On July 25, 2023, by decision of the Minister of Development and Technology, under the Law of April 13, 2022, On Special Solutions to Counteract Support for Aggression against Ukraine and to Protect National Security, [1] temporary receivership was established at Boerner Insulation Sp. z o.o.

It was established for six months to dispose of Boerner Insulation’s financial and economic resources.

Earlier, by the decision of the Minister of Internal Affairs and Administration on May 29, 2023, Boerner Insulation was included in the list of entities for which the solutions listed in the law above are to be justified.

The reason for this was the origin of the company’s largest customers from a Group controlled by two Russian businessmen (the actual beneficiaries) [3] who were included in the sanctions’ lists created after the outbreak of the Russian-Ukrainian war.

The effect of this decision was to freeze all company activities, which, from then on, could not pay, order, sell, or produce. Thus, it was removed from business and could not continue to operate in the market.

On June 2, 2023, the head of the Internal Security Agency submitted a request to the Minister of Development and Technology to establish temporary receivership over Boerner Insulation. The measure was deemed necessary to ensure the operation of the business entity due to its importance in the construction materials market and to maintain employment.

Compulsory manager

Mr. Paweł Rajmund Piotrowski has been appointed the compulsory manager and represents the compulsory administration. He assumed his duties on July 25, 2023. The goal is to sell Boerner Insulation’s assets, with the overriding goal being to protect jobs and ensure business continuity.

Tasks and powers

The tasks of the forced administrator include:

• Ensuring the continuity of the business of the business entity managing the enterprise, in particular, making resolutions and decisions regarding all matters covered by the jurisdiction of the authorities and bodies of the economic entity,

• Exercising the powers vested in a listed person or entity in respect of which management has been established, in particular, exercising the right from shares owned by such person or entity,
• To take the necessary measures to prevent the use of funds or economic resources under the management to directly or indirectly promote aggression, violations, or other activities – until all funds or economic resources under the management are disposed of.

• To carry out the tasks above, the compulsory manager shall have access to all data and information concerning the economic entity, particularly information covered by bank secrecy, and shall have the authority to carry out actions arising from access to such data and information.

Duties of the compulsory manager

At the same time, the compulsory manager shall be obliged to provide the minister in charge of internal affairs and the minister in charge of economic affairs on an ongoing basis with information on actions taken and on any disposal of financial resources, funds, or economic resources covered by the trust as part of actions exceeding ordinary management, and to provide, upon their request, detailed explanations in the scope covered by the compulsory administration.