{"id":3296,"date":"2024-09-23T21:03:53","date_gmt":"2024-09-23T19:03:53","guid":{"rendered":"https:\/\/newpmr.restrukturyzacja.app\/?p=3296"},"modified":"2025-05-31T05:50:37","modified_gmt":"2025-05-31T05:50:37","slug":"arrangement-proposals-the-most-important-document-in-restructuring-proceedings","status":"publish","type":"post","link":"https:\/\/newpmr.restrukturyzacja.app\/en\/arrangement-proposals-the-most-important-document-in-restructuring-proceedings\/","title":{"rendered":"Arrangement proposals \u2013 the most important document in restructuring proceedings"},"content":{"rendered":"<p>Arrangement proposals are definitely the most important document in restructuring proceedings, being both an offer and a promise that the entrepreneur makes to his creditors. Properly prepared, realistic and feasible arrangement proposals are the key to success in restructuring proceedings, because they can help to keep the company on the market and secure the redistribution of funds as part of the implementation of the arrangement, securing the protection of the legitimate rights of creditors. In this article, we would like to present you with the most important information in this area.&nbsp;<br><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Contents:<\/strong><br><br><\/h4>\n\n\n\n<div class=\"wp-block-aioseo-table-of-contents\"><ul><li><a href=\"#aioseo-kilka-slow-o-artykule-posluchaj\">A few words about the article - Listen<\/a><\/li><li><a href=\"#aioseo-co-to-sa-propozycje-ukladowe\">1. What are arrangement proposals?<\/a><\/li><li><a href=\"#aioseo-2-jaki-jest-cel-skladania-propozycji-ukladowych-w-postepowaniu-restrukturyzacyjnym\">2. What is the purpose of submitting arrangement proposals in restructuring proceedings?<\/a><\/li><li><a href=\"#aioseo-3-sklada-propozycje-ukladowe-w-postepowaniu-restrukturyzacyjnym\">3. Who submits arrangement proposals in restructuring proceedings?<\/a><\/li><li><a href=\"#aioseo-4-jakie-sa-mozliwe-sposoby-restrukturyzacji-zobowiazan-w-ramach-propozycji-ukladowych\">4. What are the possible ways of restructuring liabilities under the arrangement proposals?<\/a><\/li><li><a href=\"#aioseo-5-czy-propozycje-ukladowe-musza-byc-takie-same-dla-wszystkich-wierzycieli\">5. Do arrangement proposals have to be the same for all creditors?<\/a><\/li><li><a href=\"#aioseo-6-z-czego-finansowane-sa-propozycje-ukladowe\">6. How are the arrangement proposals financed?<\/a><\/li><li><a href=\"#aioseo-7-jak-przebiega-glosowanie-nad-propozycjami-ukladowymi\">7. How does voting on arrangement proposals proceed?<\/a><\/li><li><a href=\"#aioseo-8-kiedy-propozycje-ukladowe-zostaja-przyjete-i-czy-wszyscy-wierzyciele-musza-zaakceptowac-propozycje-ukladowe\">8. When are arrangement proposals accepted and do all creditors have to accept the arrangement proposals?<\/a><\/li><li><a href=\"#aioseo-9-jakie-sa-szanse-na-zatwierdzenie-propozycji-ukladowych\">9. What are the chances of approval of the arrangement proposals?<\/a><\/li><li><a href=\"#aioseo-10-kto-moze-pomoc-w-przygotowaniu-propozycji-ukladowych-i-czy-warto-zlecic-ich-przygotowanie\">10. Who can help prepare arrangement proposals and is it worth outsourcing their preparation?<\/a><\/li><\/ul><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\" id=\"aioseo-kilka-slow-o-artykule-posluchaj\">A few words about the article - Listen<\/h4>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/newpmr.restrukturyzacja.app\/wp-content\/uploads\/2024\/09\/Propozycje-ukladowe-.mp3\"><\/audio><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-co-to-sa-propozycje-ukladowe\">1. <strong>What are arrangement proposals?