaj &nbsp;Przebieg likwidacji masy upad\u0142o\u015bciowej Likwidacja masy upad\u0142o\u015bciowej ma na celu sprzeda\u017c czy te\u017c odzyskanie aktyw\u00f3w d\u0142u\u017cnika w celu maksymalizacji zaspokojenia wierzycieli. Procedura ta obejmuje kilka kluczowych etap\u00f3w: 1. Powierzenie zarz\u0105du mas\u0105 upad\u0142o\u015bciow\u0105 syndykowi &nbsp; Po og\u0142oszeniu upad\u0142o\u015bci s\u0105d powo\u0142uje syndyka, kt\u00f3ry zarz\u0105dza mas\u0105 upad\u0142o\u015bciow\u0105. Syndyk pe\u0142ni rol\u0119 osoby odpowiedzialnej za likwidacj\u0119 maj\u0105tku d\u0142u\u017cnika, sprzeda\u017c aktyw\u00f3w, a tak\u017ce za rozliczenie \u015brodk\u00f3w uzyskanych z tej sprzeda\u017cy. 2. Inwentaryzacja i ocena masy upad\u0142o\u015bciowej &nbsp; Syndyk przeprowadza szczeg\u00f3\u0142ow\u0105 inwentaryzacj\u0119 mienia d\u0142u\u017cnika, ustalaj\u0105c, jakie sk\u0142adniki wchodz\u0105 w sk\u0142ad masy upad\u0142o\u015bciowej. Syndyk dokonuje inwentaryzacji mienia, a tak\u017ce zleca wycen\u0119 poszczeg\u00f3lnych sk\u0142adnik\u00f3w masy upad\u0142o\u015bciowej. Wycena jest istotna, poniewa\u017c pomo\u017ce okre\u015bli\u0107 warto\u015b\u0107 rynkow\u0105 przedmiot\u00f3w, co pozwala na ustalenie, kt\u00f3re z nich nadaj\u0105 si\u0119 do sprzeda\u017cy i przynios\u0105 realn\u0105 warto\u015b\u0107 dodatni\u0105 w celu maksymalizacji stopnia zaspokojenia wierzycieli.&nbsp; Wa\u017cne jest, aby proces wyceny by\u0142 przeprowadzony rzetelnie, poniewa\u017c nierzetelna wycena mog\u0142aby wp\u0142yn\u0105\u0107 na obni\u017cenie ceny sprzeda\u017cy, co w efekcie zaszkodzi\u0142oby wierzycielom. Co istotne, uczestnicy post\u0119powania maj\u0105 prawo zapozna\u0107 si\u0119 z tak\u0105 wycen\u0105, a nawet wnie\u015b\u0107 co do niej sprzeciw, gdyby taka okaza\u0142a si\u0119 nierzetelna.&nbsp; Zgodnie z obowi\u0105zuj\u0105cymi przepisami syndyk ma obowi\u0105zek w terminie 30 dnia od og\u0142oszenia upad\u0142o\u015bci sporz\u0105dzi\u0107 spis inwentarza wraz z planem likwidacyjnym, w kt\u00f3rym przedstawi s\u0119dziemu-komisarzowi proponowane sposoby sprzeda\u017cy maj\u0105tku upad\u0142ego, termin sprzeda\u017cy, preliminarz wydatk\u00f3w oraz ekonomiczne uzasadnienie dalszego prowadzenia przedsi\u0119biorstwa. W przypadku braku mo\u017cliwo\u015bci z\u0142o\u017cenia w\/w informacji w wyznaczonym terminie syndyk sporz\u0105dza sprawozdanie og\u00f3lne o stanie masy upad\u0142o\u015bci i o mo\u017cliwo\u015bci zaspokojenia wierzycieli, za\u015b pozosta\u0142e dokumenty sk\u0142ada niezw\u0142ocznie, gdy tylko b\u0119dzie to mo\u017cliwe. 3. Likwidacja aktyw\u00f3w &nbsp; Po dokonaniu wyceny i inwentaryzacji, syndyk przyst\u0119puje do sprzeda\u017cy sk\u0142adnik\u00f3w masy upad\u0142o\u015bciowej. Proces ten odbywa si\u0119 na r\u00f3\u017cne sposoby w zale\u017cno\u015bci od tego jakie sk\u0142adniki wyst\u0119puj\u0105 w masie upad\u0142o\u015bci oraz jaka jest ich warto\u015b\u0107. Odmiennie te\u017c wygl\u0105da\u0107 mo\u017ce likwidacja w ramach post\u0119powa\u0144 prowadzonych wzgl\u0119dem upad\u0142ych przedsi\u0119biorstw, a&nbsp; inaczej wzgl\u0119dem konsument\u00f3w. W kolejnym artykule zostanie poruszona kwestia zwi\u0105zana z wp\u0142ywem wierzycieli i s\u0119dziego-komisarza na likwidacj\u0119 masy upad\u0142o\u015bci. W tym stanie rzeczy niniejsze opracowanie nie uwzgl\u0119dnia specyfiki poszczeg\u00f3lnych rodzaj\u00f3w post\u0119powa\u0144 upad\u0142o\u015bciowych a stanowi zarys og\u00f3lnie dost\u0119pnych \u015brodk\u00f3w jakimi dysponuje