At the beginning of the year, the District Court in Zielona Góra received a bankruptcy petition against the online currency exchange platform Cinkciarz.pl. The motion was filed by a client who had been waiting for the release of their funds — a step triggered by the failure of a court bailiff’s enforcement attempt. This week, the Court granted the motion and has officially declared the controversial company bankrupt. What does this mean for the large number of creditors?
In theory, a company’s bankruptcy means little to no chance of recovering outstanding claims, but in practice, the situation is not hopeless. The key point is that all creditors now have equal legal standing in pursuing their claims — provided they submit them via the National Debtors Register (Krajowy Rejestr Zadłużonych) by 26 November 2025. Submissions after that date are still allowed but will require a non-refundable flat fee for late filing.
“The declaration of bankruptcy is particularly beneficial for creditors who have so far remained passive observers of the situation,” explains Przemysław Furmanek of the law firm Lege Restrukturyzacje. “Some affected individuals had tried to enforce their claims earlier, but due to the limited powers of court bailiffs, this was extremely difficult.”
A court-appointed trustee (syndyk) will now gain full access to the company’s accounting records, bank accounts and the legal authority to manage all remaining assets. A comprehensive audit will be carried out to maximize the effectiveness of recovery efforts. The estimated damage allegedly caused by the company’s management exceeds PLN 125 million.
“The trustee’s task is to determine and inventory all assets currently held by the company. Equally important is identifying assets that were transferred out of the company. The trustee has legal tools to reclaim those assets — in whole or in part — which could significantly improve creditor compensation,” Furmanek adds.
Because of the large number of creditors (around 7,000) and the complexity of the case, the bankruptcy proceedings could take several years. Still, there is reasonable hope for affected parties to recover at least a portion of their funds.
Was bankruptcy the only or best solution in this situation?
“In general, restructuring is a far better outcome for creditors than bankruptcy. In insolvency proceedings, creditor recovery rates are often as low as 1–20 percent. In restructuring, by contrast, a settlement can provide for repayment of at least half of the outstanding debt,” Furmanek explains.