<\/strong><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>Arrangement proposals define the principles and methods of satisfying the obligations <a href=\"https:\/\/newpmr.restrukturyzacja.app\/en\/can-a-creditor-file-for-bankruptcy-of-debtor-2\/\" data-wpil-monitor-id=\"1183\">the debtor towards his creditors<\/a>. In other words, it is an offer <a href=\"https:\/\/newpmr.restrukturyzacja.app\/en\/i-would-like-to-reach-an-agreement-with-my-creditors\/\" data-wpil-monitor-id=\"1530\">agreement addressed to creditors<\/a> containing the most important provisions for the parties, as to the methods, deadlines, amounts and forms of settlement. Arrangement proposals in restructuring proceedings, due to the fact that they generally cover a wider range of receivables, are much more complex and allow for the conclusion of a comprehensive arrangement, even in the absence of acceptance by some creditors.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-2-jaki-jest-cel-skladania-propozycji-ukladowych-w-postepowaniu-restrukturyzacyjnym\"><strong>2. What is the purpose of submitting arrangement proposals in restructuring proceedings?<\/strong><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>As indicated, arrangement proposals are by far the most important document in restructuring proceedings, because their provisions constitute the arrangement concluded with creditors, and the manner specified therein <a href=\"https:\/\/newpmr.restrukturyzacja.app\/en\/how-can-i-get-help-with-the-restructuring-process\/\" data-wpil-monitor-id=\"1925\">restructuring of liabilities determines the success of the entire process<\/a>The purpose of the restructuring procedure described in the Act is to avoid the declaration of bankruptcy of the debtor by enabling him <a href=\"https:\/\/newpmr.restrukturyzacja.app\/en\/negotiations-with-creditors-in-the-restructuring-process-whether-mediation-helps-in-restructuring-the-company\/\">restructuring through an arrangement with creditors<\/a>and in the case of restructuring proceedings \u2013 also by carrying out restructuring activities, while securing the legitimate rights of creditors. The arrangement and the arrangement proposals it comprises are therefore a strategic tool in the entire process, which determines the achievement of its goal.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-3-sklada-propozycje-ukladowe-w-postepowaniu-restrukturyzacyjnym\"><strong>3. Who submits arrangement proposals in restructuring proceedings?<\/strong><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>The right to submit arrangement proposals is held not only by the debtor but also by <a href=\"https:\/\/newpmr.restrukturyzacja.app\/en\/mediatel-appeals-against-the-resolution-of-the-creditors-council-regarding-the-change-of-the-administrator-of-hawe-telekom\/\" data-wpil-monitor-id=\"1450\">creditors council<\/a>, court supervisor or administrator and creditor or creditors with more than PLN 30% of total receivables (<em>excluding the claims of a co-debtor, surety, guarantor or bank opening letters of credit that has not satisfied the creditor; acquired by way of transfer or endorsement after the opening of restructuring proceedings and entities and persons associated with the debtor, which are specified in detail in Article 116 of the Restoration Law.