Rising Stars

Restructuring and insolvency in Poland

Allen & Overy, A. Pedzich sp. k.

Allen & Overy, A. Pedzich sp. k. has a first-rate reputation acting for businesses and financial institutions on all aspects of in-court and out-of-court restructurings and insolvencies. Its team is particularly skilled in acting for creditors and foreign investors on the acquisition of distressed assets, which is aided by its ability to utilise the firm’s international network. Licensed insolvency practitioner Bartosz Merczyński leads the insolvency and banking litigation practice in addition to the restructuring department, and he has expertise in contentious restructuring and insolvency matters, fraudulent conveyance claims and commercial loan recovery. Counsel Jerzy Zdrojewski has expertise in financial market regulations. Arkadiusz Pędzich and Tomasz Kawczyński are also key team members.

Practice head(s):

Bartosz Merczyński


‘The restructuring and insolvency practice at A&O is one of the most valued in the polish banking market because of its ability to handle very complex restructuring projects with many different groups of creditors.’

‘The people who work at A&O are their key asset. They often find new and innovative solutions to solve a complex legal problem. They always meet their deadlines and make the best use of their time.’

‘Extended knowledge of financial institutions’ approach that could be transferred to business field in terms of securing receivables and efficient exercising in case of default. Wide expertise of practical aspects of collaterals that mitigates risk of ineffective actions and potential losses.’

‘Paweł Bartosiewicz is very professional, responsive, unique knowledge that allows to propose a tailor-made solution.’

Key clients

Liberty House Group

Polish Development Fund

Samsung Electronics Polska


Credit Agricole Bank Polska

Bank Gospodarstwa Krajowego

BNP Paribas Bank Polska

Griffin Real Estate

Work highlights

  • Acted for Liberty Steel Group as the buyer in the successful acquisition of the Polish steel mill ‘Huta Czestochowa’.
  • Advised Polish Development Fund S.A. (PFR) in its capacity of sovereign liquidity provider under the COVID-19-related state support scheme on the development of the Polish COVID-19 related state support scheme for SMEs and large enterprises.
  • Advised ARP, BGK, Credit Agricole, mBank and Bank Pekao on the restructuring of the existing PLN1bn indebtedness of Trakcja Group and its extension by a further PLN 100m.

Clifford Chance

Banking and finance lawyer Milosz Golab co-heads the restructuring and insolvency group with dispute resolution expert Bartosz Krużewski at Clifford Chance. Gołąb has expertise in in-court and out-of-court debt restructurings of capital groups. The firm’s client roster includes Polish and international banks, bondholders and trustees, insurance companies, large corporates, investors and servicers of distressed assets and the Polish government. Banking and finance lawyer lawyer Andrzej Stosio is also name of note, as is senior associate Michał Jadwisiak.

Practice head(s):

Milosz GolabBartosz KrużEwski

Other key lawyers:

Andrzej StosioMichał Jadwisiak

Key clients

Bank Polska Kasa Opieki S.A.

PKO Bank Polski S.A.

Bank Ochrony Środowiska S.A.

Bank Millennium S.A.

Pekao TFI

Agencja Rozwoju Przemysłu S.A.

Towarzystwo Finansowe Silesia sp. z o.o.

OT Logistics S.A.

CTL Logistics Sp. z o.o.

ING Bank Śląski S.A.

Santander Bank Polska S.A.

Wydawnictwa Szkolne I Pedagogiczne S.A.

Kredyt Inkaso

Work highlights

  • Advised a group of creditors composed of Bank Pekao, PKO Bank Polski, Bank Ochrony Środowiska, Bank Millennium, Pekao TFI, Towarzystwo Finansowe Silesia and the Polish state development agency ARP on the restructuring of financial indebtedness of approximately PLN 2bn.
  • Advised OT Logistics on comprehensive changes to the terms of the entire group’s banking and bond financing and the value of the indebtedness was PLN 330m.
  • Advising ING Bank Śląski S.A. and Santander Bank Polska S.A. on the restructuring of the financial indebtedness of Sygnity S.A.


Dentons‘ practice has a notable strength in handling consensual and in-court restructurings and bankruptcies for financial institutions. Complementing the core offering, the team also provides support in relation to insolvency avoidance and insolvency litigation. Anna Maria Pukszto chairs the department, which works closely with the firm’s tax, real estate, corporate and capital markets groups. Tomasz Trocki, who leads the consensual restructuring team, joined in August 2020 from Allen & Overy, A. Pedzich sp. k.. Counsel Stanisław Sołtysik is adept at contentious matters in this area.

