We have the following tips for the management of Polish companies:
- monitor the financial performance of the company in order to be able to file a petition for bankruptcy in due time (to exclude any personal liability);
- monitor government measures aimed at securing sufficient financial liquidity of entrepreneurs affected by the Covid-19 crisis (financial support, co-financing of certain expenses, prolongation of deadlines for payment of taxes);
- review contracts that bind company to identify areas of risks connected with the non-performance or improper/delayed performance of contracts. Such reviews should include, in particular, agreed liquidated damages, financial covenants and force majeure clauses;
- monitor performance of contracts to be able to give a heads-up to clients/suppliers as soon as possible and try to work out the best business outcome before applying any contractual sanctions/restrictions.