<\/em>). In practice, the vast majority of proposals are submitted by the debtor, and the work is carried out with the support of a restructuring advisor. Due to the fact that the right to submit them is granted to a larger number of entities, there are situations where several arrangement proposals are submitted in the restructuring proceedings. Then, they are put to a vote one by one (at the creditors&#039; meeting, the order is determined by the Judge Commissioner), and those that receive the greatest support calculated in relation to the sum of the creditors&#039; voting receivables are considered accepted.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-4-jakie-sa-mozliwe-sposoby-restrukturyzacji-zobowiazan-w-ramach-propozycji-ukladowych\"><strong>4. What are the possible ways of restructuring liabilities under the arrangement proposals?<\/strong><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>The catalogue of possible methods of restructuring liabilities that may be proposed to creditors in the content of arrangement proposals is open, which does not mean, however, that all conceivable methods and structures are permissible. Arrangement proposals must, firstly, be in accordance with the law, and secondly, the Restructuring Law itself limits the possibilities of restructuring certain types of liabilities, e.g. employee or public law - towards ZUS. <\/p>\n\n\n\n<p>In the restructuring proceedings, the legislator limited itself to indicating examples of possible ways of restructuring liabilities, which may include in particular: <\/p>\n\n\n\n<p>\u2013 postponement of the payment deadline or performance of the obligation;<\/p>\n\n\n\n<p>\u2013 payment by instalments;<\/p>\n\n\n\n<p>\u2013 reduction in height;<\/p>\n\n\n\n<p>\u2013 conversion of receivables into shares or stocks;<\/p>\n\n\n\n<p>\u2013 change, exchange or revocation of the right securing a specific receivable.<\/p>\n\n\n\n<p>Within the limits of the freedom to shape arrangement proposals, it is possible to indicate one or more of the above-mentioned methods of restructuring.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-5-czy-propozycje-ukladowe-musza-byc-takie-same-dla-wszystkich-wierzycieli\"><strong>5. Do arrangement proposals have to be the same for all creditors?&nbsp;<\/strong><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>As a rule, the conditions <a href=\"https:\/\/newpmr.restrukturyzacja.app\/en\/quick-restructuring-come-to-an-agreement-with-creditors\/\" data-wpil-monitor-id=\"849\">restructuring of the debtor&#039;s obligations should be the same for all creditors<\/a>, although the Act allows for certain derogations. <\/p>\n\n\n\n<p>First <a href=\"https:\/\/newpmr.restrukturyzacja.app\/en\/financing-during-restructuring-how-companies-can-get-it\/\">as already indicated, the Act limits the possible methods of restructuring<\/a> certain types of receivables, including employee receivables or Social Insurance Institution contributions. <\/p>\n\n\n\n<p>Secondly, it allows for granting more favourable restructuring conditions to a creditor who, after opening <a href=\"https:\/\/newpmr.restrukturyzacja.app\/en\/variation-proceedings-part-3\/\" data-wpil-monitor-id=\"11\">restructuring proceedings<\/a> has provided or is to provide the financing necessary to implement the arrangement. <\/p>\n\n\n\n<p>Thirdly, it allows for the division of creditors into groups within which the proposals must be homogeneous, while allowing for the differentiation of the method of satisfaction between groups. The criteria for distinguishing groups can be made, among others, based on the criterion of the value of the receivables, their nature, or their maturity. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-6-z-czego-finansowane-sa-propozycje-ukladowe\"><strong>6. How are the arrangement proposals financed?