Practice head(s):

Anna Maria Pukszto


‘High quality, professionalism, a proactive approach.’

‘Vast knowledge, solutions provided in a simple and understandable way for non-lawyers and a personal culture at the highest level.’

‘Patience, personal culture at the highest level, knowledge and a big pleasure to work with Ms. Anna Pukszto and Mr. Tomasz Trocki.’

‘Tomasz Trocki demonstrates professionalism, calmness and very good negotiations skills – this is a partner who is strongly recommended by us.’

Key clients

Bank Millennium S.A.

BNP Paribas Bank Polska S.A.

Citi Handlowy S.A.

DZ Bank AG Deutsche Zentral-Genossenschaftsbank

Fives Cail société par actions simplifiée à associé unique

FMC Agro Polska Sp. z o.o.

Gordon Brothers

GSS III Wolverine B.V.

ING Groep N.V.

mBank S.A.

PKO Bank Polski S.A.

Santander Bank Polska S.A.

Smartwings, a.s.

Work highlights

  • Representing a client in the bankruptcy proceedings of Huta Czestochowa.
  • Advising ING Bank Śląski S.A. on the insolvency of ONICO S.A. which is currently in restructuring.
  • Advising banks on the debt restructuring of a Polish book manufacturer involved in publishing business.

Baker McKenzie Krzyzowski i Wspólnicy Sp.k.

At Baker McKenzie Krzyżowski i Wspólnicy Sp.k., Karol Czepukojć joined the team from Wardynski & Partners in 2020. He now co-heads the team with Paweł Długoborski, who joined from Clifford Chance. They are supported by a multidisciplinary team, including Lukasz Hejmej (head of the dispute resolution and arbitration practice) and M&A head Tomasz Krzyzowski. The group advises on the entire gamut of matters, including out-of-court workouts, court restructurings, bankruptcies, transactions involving distressed assets, debt recovery and insolvency-related commercial contracts issues. The department is best known for acting for creditors and investors in distressed assets.

Other key lawyers:

Lukasz Hejmej; Tomasz Krzyzowski


‘Billing is on time, Invoices are detailed, easy to do business with.’

‘The scope of their services includes comprehensive legal and tax advice covering almost all areas of economic law. They have unique experience in the implementation of many important, often pioneering, projects and transactions.’

‘The people have great knowledge and experience, creativity, flexibility with the use of all available modern technologies in communication. The team is very well organised and internally integrated which influenced the high level of knowledge transfer and smooth communication.’

‘Knowledge, experience, ability and patience in explaining issues – even the most complex – and creativity, flexibility and diplomacy.’

‘Karol Czepukojc, with whom I worked on a pioneering restructuring project in Poland, showed not only profound professionalism but also a significant commitment to the dynamics of the project.’

‘Karol Czepukojć is thorough, easy to reach and responsive. His advice is clear and business oriented. It is always a pleasure to work with him.’

‘Karol Czepukojc is technically strong, effective communicator and good team player. As well as dealing with the legal issues, he takes the time to build a relationship, which is invaluable in complex matters.’

‘Karol Czpukojć has unique capabilities. He is thorough, tries to predict the client’s needs and puts a lot of effort into theoretical knowledge of the field he deals with. He is definitely a lawyer I can recommend.’

Key clients

European Bank for Reconstruction and Development

Powszechna Kasa Oszczędności Bank Polski S.A.

Santander Bank Polska S.A.

Alior Bank S.A.

Hewlett Packard Enterprise Polska sp. z o.o.

GRI Renewable Industries SL

OT Logistics S.A.

Work highlights

  • Advised European Bank for Reconstruction and Development on funding for completing the restructuring of Piotr i Pawel group companies by The SPAR Group Limited.
  • Advised Hewlett Packard Enterprise Polska on court restructurings and bankruptcy proceedings of its lease holders and contractors.
  • Advised OT Logistics on the partial divestment of its shareholding in Luka Rijeka doo, a listed Croatian sea port operator, to a Polish financial investor.

Deloitte Legal, Ostrowski, Gizicki i Wspólnicy sp.k.