syndyk w toku likwidacji maj\u0105tku d\u0142u\u017cnika. &nbsp;&nbsp; Syndyk ma obowi\u0105zek sprzeda\u017cy mienia za najwy\u017csz\u0105 mo\u017cliw\u0105 cen\u0119, aby zapewni\u0107 jak najwi\u0119kszy zysk dla wierzycieli. Jednocze\u015bnie w za\u0142o\u017ceniu likwidacja masy upad\u0142o\u015bci winna by\u0107 przeprowadzona sprawnie, a syndyk winien podejmowa\u0107 dzia\u0142ania umo\u017cliwiaj\u0105ce jej zako\u0144czenie w ci\u0105gu 6 miesi\u0119cy od dnia og\u0142oszenia upad\u0142o\u015bci. Syndyk nie mo\u017ce po prostu sprzeda\u0107 aktyw\u00f3w po zani\u017conej cenie, je\u017celi nie zachodzi ku temu uzasadniony pow\u00f3d (np. brak zainteresowania przedmiotem sprzeda\u017cy). Zgodnie z przepisami prawa upad\u0142o\u015bciowego, sprzeda\u017c powinna odbywa\u0107 si\u0119 w spos\u00f3b jawny i przejrzysty. Likwidacji masy upad\u0142o\u015bci dokonuje si\u0119 przez sprzeda\u017c z wolnej r\u0119ki lub w drodze przetargu lub aukcji przedsi\u0119biorstwa upad\u0142ego w ca\u0142o\u015bci lub jego zorganizowanych cz\u0119\u015bci, nieruchomo\u015bci i ruchomo\u015bci, wierzytelno\u015bci oraz innych praw maj\u0105tkowych wchodz\u0105cych w sk\u0142ad masy upad\u0142o\u015bci albo przez \u015bci\u0105gni\u0119cie wierzytelno\u015bci od d\u0142u\u017cnik\u00f3w upad\u0142ego i wykonanie innych jego praw maj\u0105tkowych. 3.1 Zbycie przedsi\u0119biorstwa jako ca\u0142o\u015bci &nbsp; &nbsp;Co do zasady, je\u015bli prowadzone jest post\u0119powanie upad\u0142o\u015bciowe przedsi\u0119biorstwa, w procesie likwidacji winno by\u0107 ono sprzedane jako ca\u0142o\u015bci, a zatem dotyczy to jednoczesnego nabycia nie tylko samych ruchomo\u015bci i nieruchomo\u015bci przedsi\u0119biorstwa lecz tak\u017ce nazwy, koncesji, zezwole\u0144, licencji, nale\u017cno\u015bci, stosunk\u00f3w pracowniczych, itd. . Syndyk mo\u017ce zdecydowa\u0107 si\u0119 na sprzeda\u017c przedsi\u0119biorstwa w ca\u0142o\u015bci, je\u017celi uzna, \u017ce jest to najkorzystniejsze rozwi\u0105zanie. W takim przypadku, przedsi\u0119biorstwo mo\u017ce zosta\u0107 sprzedane jednemu nabywcy, kt\u00f3ry b\u0119dzie kontynuowa\u0142 jego dzia\u0142alno\u015b\u0107. Taka forma likwidacji ma na celu zachowanie ci\u0105g\u0142o\u015bci dzia\u0142alno\u015bci oraz zatrudnienia pracownik\u00f3w. Sprzeda\u017c ca\u0142ego przedsi\u0119biorstwa d\u0142u\u017cnika jest jednym z bardziej skomplikowanych przypadk\u00f3w w post\u0119powaniu upad\u0142o\u015bciowym. Tego typu sprzeda\u017c wymaga szczeg\u00f3\u0142owej analizy bowiem warto\u015b\u0107 przedsi\u0119biorstwa zale\u017cy od wielu czynnik\u00f3w, w tym jego rentowno\u015bci, lokalizacji, warto\u015bci rynkowej jego produkt\u00f3w i us\u0142ug, oraz jego rynkowego potencja\u0142u. Dopiero w przypadku, gdy zbycie przedsi\u0119biorstwa jako ca\u0142o\u015bci nie jest mo\u017cliwe ze wzgl\u0119d\u00f3w ekonomicznych lub innych syndyk powinien rozwa\u017cy\u0107 odr\u0119bn\u0105 sprzeda\u017c poszczeg\u00f3lnych sk\u0142adnik\u00f3w, tudzie\u017c zorganizowanej cz\u0119\u015bci przedsi\u0119biorstwa. Istotno\u015b\u0107 podj\u0119cia przez Syndyka dzia\u0142a\u0144 w zakresie sprzeda\u017cy przedsi\u0119biorstwa jako ca\u0142o\u015bci podkre\u015bla konieczno\u015b\u0107 uzyskania przez Syndyka zgody Rady Wierzycieli na odst\u0105pienie od sprzeda\u017cy przedsi\u0119biorstwa jako ca\u0142o\u015bci, a gdy Rada Wierzycieli nie zosta\u0142a powo\u0142ana w toku postepowaniu, konieczno\u015b\u0107 uzyskania przez Syndyka zgody S\u0119dziego Komisarza. 