<\/strong><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>Catalog of financing sources for proposals <a href=\"https:\/\/newpmr.restrukturyzacja.app\/en\/property-lease-fund-offers-up-to-30-year-leases\/\" data-wpil-monitor-id=\"1609\">arrangement and the arrangement concluded on their basis<\/a> is also not closed. For example, proposals may provide for financing the arrangement:<\/p>\n\n\n\n<p>\u2013 from funds obtained in the course of current operations. If the arrangement proposals provide for the repayment of liabilities from the profit of the debtor&#039;s enterprise, they may specify what part of the profit will be allocated to the repayment of liabilities;<\/p>\n\n\n\n<p>\u2013 from funds obtained from a credit or loan. In such a case, a statement of the person who has undertaken to provide financing is attached to the arrangement proposals. <\/p>\n\n\n\n<p>\u2013 by changing the content of legal relations, rights or establishing security for receivables. In such a case, the statement of the person who has undertaken to express consent to change the legal relation, right or establish or change security for receivables is attached to the arrangement proposals;<\/p>\n\n\n\n<p>\u2013 from funds obtained from the liquidation of the debtor\u2019s assets. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-7-jak-przebiega-glosowanie-nad-propozycjami-ukladowymi\"><strong>7. How does voting on arrangement proposals proceed?<\/strong><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>Voting on the arrangement, as a rule, takes place at a meeting of creditors for the purpose of voting on the arrangement, which is convened by the judge-commissioner by means of an announcement specifying the date, place and subject of the meeting and the manner of voting on the arrangement. Additionally, the act obliges the supervisor or administrator (depending on the type of proceedings) to notify creditors of the voting date via a postal operator or an IT system for handling proceedings \u2013 <a href=\"https:\/\/newpmr.restrukturyzacja.app\/en\/the-national-debt-register-does-not-work-efficiently\/\" data-wpil-monitor-id=\"552\">National Register of Indebted Persons<\/a> (if the creditor in the proceedings has already submitted a letter via this system).<\/p>\n\n\n\n<p>If technically possible, voting at the creditors&#039; meeting may be conducted using electronic means of communication. In this form, it may include, in particular, a real-time broadcast of the creditors&#039; meeting, in which creditors may speak during the creditors&#039; meeting from a location other than the creditors&#039; meeting.<\/p>\n\n\n\n<p>If holding a creditors&#039; meeting is difficult due to a significant number of creditors, the judge-commissioner may decide to conduct the voting exclusively via the IT system supporting court proceedings. <\/p>\n\n\n\n<p>In the proceedings for approval of the arrangement, which is one of the four types of restructuring proceedings, the convening of a meeting is optional and depends on the decision of the arrangement supervisor. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-8-kiedy-propozycje-ukladowe-zostaja-przyjete-i-czy-wszyscy-wierzyciele-musza-zaakceptowac-propozycje-ukladowe\"><strong>8. When are arrangement proposals accepted and do all creditors have to accept the arrangement proposals?