Deloitte Legal, Ostrowski, Gizicki i Wspólnicy sp.k. handles reorganisations, financial out-of-court cases and in-court restructuring and insolvency matters, as well as corporate dissolutions and liquidations. Its client roster includes distressed companies, potential buyers, shareholders, directors, creditors and insolvency administrators. Agnieszka Ziółek leads the team and advises financial institutions in particular. In November 2020, Tomasz OstrowskiAneta Urban and Nicholas Coddington joined the firm from White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k.. Senior managing associate Patrycja Bolimowska and senior associate Paweł Skura are also names to note.

Practice head(s):

Agnieszka Ziółek


‘Very business oriented.’

‘Frequently advising banks and other financial institutions, Deloitte Legal Poland offers a variety of services mainly to creditors. They are very quick in responding and sometimes see (and prevent) problems others did not notice.’

‘Partner Agnieszka Ziółek is a very experienced lawyer, who combines banking and finance capabilities with restructuring and insolvency law expertise. She acts very quickly and can put complex issues into easily-understandable communication.’

‘Agnieszka Ziółek has perfect communication skills.’

Key clients

mBank S.A.

Raiffeisen Bank International Ag (Spółka Akcyjna) Branch in Poland

Work highlights

  • Advised mBank S.A. on its verification of the bank’s standard transactional documentation from the point of view of their resilience to a possible “crisis scenario”, which could result from the current COVID-19 pandemic.
  • Advisoed mBank S.A. and Raiffeisen Bank International AG on a sale of receivable and related collaterals from a facility granted by mBank for the development of a wind farm in Poland.

DLA Piper Giziński Kycia sp.

At DLA Piper, Mariusz Hyla is the head of the finance, projects and restructuring department, while co-managing partner Krzysztof Kycia heads up the litigation and regulatory practice. Under their leadership, the firm handles restructurings and insolvencies with a nexus to sectors such as energy, infrastructure, manufacturing, retail, new media and healthcare. The lawyers in the department have expertise in corporate, insolvency, litigation, finance and tax law. Counsel Artur Sobol is skilled in debt restructurings and distressed acquisitions, while senior associate Magdalena Dec represents creditors and debtors in bankruptcy and restructuring proceedings.

Practice head(s):

Mariusz HylaKrzysztof Kycia 


‘The restructuring and insolvency team at DLA Piper Warsaw is highly experienced in their area, capable of providing a valuable service on most complex cases. The team is extremely creative in identifying solutions. They also have in-depth knowledge of the legal procedures, enabling them to run the case in the best interest of the client.’

‘Cases referred to DLA Piper require detailed scrutiny due to their complexity. The company has various teams dedicated to various topics, so the client can be sure that it will be comprehensively served. Billings are fixed in advance and there is no element of surprise. In the case of complex matters, the costs are agreed upon before commencing the task.’

‘Capability of fast understanding of the contractual complexity of the particular contract; clarity in analysis, suggestions of solution options and straight-forward assessment of associated risks; high command of foreign language; specific legal expertise on the topic of “dividable performance” of industrial contracts in Polish law; capability of legal interpretation and rationalising without prior legal references; legal negotiation skill in reaching a commercially acceptable resolution; pragmatism, speed and clarity in response and action.’

‘Restructuring and insolvency cases are in the hands of Magdalena Dec, Senior Associate, who is distinguished by professionalism, speed of reaction and impressive knowledge. She always meets the set deadlines and is business oriented.’

‘We have made excellent experience with Mr. Krzysztof Kycia, country Managing Partner of DLA Piper Poland, who led the case with the support of his team. No doubt, the very satisfying result we achieved in this dispute were the result of his supreme legal expertise in this specialty of law, but also the result of his speedy and pragmatic actions to solve this difficult case to our utmost satisfaction.’

‘Mr. Piotr Witecki, Senior Associate, deserves special recognition for meticulous research work in a legally very complex case and in a demanding specialty of law, burdened by changes in law for which there had not been any prior legal reference.’

‘Mr. Piotr Witecki should be praised for his exceptional experience and legal knowledge. Ms. Magdalena Dec and Mr. Krzysztof Kycia need highlighting as top-class experts in the area.’

