syndyk

Syndyk is a court-appointed administrator of a debtor’s assets in bankruptcy proceedings in Poland. The syndyk’s primary role is to manage and realize the debtor’s estate, with the aim of maximizing its value and distributing proceeds among creditors in accordance with statutory priorities.

The syndyk is appointed by the court after bankruptcy is declared and acts as the representative of the bankruptcy estate. In many cases the syndyk may take over management of the debtor’s assets and contracts, and may operate the business or arrange a sale of assets if necessary to preserve value. The syndyk also works with creditors and, where applicable, with a creditors’ committee to coordinate actions during the proceedings.

Key duties include preserving and valuing assets, recovering receivables, collecting monies due to the estate, and keeping accurate accounting records. The syndyk prepares reports for the court and for creditors, proposes a plan for realization or liquidation, and executes distributions in line with legal priorities. The syndyk may also reject or assume contracts, and, according to court authorization, hire professionals or terminate employees as part of the estate administration.

Qualifications and oversight: a syndyk is typically a qualified professional, such as a lawyer or financial expert, who is independent and free of conflicts of interest concerning the case. The syndyk operates under court supervision and, where appropriate, through a creditors’ meeting or committee, and can be replaced or removed by the court for cause.

Origin and use: the term derives from the Latin syndicus and is used in Polish law to denote the insolvency trustee responsible for the bankruptcy estate. The concept exists in various jurisdictions under different titles.