<\/strong><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>To accept an arrangement in restructuring proceedings, it is required to obtain the consent of the majority of voting creditors who cast a valid vote, having a total of at least two-thirds of the sum of receivables due to the voting creditors, and if voting is conducted in groups - an analogous majority within each of them. Moreover, the arrangement is accepted even if it does not obtain the required majority in some of the groups of creditors, if creditors having a total of two-thirds of the sum of receivables due to the voting creditors voted in favor of accepting the arrangement, and creditors from the group or groups that voted against accepting the arrangement will be satisfied on the basis of the arrangement to a degree no less favorable than in the case of conducting bankruptcy proceedings.<\/p>\n\n\n\n<p>This means that the arrangement can be accepted even if some of the creditors are against its provisions or do not actively participate in the vote. Such a solution makes restructuring an extremely attractive solution for debtors, promoting the interests of the majority, taking into account the diversity of economic situations and securing against the unfavourable consequences of the inaction of some creditors. <\/p>\n\n\n\n<p>Slightly more restrictive criteria are provided for in the case of a partial arrangement, because in this case, the entire amount due to creditors covered by the partial arrangement and entitled to vote is taken into account for the calculation of the voting power and capital majority, even if they did not participate in the voting.  <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-9-jakie-sa-szanse-na-zatwierdzenie-propozycji-ukladowych\"><strong>9. What are the chances of approval of the arrangement proposals?<\/strong><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>The assessment of the chances of approval of arrangement proposals is made individually and depends on many factors, including the complexity of the case, the number of creditors and their structure, the possibility of obtaining financing and the characteristics of the proposal itself. Often, the determinant of success is the right choice of the type of restructuring proceedings allowing for the preparation and implementation of actions appropriate to the possibilities and needs of the entrepreneur.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aioseo-10-kto-moze-pomoc-w-przygotowaniu-propozycji-ukladowych-i-czy-warto-zlecic-ich-przygotowanie\"><strong>10. Who can help prepare arrangement proposals and is it worth outsourcing their preparation?&nbsp;<\/strong><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>The preparation of arrangement proposals in restructuring proceedings should definitely be entrusted to or at least consulted with <a href=\"https:\/\/newpmr.restrukturyzacja.app\/en\/the-restructuring-advisor-provides-support-and-obtains-the-necessary-funds\/\" data-wpil-monitor-id=\"2047\">counselor<\/a> restructuring, which has extensive specialist knowledge in terms of the admissibility of proposals in the light of acts and legal regulations, as well as practical experience enabling their assessment in terms of feasibility, possibility of approval or threats resulting from potential appeal proceedings. Due to the multi-disciplinary nature of the arrangement, the provisions of which may affect a wider sphere of activity, when constructing the document it is worth using the services of entities that have in their ranks both restructuring advisors and specialists in the field of law, accounting or finance. Such an offer is often in the portfolio of companies acting as