Key clients




Hyatt International Corporation

METRO Properties


Philips Polska

PKP Energetyka

Springer Nature

Trakcja Group

Work highlights

  • Advising the borrower and its subsidiaries on the financial restructuring of the whole Trakcja Group.
  • Assisted PFR S.A. with financing projects aimed at covering losses suffered by companies as a result of the pandemic, helping them avoid bankruptcy.
  • Advising Aerotunel on the acquisition of a wind tunnel project in the Wrocław region as a part of pre-packaged bankruptcy proceedings.

Domanski Zakrzewski Palinka

 The restructuring and insolvency team at Domanski Zakrzewski Palinka is jointly led by Marek SwiatkowskiBartosz Marcinkowski and Michał Cecerko, who was promoted to partner in July 2021. The practice offers the full-range of services to clients, which includes providing representation in proceedings before various Polish insolvency courts. The licensed restructuring advisers also handle issues over directors’ criminal liability in white-collar crime cases. The firm is also active in tax liability matters, as well as state aid mandates.


‘The restructuring and insolvency division at DZP specialises in solving legal issues to which both Polish and EU legislation apply. R&I division smoothly covers this complex, new and changing legal environment and also has extensive regulatory experience. The law firm attaches great importance to details and applies a holistic approach.’

‘The Domanski Zakrzewski Palinka restructuring and insolvency team is well-known in the market for quick responsiveness and very broad horizons of cases they handle. They are open to non-standard solutions and have a team of very talented lawyers.’

‘They have an outstanding knowledge of court and insolvency practitioners’ practice.’

‘Team leader and partner Michał Cecerko is a first-class lawyer with an individual approach and very good level of knowledge.’

‘Michał Cecerko provides concise, practical and to the point answers.’

Key clients

Idea Bank S.A.

Tax Care S.A.

Souter Holdings Poland sp. o.o.

The Municipality of Gdynia

Polregio sp. z o. o.

Polska Grupa Górnicza S.A.

Astaldi S.P.A.

Bać-Pol Group


Waste to Energy (Keszczow) Company Ltd

Work highlights

  • Advised Idea Bank in distress before and after its resolution process.
  • Advised Souter Holdings Poland sp. z o.o. regarding insolvency and bankruptcy proceedings, with services including drafting insolvency and petition, as well as advising in relation with the court-appointed interim court supervisor and the trustee.
  • Advising the Municipality of Gdynia, the main creditor and shareholder of Gdynia-Kosakowo airport, in the debtor’s insolvency which resulted from the European Commission’s decision on the recovery of the state aid granted to the airport operator.

Kochanski & Partners

Kochanski & Partners' corporate department handles both consensual and in-court restructurings, in addition to assisting clients with debt recovery work. In addition to acting for clients on domestic mandates, cross-border matters also fall within the team’s realm of expertise. Practice head Rafal Rapala is assisted by real estate expert Pawel Cholewinski and litigator Mateusz Ostrowski. Karol Połosak is skilled in restructuring and bankruptcy matters.

Practice head(s):

Rafal Rapala

Key clients

State Street Global Advisors

Ringier Axel Springer Poland

Chrysler Poland

Proservice Finteco

BU Media



Groupe Beneteau

Work highlights

  • Advised State Street Global Advisors on the Polish aspects of the European structure change across several jurisdictions, including a cross border merger.
  • Advised Ringier Axel Springer Poland on the restructuring proceedings pending in relation to a debtor named RUCH S.A.
  • Advised Chrysler Poland on the liquidation process of the Polish subsidiary and winding up the business in Poland.

Rymarz Zdort

Rymarz Zdort (formerly Weil, Gotshal & Manges – Pawel Rymarz sp.k.) handles domestic and cross-border restructuring and insolvency cases, with the team being able to leverage the expertise of practitioners from other jurisdictions. The practice consists of experts in M&A, private equity, capital markets, tax, corporate law, litigation and banking and finance. It is particularly adept at advising on cases involving large numbers of creditors and complex debt matters. Licensed restructuring adviser Magdalena Pyzik-Walag leads the practice.

Practice head(s):

Magdalena Pyzik-Walag


‘Very knowledgeable, very precise with practical solutions that can be implemented in real life and deliver the expected result.’

‘Proactive and always making sure that the client is fully informed. Result oriented with focus on proposing realistic (yet often creative) solutions. Always very clear on any risks associated with the proposed approach. More time efficient than competition.’

