Founded in 1999, Merlin.pl – the oldest Polish online store – has been facing serious troubles for at least 4 years. In 2022, its stock market listings were suspended, and many customers had problems with receiving goods or the proper return of their money. As it turns out, the company managing the store hasn’t given up. In November of this year, it initiated a restructuring process. But what does this mean in practical terms?
A restructuring process is a form of reorganization aimed at rebuilding a company’s financial stability and protecting it from bankruptcy. This protection mainly stems from safeguarding the company from bailiff’s enforcement. After the restructuring process begins, all ongoing enforcement proceedings are suspended. What’s more, new enforcement actions cannot be started.
What does this mean for Merlin.pl creditors?
– Debts incurred before the start of restructuring, i.e., before November 4, 2024, can’t be repaid by Merlin.pl and will be included in a collective list approved by the Court. The creditors will only be paid after the plan is approved by the Court, which means in practice over a year after the start of this process. – explains Przemysław Furmanek from the Lege Restrukturyzacje law firm.
According to the expert, the coming days are crucial for the creditors. They should ensure that the aforementioned list of debts includes the full amounts and correctly calculated interest. Based on this list, creditors will later receive repayment, and will also be able to vote for or against Merlin.pl’s restructuring proposals.
It’s important to note that debts included in the debt record do not become statute-barred. And if the restructuring process is discontinued, the Court-approved list will have the force of a court judgment. Bailiff enforcement could be initiated based on it.
Can a creditor discontinue the restructuring process? The regulations are clear in this respect. The mere fact of a creditor’s disapproval of commencing a restructuring process is not enough. The creditor would have to prove that since the commencement of this process, Merlin.pl hasn’t been paying its current obligations in relation to supplies, services, etc.
So, what awaits creditors in the near future?
– There will be months of observation of the steps taken by the management and the court-appointed supervisor to improve the company’s situation. It will be a wait for restructuring proposals concerning the repayment of debts. After receiving such proposals, each of the creditors can cast their vote. Then all collected and counted votes in the form of majority will decide whether to accept or reject the plan proposed by Merlin.pl. – explains Przemysław Furmanek from the Lege Restrukturyzacje law firm.
The plan proposed by Merlin.pl may include the following options: repayment in installments, debt forgiveness, conversion of part of the debts into company shares, or the sale of assets and repayment of debts from this source.
Source: https://managerplus.pl/merlin-pl-broni-sie-przed-upadloscia-najstarszy-polski-sklep-internetowy-rozpoczal-postepowanie-sanacyjne-14642