restructuring advisors in complex and complicated proceedings, including PMR Restrukturyzacje SA<\/p>","protected":false},"excerpt":{"rendered":"<p>Propozycje uk\u0142adowe to zdecydowanie najwa\u017cniejszy dokument w post\u0119powaniu restrukturyzacyjnym b\u0119d\u0105cy jednocze\u015bnie ofert\u0105 oraz obietnic\u0105, kt\u00f3r\u0105 przedsi\u0119biorca sk\u0142ada swoim wierzycielom. W\u0142a\u015bciwie sporz\u0105dzone, realistyczne i wykonalne propozycje uk\u0142adowe s\u0105 kluczem do sukcesu w post\u0119powaniu restrukturyzacyjnym, bowiem mog\u0105 przyczyni\u0107 si\u0119 do utrzymania przedsi\u0119biorstwa na rynku oraz zabezpieczy\u0107 redystrybucj\u0119 \u015brodk\u00f3w w ramach wykonania uk\u0142adu zabezpieczaj\u0105c ochron\u0119 s\u0142usznych praw wierzycieli. W niniejszym artykule pragniemy przybli\u017cy\u0107 Pa\u0144stwu najwa\u017cniejsze informacje w tym zakresie.&nbsp; Spis tre\u015bci: Kilka s\u0142\u00f3w o artykule- Pos\u0142uchaj 1. Co to s\u0105 propozycje uk\u0142adowe? Propozycje uk\u0142adowe okre\u015blaj\u0105 zasady i sposoby zaspokojenia zobowi\u0105za\u0144 d\u0142u\u017cnika wobec jego wierzycieli. Innymi s\u0142owy jest to oferta porozumienia kierowana do wierzycieli zawieraj\u0105ca najwa\u017cniejsze dla stron postanowienia, co do metod, termin\u00f3w, wysoko\u015bci i form rozliczenia. Propozycje uk\u0142adowe w post\u0119powaniu restrukturyzacyjnym z uwagi na to, \u017ce co do zasady obejmuje ono szerszy wachlarz wierzytelno\u015bci maj\u0105 charakter znacznie bardziej z\u0142o\u017cony i umo\u017cliwiaj\u0105 zawarcie kompleksowego uk\u0142adu, nawet przy braku akceptacji ze strony niekt\u00f3rych wierzycieli. 2. Jaki jest cel sk\u0142adania propozycji uk\u0142adowych w post\u0119powaniu restrukturyzacyjnym? Jak wskazano propozycje uk\u0142adowe to zdecydowanie najwa\u017cniejszy dokument w post\u0119powaniu restrukturyzacyjnym, bowiem to w\u0142a\u015bnie jego zapisy sk\u0142adaj\u0105 si\u0119 na uk\u0142ad zawierany z wierzycielami, a okre\u015blony w nim spos\u00f3b restrukturyzacji zobowi\u0105za\u0144 stanowi o powodzeniu ca\u0142ego procesu. Celem post\u0119powania restrukturyzacyjnego opisanym w ustawie jest unikni\u0119cie og\u0142oszenia upad\u0142o\u015bci d\u0142u\u017cnika przez umo\u017cliwienie mu restrukturyzacji w drodze zawarcia uk\u0142adu z wierzycielami, a w przypadku post\u0119powania sanacyjnego &#8211; r\u00f3wnie\u017c przez przeprowadzenie dzia\u0142a\u0144 sanacyjnych, przy zabezpieczeniu s\u0142usznych praw wierzycieli. Uk\u0142ad i sk\u0142adaj\u0105ce si\u0119 na niego propozycje uk\u0142adowe stanowi\u0105 zatem strategiczne narz\u0119dzie w ca\u0142ym procesie, kt\u00f3re determinuj\u0105 osi\u0105gni\u0119cie jego celu. 3. Kto sk\u0142ada propozycje uk\u0142adowe w post\u0119powaniu restrukturyzacyjnym? Uprawnienie do z\u0142o\u017cenia propozycji uk\u0142adowych posiada nie tylko d\u0142u\u017cnik, ale tak\u017ce rada wierzycieli, nadzorca s\u0105dowy albo zarz\u0105dca oraz wierzyciel lub wierzyciele maj\u0105cy \u0142\u0105cznie wi\u0119cej ni\u017c 30% sumy wierzytelno\u015bci (z wy\u0142\u0105czeniem wierzytelno\u015bci wsp\u00f3\u0142d\u0142u\u017cnika, por\u0119czyciela, gwaranta lub banku otwieraj\u0105cego akredytywy, kt\u00f3ry nie zaspokoi\u0142 wierzyciela; nabytych w drodze przelewu lub indosu po otwarciu post\u0119powania restrukturyzacyjnego oraz podmiot\u00f3w i os\u00f3b powi\u0105zanych z d\u0142u\u017cnikiem, kt\u00f3re zosta\u0142y szczeg\u00f3\u0142owo okre\u015blone w art. 116 pr. rest.). W praktyce znakomita wi\u0119kszo\u015b\u0107 