‘Rymarz Zdort delivers superior services thanks to the people who are engaged, responsive, concentrating on key commercial aspects from the client’s perspective rather than only pure legal matters.’

‘This is a team of lawyers extremely dedicated to the work they do. They complete tasks very quickly and the results of their work represent a high level of expertise. At the same time, their attitude shows that above all they care about efficiency. They take a very pragmatic approach to problem solving, without overloading the client with analysis of unrealistic scenarios, which is also reflected in the final cost of their services, which is adequate to the seriousness and complexity of the problem.’

‘Magdalena Pyzik-Walag is a person who is incredibly focused on the details of her work. She is very precise, which facilitates and significantly speeds up the exchange of information. At the same time, she can explain complicated legal issues to non-lawyers in an accessible way. The scope of her substantive knowledge in the area of bankruptcy and restructuring is amazing.’

‘Magdalena Pyzik-Walag, leading the team, stood out from others by being responsive and problem-solving oriented.’

Key clients

Bank Pekao S.A.

Trustee of ISD Huta Częstochowa sp. z o.o.

Emilia Invest sp. z o.o

Emilia Development sp. z o.o.

Tayfun Plus

Murapol S.A.

Bank Millennium S.A.

Esprit Europe GmbH

Bank Handlowy w Warszawie S.A.

Work highlights

  • Advised Bank Pekao on restructuring the liabilities of Idea Bank in the course of a ground-breaking recovery and resolution process commenced by the Bank Guarantee Fund.
  • Advised Emilia Invest sp. z o.o. in connection with the restructuring of debt arising from secured and listed bonds issued in relation to financing a development project in the Warsaw city centre.
  • Represented Esprit Europe GmbH in connection with the Polish aspects of the restructuring proceedings involving the Company and its subsidiaries.

Wardynski & Partners

The multidisciplinary group at Wardynski & Partners is prominent in large-scale court restructurings and bankruptcy cases, as well as advising on debt restructurings, corporate reorganisations and transactions involving distressed debts and assets. The practice generates mandates from debtors and creditors, especially banks and other financial institutions in Poland. Konrad Grotowski leads the team with the assistance of Krzysztof Libiszewski (a co-head of the corporate and M&A practice) and banking head Łukasz Szegda.

Practice head(s):

Konrad Grotowski


‘The W&P team is involved almost in day to day discussions, and the proposed solutions are very interesting and helpful. We see the team paying big attention and actively seeking alternative solutions, including presenting potential buyers.’

‘Collaboration with other service providers and a holistic service.’

‘Konrad Grotowski is the most active person involved in the restructuring. His ideas are very innovative, he plays an intermediary role, he helps in discussions with the bank and neighbours of the property. I have full trust in is advice.’

‘Konrad Grotowski is very experienced and effective partner, particularly in contentious matters. A strategic and determined thinker.’

Key clients

Santander Bank Polska S.A.

Bank Pekao S.A.

ING Lease (Polska) Sp. z o.o.

BNP Paribas Bank Polska S.A.

Agencja Rozwoju Przemysłu S.A.

Work highlights

  • Acted as Polish counsel to Ad Hoc Committee of lenders on the €4.5bn financial restructuring of AccorInvest group and its Polish subsidiary – Orbis S.A.
  • Advised consortium of banks on complex ongoing restructuring of financing provided by club deal lenders to Work Service S.A., including a restructuring arrangement approved by the court and a sale of Work Service to a new international investor – GI Group.
  • Advised a group of secured bondholders on a complicated debt restructuring transaction between various groups of secured and unsecured creditors (ranging from BGK, the Polish development bank, a group of financing commercial banks, various groups of bondholders to factoring providers), involving an debt restructuring agreement, amendments to the terms and conditions of listed bonds and sale of non-core assets.

WKB Wiercinski, Kwiecinski, Baehr

WKB Wiercinski, Kwiecinski, Baehr handles domestic and cross-border restructuring and insolvency mandates for lenders, financial institutions, debtors and acquirers of distressed assets. Key workstreams span restructuring and insolvency proceedings, debt restructurings, standstills, out-of-court restructurings and pre-bankruptcy arrangements. Practice head Andrzej Wierciński has expertise in restructuring and insolvency proceedings, state aid matters, M&A and privatisations. The team is also supported by Marcin Smolarek, who leads the banking and finance team, and Jakub Jedrzejak.