3.2 Sprzeda\u017c z wolnej r\u0119ki&nbsp; &nbsp; Jest to uproszczona i mniej sformalizowana metoda spieni\u0119\u017cenia zaj\u0119tego maj\u0105tku. Ma te\u017c inne zalety, tj. swobod\u0119 w wyborze kupuj\u0105cego, czy mo\u017cliwo\u015b\u0107 negocjacji warunk\u00f3w sprzeda\u017cy. Przyk\u0142adowo, aktywa mog\u0105 by\u0107 sprzedane w taki spos\u00f3b w sytuacji, gdy: Mimo to, sprzeda\u017c bez licytacji musi by\u0107 przejrzysta, a ceny musz\u0105 by\u0107 uzasadnione wycen\u0105 rynkow\u0105. Jeszcze przed formalnym rozpocz\u0119ciem likwidacji masy upad\u0142o\u015bci syndyk mo\u017ce sprzeda\u0107 z wolnej r\u0119ki bez zezwolenia rady wierzycieli lub s\u0119dziego komisarza ruchomo\u015bci, je\u017celi jest to potrzebne na zaspokojenie koszt\u00f3w post\u0119powania. Ponadto syndyk mo\u017ce sprzeda\u0107 ruchomo\u015bci, kt\u00f3re ulegaj\u0105 szybkiemu zepsuciu lub wskutek op\u00f3\u017anienia sprzeda\u017cy straci\u0142yby znacznie na warto\u015bci albo kt\u00f3rych przechowanie poci\u0105ga za sob\u0105 koszty zbyt wysokie w stosunku do ich warto\u015bci. W toku w\u0142a\u015bciwej likwidacji masy syndyk mo\u017ce dokonywa\u0107 sprzeda\u017cy sk\u0142adnik\u00f3w bez procedury przetargu tudzie\u017c aukcji, po wcze\u015bniejszym uzyskaniu zgody od S\u0119dziego komisarza lub Rady wierzycieli. Zgoda ta nie jest wymagana w przypadku sprzeda\u017cy ruchomo\u015bci, je\u017celi wskazana w spisie inwentarza warto\u015b\u0107 oszacowania wszystkich ruchomo\u015bci wchodz\u0105cych w sk\u0142ad masy upad\u0142o\u015bci nie przekracza r\u00f3wnowarto\u015bci 50&nbsp;000 z\u0142, a tak\u017ce w przypadku sprzeda\u017cy wierzytelno\u015bci oraz innych praw, je\u017celi wskazana w spisie nale\u017cno\u015bci warto\u015b\u0107 nominalna wszystkich wierzytelno\u015bci oraz innych praw wchodz\u0105cych w sk\u0142ad masy upad\u0142o\u015bci nie przekracza r\u00f3wnowarto\u015bci 50 000 z\u0142. 3.3 Aukcja i przetarg &nbsp; Kolejnymi sposobami sprzeda\u017cy maj\u0105tku wchodz\u0105cego w sk\u0142ad masy upad\u0142o\u015bci jest aukcja i przetarg. Aukcja to proces, w kt\u00f3rym<\/p>","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[19],"tags":[],"ppma_author":[35],"class_list":["post-11336","post","type-post","status-publish","format-standard","hentry","category-blog"],"authors":[{"term_id":35,"user_id":16,"is_guest":0,"slug":"m-zabinskapmr-restructuring-pl","display_name":"Magdalena \u017babi\u0144ska","avatar_url":{"url":"https:\/\/pmrsa.pl\/wp-content\/uploads\/2024\/09\/user07-1.jpg","url2x":"https:\/\/pmrsa.pl\/wp-content\/uploads\/2024\/09\/user07-1.jpg"},"0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/pmrsa.pl\/en\/wp-json\/wp\/v2\/posts\/11336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pmrsa.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pmrsa.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pmrsa.pl\/en\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/pmrsa.pl\/en\/wp-json\/wp\/v2\/comments?post=11336"}],"version-history":[{"count":0,"href":"https:\/\/pmrsa.pl\/en\/wp-json\/wp\/v2\/posts\/11336\/revisions"}],"wp:attachment":[{"href":"https:\/\/pmrsa.pl\/en\/wp-json\/wp\/v2\/media?parent=11336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pmrsa.pl\/en\/wp-json\/wp\/v2\/categories?post=11336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pmrsa.pl\/en\/wp-json\/wp\/v2\/tags?post=11336"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/pmrsa.pl\/en\/wp-json\/wp\/v2\/ppma_author?post=11336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}