propozycji sk\u0142adana jest w\u0142a\u015bnie przez d\u0142u\u017cnika, a prace prowadzone s\u0105 przy wsparciu doradcy restrukturyzacyjnego. Z uwagi na to, i\u017c uprawnienie do ich z\u0142o\u017cenia przys\u0142uguje wi\u0119kszej liczbie podmiot\u00f3w zdarzaj\u0105 si\u0119 sytuacje, i\u017c w post\u0119powaniu restrukturyzacyjnym z\u0142o\u017conych zostanie kilka propozycji uk\u0142adowych. W\u00f3wczas poddaje si\u0119 je kolejno pod g\u0142osowanie (na zgromadzeniu wierzycieli kolejno\u015b\u0107 ustala S\u0119dzia komisarz), a za przyj\u0119te uznaje si\u0119 te, kt\u00f3re uzyskaj\u0105 najwi\u0119ksze poparcie liczone w odniesieniu do sumy wierzytelno\u015bci g\u0142osuj\u0105cych wierzycieli. 4. Jakie s\u0105 mo\u017cliwe sposoby restrukturyzacji zobowi\u0105za\u0144 w ramach propozycji uk\u0142adowych? Katalog mo\u017cliwych sposob\u00f3w restrukturyzacji zobowi\u0105za\u0144, kt\u00f3ry mo\u017ce zosta\u0107 zaproponowany wierzycielom w tre\u015bci propozycji uk\u0142adowych jest otwarty, co nie oznacza jednak, i\u017c dopuszczalne s\u0105 wszystkie wyobra\u017calne sposoby i konstrukcje. Propozycje uk\u0142adowe musz\u0105 by\u0107 po pierwsze zgodne z prawem, po drugie sama ustawa Prawo restrukturyzacyjne limituje mo\u017cliwo\u015bci restrukturyzacji niekt\u00f3rych rodzaj\u00f3w zobowi\u0105za\u0144, np. pracowniczych, czy te\u017c publicznoprawnych &#8211; wobec ZUS. W post\u0119powaniu restrukturyzacyjnym ustawodawca ograniczy\u0142 si\u0119 jedynie do wskazania przyk\u0142ad\u00f3w mo\u017cliwych sposob\u00f3w restrukturyzacji zobowi\u0105za\u0144, kt\u00f3re obejmowa\u0107 mog\u0105 w szczeg\u00f3lno\u015bci: &#8211; odroczenie terminu p\u0142atno\u015bci, wykonania zobowi\u0105zania; &#8211; roz\u0142o\u017cenie sp\u0142aty na raty; &#8211; zmniejszenie wysoko\u015bci; &#8211; konwersje wierzytelno\u015bci na udzia\u0142y lub akcje; &#8211; zmian\u0119, zamian\u0119 lub uchylenie prawa zabezpieczaj\u0105cego okre\u015blon\u0105 wierzytelno\u015b\u0107. W granicach swobody kszta\u0142towania propozycji uk\u0142adowych mo\u017cliwe jest wskazanie jednego lub wi\u0119cej z wymienionych sposob\u00f3w restrukturyzacji. 5. Czy propozycje uk\u0142adowe musz\u0105 by\u0107 takie same dla wszystkich wierzycieli?&nbsp; Co do zasady warunki restrukturyzacji zobowi\u0105za\u0144 d\u0142u\u017cnika powinny by\u0107 jednakowe dla wszystkich wierzycieli, przy czym ustawa dopuszcza pewne odst\u0119pstwa. Po pierwsze jak ju\u017c wskazano ustawa ogranicza mo\u017cliwe sposoby restrukturyzacji niekt\u00f3rych rodzaj\u00f3w wierzytelno\u015bci, m. in. wierzytelno\u015bci pracowniczych, czy sk\u0142adek ZUS. Po drugie dopuszcza przyznanie korzystniejszych warunk\u00f3w restrukturyzacji wobec wierzyciela, kt\u00f3ry po otwarciu post\u0119powania restrukturyzacyjnego udzieli\u0142 lub ma udzieli\u0107 finansowania niezb\u0119dnego do wykonania uk\u0142adu. Po trzecie umo\u017cliwia podzia\u0142 wierzycieli na grupy w obr\u0119bie, kt\u00f3rych propozycje musz\u0105 by\u0107 jednorodne, dopuszczaj\u0105c jednocze\u015bnie r\u00f3\u017cnicowanie sposobu zaspokojenia pomi\u0119dzy grupami. Kryteria wyodr\u0119bnienia grup mog\u0105 by\u0107 dokonane m. in. w oparciu o kryterium warto\u015bci wierzytelno\u015bci, ich charakteru, czy wymagalno\u015bci. 6. Z czego finansowane s\u0105 propozycje uk\u0142adowe? Katalog \u017ar\u00f3de\u0142 finansowania propozycji uk\u0142adowych i dalej zawieranego na ich podstawie uk\u0142adu r\u00f3wnie\u017c nie jest zamkni\u0119ty. Przyk\u0142adowo propozycje mog\u0105 przewidywa\u0107 