Practice head(s):

Andrzej Wierciński


‘WKB always demonstrates highest standards of practice.’

‘Pragmatic and hands-on approach and a high reputation in the Polish restructuring and insolvency market.’

‘Andrzej Wiercinski is valued for his knowledge and experience.’

‘Piotr Grabarczyk is a perfect organiser and facilitator.’

Key clients

BNP Paribas Bank Polska S.A.

Powszechna Kasa Oszczędności Bank Polski S.A.

CVI Dom Maklerski S.A.

UNIQUA Towarzystwo Ubezpieczeń S.A.

Knighthead Capital Management S.A.

Davidson Kempner Capital Management S.A.

Mitsubishi Power Europe

Tauron Wytwarzanie S.A.

Polskie Sieci Elektroenergetyczne S.A.

Barter S.A. and a group of commercial creditors of BM Kobylin sp. z o.o.

Court receiver of Elsen S.A.

Civil Aviation Authority

Teren Operations Poland sp. z o. o.

Work highlights

  • Assisted Mitsubishi Power Europe with the opening of the accelerated arrangement proceedings of Elsta sp. z o.o.
  • Advising Barter S.A. and a group of commercial creditors of BM Kobylin sp. z o.o. on the currently pending proceedings on the amendment of an arrangement that was adopted in 2018.
  • Advised MPE on the declaration of bankruptcy of Elektrobudowa S.A.

Zimmerman Sierakowski and Partners

Zimmerman Sierakowski and Partners is a boutique restructuring and insolvency firm, which is led by founder, managing partner and former insolvency judge Piotr Zimmerman; he knows ‘bankruptcy and restructuring law inside out.’ The practice is particularly known for handling restructurings, insolvencies, bankruptcies for debtor-side clients. Bartosz Sierakowski and Norbert Frosztęga both specialise in bankruptcy and restructuring law, as well as civil proceedings.

Practice head(s):

Piotr Zimmerman


‘This law office has got a great team with knowledge and they are professional in their work. Collaboration is really good and documents are prepared professionally and on time.’

‘Team is engaged in the issue and the quality and professional knowledge is really good.’

‘Each team member is professional, flexible and presents variety of information in understandable form.’

‘The firm’s experience in an insolvency administrator role is highly unique. The firm has a very good understanding of insolvency practice of Polish courts and is able to provide detailed guidance as to how a case may play out.’

‘Their experience and relations with insolvency courts (gained thanks to their work as insolvency administrators)’

‘Piotr Zimmerman knows bankruptcy and restructuring law inside out and is excellent in finding practical solutions to every problem. He is also an remarkable negotiator.’

‘Leading partner, Piotr Zimmerman, has vast knowledge and at the same time is innovative when it comes to complex problems.’

‘Bartosz Sierakowski is a real champion in legal arguments. He is the best in planning litigation strategy and detecting risks. His area of expertise is civil procedure, bankruptcy and restructuring law.’

EY Law

EY Law acts for creditors, debtors, companies and state and supranational institutions on a range of restructuring and insolvency matters. The practice also works closely with the firm’s corporate and M&A department, providing a complete service to clients. Of particular note was the team’s involvement with the European Commission and Polish Ministry of Justice to evaluate the 2016 insolvency reform. Licensed restructuring adviser Magdalena Kasiarz leads the team.

Practice head(s):

Magdalena Kasiarz

Other key lawyers:

Piotr Podsiadło

Key clients

The SPAR Group Ltd

Action S.A.

European Commision

Green Factory

Chantiers de l’Atlantique

Eissmann Automotive Deutschland

Hawe Telecom

Golub Gethouse

Work highlights

  • Advising SPAR on a strategic investment in Poland, namely its acquisition of the “Piotr i Paweł” group.
  • Advising Action on all aspects of its restructuring, in particular regarding the preparation of arrangement proposals for over 1400 creditors worldwide.
  • Acted as an external consultant to an analysis of the Polish insolvency system and presented recommendations and roadmaps for the implementation of the Restructuring Directive and to strengthen the framework of the insolvency system in Poland.

GREENBERG TRAURIG Nowakowska-Zimoch Wysokiński sp.k.

