Warsaw, 01.10.2020
SPEED CASH POLSKA LTD IN RESTRUCTURING
MAZOWIECKA 9 STREET
00-052 WARSAW
KRS NUMBER 0000476807
COMMUNICATION FROM THE SPEED CASH POLSKA LTD IN RESTRUCTURING ON
01 OCTOBER 2020
The Management Board of Speed Cash Polska Ltd in restructuring informs that a meeting with the court supervisor Paweł Lewandowski was held on 24 September 2020.
In agreement with the supervisor, the Company has two more weeks to present current arrangement proposals. Due to the difficult situation related to the pandemic, the Company has difficulty in recovering its receivables from debtors in order to satisfy, among others, investors through accelerated arrangement proceedings.
The current economic and financial situation has a direct impact on the deterioration of the company's financial situation. In accordance with the Ordinance of the Minister of Health of 20 March 2020 on declaring the state of the epidemic on the territory of the Republic of Poland, from 20 March 2020 until further notice, the state of the epidemic was introduced in the whole Poland. Entrepreneurs have to face numerous challenges related, among others, to the disruption of operational processes and a drop in demand for manufactured goods and services, moreover, one can observe a significant volatility of asset prices, exchange rates as well as a drop in long-term interest rates in developed countries, which in consequence leads to a worsening of the financial situation and an increase in the risk of business operations. Recovery of own receivables from the company's debtors is difficult because the provisions of the anti-crisis shield 3.0, which prohibits the auction of a debtor's residential property, i.e. the rule that during the period of an epidemic or a state of emergency and 90 days after its completion, no residential property or land with a residential building is auctioned off to meet the debtor's housing needs. Neither can evictions be carried out.
Moreover, the Management Board declares that all costs of conducting business activity are covered on an ongoing basis. According to the order of the court supervisor, the Company may, without his consent, make payments not exceeding the ordinary management, up to the maximum amount of PLN 10 000.00. This applies to receivables arising after the date of opening the accelerated arrangement procedure. The remaining receivables will be subject to restructuring proceedings (arrangement).
The court supervisor obliged the Management Board to present further documents in order to get acquainted with the financial situation of the Company in detail.
The Management Board also informs that despite exercising due diligence and taking actions taking into account the interest of all entities, it encounters problems in the scope of cooperation with the Shareholders. The Management Board issued a letter calling on the Shareholders to become more involved in the restructuring of Speed Cash Polska Ltd.
The Company's Management Board informs that on 30 September 2020 the Extraordinary Shareholders' Meeting was held, during which no resolution on the shareholders' obligation to make additional payments was adopted.
Yours sincerely, the Management Board of Speed Cash Polska Ltd in restructuring.