finansowanie uk\u0142adu: &#8211; ze \u015brodk\u00f3w uzyskanych w toku bie\u017c\u0105cej dzia\u0142alno\u015bci. Je\u017celi propozycje uk\u0142adowe przewiduj\u0105 sp\u0142at\u0119 zobowi\u0105za\u0144 z zysku przedsi\u0119biorstwa d\u0142u\u017cnika, mog\u0105 one okre\u015bla\u0107, jaka cz\u0119\u015b\u0107 zysku b\u0119dzie przeznaczona na sp\u0142at\u0119 zobowi\u0105za\u0144; &#8211; ze \u015brodk\u00f3w uzyskanych z kredytu lub po\u017cyczki. W\u00f3wczas o\u015bwiadczenie osoby, kt\u00f3ra zobowi\u0105za\u0142a si\u0119 udzieli\u0107 finansowania do\u0142\u0105czane jest do propozycji uk\u0142adowych. &#8211; poprzez zmian\u0119 tre\u015bci stosunk\u00f3w prawnych, praw lub ustanowienie zabezpieczenia wierzytelno\u015bci. W\u00f3wczas o\u015bwiadczenie osoby, kt\u00f3ra zobowi\u0105za\u0142a si\u0119 wyrazi\u0107 zgod\u0119 na zmian\u0119 stosunku prawnego, prawa albo ustanowienie lub zmian\u0119 zabezpieczenia wierzytelno\u015bci do\u0142\u0105czane jest do propozycji uk\u0142adowych; &#8211; ze \u015brodk\u00f3w uzyskanych z likwidacji maj\u0105tku d\u0142u\u017cnika. 7. Jak przebiega g\u0142osowanie nad propozycjami uk\u0142adowymi? G\u0142osowanie nad uk\u0142adem, co do zasady odbywa si\u0119 na zgromadzeniu wierzycieli w celu g\u0142osowania nad uk\u0142adem, kt\u00f3re zwo\u0142uje s\u0119dzia-komisarz poprzez obwieszczenie okre\u015blaj\u0105c termin, miejsce i przedmiot obrad oraz spos\u00f3b g\u0142osowania nad uk\u0142adem. Dodatkowo ustawa zobowi\u0105zuje nadzorc\u0119 lub zarz\u0105dc\u0119 (w zale\u017cno\u015bci od rodzaju post\u0119powania) do dokonania zawiadomienia wierzycieli o terminie g\u0142osowania za po\u015brednictwem operatora pocztowego lub systemu informatycznego do obs\u0142ugi post\u0119powa\u0144 \u2013 Krajowego Rejestru Zad\u0142u\u017conych (w przypadku, je\u015bli wierzyciel w post\u0119powaniu wni\u00f3s\u0142 ju\u017c pismo za po\u015brednictwem tego systemu). Je\u017celi istniej\u0105 mo\u017cliwo\u015bci techniczne, g\u0142osowanie na zgromadzeniu wierzycieli mo\u017ce zosta\u0107 przeprowadzone z wykorzystaniem elektronicznych \u015brodk\u00f3w komunikacji. W tej formie mo\u017ce obejmowa\u0107 w szczeg\u00f3lno\u015bci transmisj\u0119 zgromadzenia wierzycieli w czasie rzeczywistym, w ramach kt\u00f3rej wierzyciele mog\u0105 wypowiada\u0107 si\u0119 w toku zgromadzenia wierzycieli, przebywaj\u0105c w miejscu innym ni\u017c miejsce zgromadzenia wierzycieli. W przypadku, gdy z uwagi na znaczn\u0105 liczb\u0119 wierzycieli odbycie zgromadzenia wierzycieli jest utrudnione, s\u0119dzia-komisarz mo\u017ce postanowi\u0107 o przeprowadzeniu g\u0142osowania wy\u0142\u0105cznie za po\u015brednictwem systemu teleinformatycznego obs\u0142uguj\u0105cego post\u0119powanie s\u0105dowe. W post\u0119powaniu o zatwierdzenie uk\u0142adu, kt\u00f3re jest jednym z czterech rodzaj\u00f3w post\u0119powa\u0144 restrukturyzacyjnych zwo\u0142anie zgromadzenia jest fakultatywne i zale\u017cy od decyzji nadzorcy uk\u0142adu. 8. Kiedy propozycje uk\u0142adowe zostaj\u0105 przyj\u0119te i czy wszyscy wierzyciele musz\u0105 zaakceptowa\u0107 propozycje uk\u0142adowe? Dla przyj\u0119cia uk\u0142adu w post\u0119powaniu restrukturyzacyjnym wymagane jest uzyskanie zgody wi\u0119kszo\u015bci g\u0142osuj\u0105cych wierzycieli, kt\u00f3rzy oddali wa\u017cny g\u0142os, maj\u0105cych \u0142\u0105cznie co najmniej dwie trzecie sumy wierzytelno\u015bci przys\u0142uguj\u0105cych g\u0142osuj\u0105cym wierzycielom, a je\u017celi g\u0142osowanie przeprowadza 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