GREENBERG TRAURIG Nowakowska-Zimoch Wysokiński sp.k.‘s multidisciplinary practice draws upon the firm’s strengths in banking and finance, real estate, M&A, litigation and tax to advise lenders and borrowers on all aspects of restructurings and insolvencies. The team advises on matters such as initial crisis management, court applications and subsequent workouts. It also assists distressed companies with setting up recovery plans. Finance expert Andrzej Wysokiński is the head of the restructuring and insolvency department. Aleksander Janiszewski is admitted to practice in New York, England and Wales, and Poland.

Practice head(s):

Andrzej Wysokiński

Other key lawyers:

Michał Bobrzyński; Aleksander Janiszewski 

Key clients

Bank Pekao S.A.


Work highlights

  • Advising Bank Pekao S.A. on various matters relating to the restructuring proceedings of PBG.
  • Advising Bank Pekao S.A. on various matters relating to the bankruptcy proceedings of Hydrobudowa.
  • Representing Logicor and its affiliate Inverkip as landlord in various matters relating to the restructuring proceedings of a Polish bread manufacturing company Nowakowski Piekarnie.

LSW Bieńkowski, Laskowski, Leśnodorski, Melzacki and Partners sp.k.

The restructuring and insolvency practice at Leśnodorski, Ślusarek & Partners has a strong profile among Polish and international companies. In particular, the practice has a good relationship with a large volume of bankruptcy trustees as well as advising debtors and creditors on bankruptcy and restructuring matters. Practice head Władysław Bieńkowski is adept at handling restructurings of debt. Attorney at law Magdalena Frąckowiak has expertise in Polish, EU and English law and is highly adept at cross-border transactions. Former practice head Artur Zawadowski has left the firm.

Practice head(s):

Władysław Bieńkowski


‘I like the versatility of the restructuring practice and their professionalism the most. When I need legal advice on non-Polish law, e.g. English or Russian, lawyers are prepared to give me professional support. I can always count on them (even at any time of day).’

‘Legal adviser Władysław Bieńkowski gives directions in individual restructuring proceedings and advises on which actions are most appropriate. He directs the whole team and makes sure that all proceedings are conducted properly. Attorney Magdalena Frąckowiak deals mainly with the financial aspect of restructuring – negotiations with banks, economic analyses of particular assumptions.’

Key clients


Sunningwell International Polska Sp. z o.o.

Marquard Media Polska Sp. z o.o.

Work highlights

  • Advised Siemens Energy Global GmbH & Co KG (Siemens) in its search for financial support for its business partner.
  • Advised Sunningwell International Polska Sp. z o.o. when it entered into restructuring proceedings at the end of 2020.

Norton Rose Fulbright

Norton Rose Fulbright has a strong track record acting for domestic and cross-border financial institutions, companies and other business undertakings. Its varied portfolio of work includes debt restructurings, pre-insolvency restructurings. bankruptcy and insolvency litigation, as well as sales and purchases of distressed assets. The practice is jointly led by banking and finance lawyer Grzegorz Dyczkowski and licensed restructuring adviser Tomasz Rogalski. Counsel Marta KaweckaJacek Smardzewski and senior associate Daniel Popek are also core team members.


‘Tomasz Rogalski’s team has been always flexible, reliable and delivering good quality documentation on time. Sometimes more negotiating support could be expected, however they are developing this skill.’

‘Tomasz Rogalski is always available for contact, able to balance his team properly and manage its strengths.’

‘Daniel Popek was in charge of preparing documentation; always accurate and on time.’

Key clients

Bank Polska Kasa Opieki S.A.

European Bank for Reconstruction and Development


Alior Bank S.A.

Bank Ochrony Środowiska S.A.

BNP Paribas Bank Polska


ING Bank Śląski S.A.

Mezzanine Management

Obotritia Capital

Work highlights

  • Advising the lenders and hedge counter-parties, led by ING Bank Śląski S.A., on the restructuring of trade finance facilities, enforcement of security and, eventually, bankruptcy proceedings initiated with respect to Hermes Energy Group S.A.
  • Advising banks on the amendments to finance documents related to the financing development of a 38 MW Golice wind farm in Western Poland operated by Acciona Energia, and providing day-to-day regulatory advice in relation to renewables regulatory environment in Poland.
  • Advising Alior Bank S.A. on amendments to finance documents related to the financing development of 25.3 MW Jóźwin wind farm in Poland operated by Max Bogl and Vortex to reflect restructuring arrangements agreed between the parties to the development financing, as well review of certain project documents.

SSW Pragmatic Solutions

Janusz Mazurek and Łukasz Grenda jointly lead the team at SSW Pragmatic Solutions, which handles all stages of insolvency and restructuring proceedings for large corporates and medium-sized businesses based in Poland, Europe and further afield internationally. Mazurek acts for creditors, debtors and investors and is active in cross-border cases. Licensed restructuring adviser Grenda is skilled in acting as a liquidator for the state treasury. Counsel Łukasz Cudny specialises in commercial dispute resolution and acts for creditors and debtors in restructuring proceedings.

Other key lawyers:

Łukasz Cudny

Key clients

mBank S.A.

Haitong Bank S.A.

Grupa VOX

Royal Investments sp. z o.o.

BB Park sp. z o.o.

Noble Funds TFI S.A.

BNP Paribas SA

Marwit sp. z o.o.

Real Menagement S.A.

Delta Gas Group S.A.


Local Ocean France

Aviation Capital Group

Waimea Holding S.A.

Siemens AG



Zecco Europe

Grupa Azoty Compounding


Work highlights

  • Advising Immofinanz on all restructuring proceedings of entities leasing retail and office space from Immofinanz.
  • Advising Globus sp. z o.o. on developing highly advanced tactics in a case concerning the most appropriate method of operation in restructuring proceedings of the debtor – GetBack S.A. w restrukturyzacji.

White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k.

The restructuring and insolvency practice at White & Case M. Studniarek i Wspólnicy – Kancelaria Prawna sp.k. covers the entire distressed cycle, including corporate and financial restructurings, multijurisdictional insolvencies and debtor and creditor-related disputes. It is also supported by the M&A, litigation, debt finance, tax and regulatory team. The group is led by Grzegorz Abram, who joined the firm in November 2020 from Clifford Chance.

Practice head(s):

Grzegorz Abram

Key clients

A consortium of Polish and International Insurance Organizations

Česká spořitelna, a.s. No

Československá obchodní banka, a.s.

Generali Real Estate

Komerční banka, a.s.,

mBank S.A.

Polish Aviation Group

UniCredit Bank Czech Republic and Slovakia, a.s.

Work highlights

  • Advised a syndicate of insurers on the restructuring of the PLN 1bn financial debt of Trakcja PRKiI S.A. and its subsidiaries.
  • Advised mBank S.A. on the restructuring of the financial indebtedness of OT Logistics S.A.
  • Advised UniCredit Bank Czech Republic and Slovakia, a.s., Komerční banka, a.s., Československá obchodní banka, a.s. and Česká spořitelna, a.s. on the restructuring of Smartwings a.s.

Wolf Theiss

The restructuring and insolvency practice at Wolf Theiss is particularly skilled in handling distressed investments and cross-border restructurings and insolvencies, in addition to domestic mandates, acting on both the creditor and debtor side. Restructuring and insolvency expert Lech Gilicinski  leads the group. Another key member of the group is counsel Joanna Gąsowski, who focuses on bankruptcy and restructuring litigation.

Practice head(s):

Lech Gilicinski

Other key lawyers:

Joanna Gąsowski 


‘The team is responsive and provides practical and to-the-point advice.’

‘Lech Gilcinski and Joanna Gasowski are really responsive and understand the need to explain the local process to foreign clients.’

‘Lech Gilicinski is extremely responsive and very knowledgeable on many areas of law.’

Key clients

Bank Gospodarstwa Krajowego

Sfinks S.A.

Metinvest BV

Busoco BV

Balbec Capital

SIAC Construction Ltd

Zetland Capital

IWG Management sp z o.o.

Bank of America Deutsche Bank AG London

Work highlights

  • Represented Siac Construction in connection with post-restructuring litigations in connection with disputes over the construction of the A4 highway as well as in settlement negotiations with the General Directorate of Roads and Highways.
  • Advised Sfinks S.A. as a debtor in connection with the choice of restructuring routes and assisted in connection with the opening and conduct of simplified restructuring proceedings, including litigation against certain creditors
  • Advised Metinvest BV on the potential distressed acquisition of Huta Częstochowa S.A. in liquidating insolvency, including on various due diligence and structuring matters.