The victims of PLN 100 million lost a year by the tardiness of the court. Assay won the system
Small investors lost PLN 100 million, financing a business in which the prosecutor's office is investigating. The court delayed the year with the decision and finally stood on the company's side, giving it a green light to make a system with creditors. The lawyer who represents the victims, however, doubts that this happened.
Assay Asi dealt with the financing of startups, and obtained the money for this purpose from small steps, selling them attractive interest rates of investment bills (at the peak of about 15% per annum). These bills of exchange were in their essence ordinary loans, and the people financing the company were not supposed to participate in its potential profits in any way.
The serious problems of Assay Asi began in 2023. At that time, in April, the consumer warning against investment promissory note was issued by UOKiK, and KNF also announced its own investigation into it.
At the end of June 2023, the District Prosecutor's Office in Warsaw informed about the initiation of an investigation into Assay Asia's bringing of several hundred people in the total amount of at least PLN 144 million to the adverse disposal of the property (respect was later reduced to PLN 114 million).
On June 30, at the request of the Chief Financial Information Inspector, Assay Asia accounts were blocked by the ING bank. The payment of interest on bills of exchange stopped flowing to lenders.
All the turmoil around the company, the tragic death of its president and the re -embrace of the management by two co -founders of Assay Asia, we described in the text “trusted, invested, lost. Was Assay company a financial pyramid?” In this article, however, we will go straight to the company's layout with its creditors.
Assay defended the system
On September 4, 2025, Assay Asi announced that the court rejected the complaints filed by the creditors against the decision of the court of first instance, which was issued on June 20, 2024. Thus, the decision to approve the system with creditors became final.
Advocate Przemysław Percka, partner of the Osiński law firm, representing a group of several creditors of Assaya, draws attention to the waiting time for the resolution of complaints by the court of second instance.
– It exposes the weakness of the judicial system. A year in the company's life in restructuring is a very long period in which the situation can change radically. Bankruptcy courts should act particularly efficiently in this type of matters, while we have been waiting for the decision for over a year – comments Patron Perka.
He adds, as a professional representative, he realized that the proceedings could last so much, but for his clients such a long waiting time was difficult to understand, especially in the case of a system that suits such a large amount.
– In practice, it was an additional year “bought” for the company's management board, not for creditors, who can only now count on starting the 18 -month run intended for the payment of the first installment – notes Przemysław Perka.
Details of the Assay system with creditors
Assay creditors who were natural persons were divided into three groups.
Creditors who lent to the company up to PLN 50,000 are to receive a refund of 67.5%. The rest of the claim will be converted to the company's shares. The repayment is to be made 18 months after a final approval of the system.
The next group includes creditors who entrusted the company to PLN 250,000. They will receive a refund of 52.5% of the assaay claims and shares.
In the last group, people who are guilty of more than PLN 250,000 were known. In their case, Assay offers a return of 47.5% of claims and shares.
Both groups will receive money in five uneven annual installments. The first will be paid 18 months after the arrangement will be approved.
Advocate Przemysław Perka indicates that if it wasn't for the appeal, the first funds could be sent to the creditors this year and, as he assessed the reported complaints, could not have too strong legal grounds, which is why the court's decision is not a surprise. As he emphasizes, the system supported over 90% of creditors, and those who challenged it also acted also against their own interests.
At the same time, the patron also does not save the board of Assay Asia, describing his current activities as disturbing. The company did not submit the financial statements for 2024, as well as the most valuable companies entering the portfolio of its startups, and this dependent on the sale of their shares depends on the implementation of the system.
“I don't believe the system is made”
– While before voting on the system, communication was relatively active and transparent, we are currently dealing with a complete lack of information about the company's activities and special purpose companies. The lack of published financial statements is particularly disturbing, because it prevents creditors from assessing the real possibilities of making the system. As a result of the filed complaints, the first installment falls only in March 2027 – this is a very distant perspective, and the assumptions presented in the arrangement proposals can then be completely detached from the company's actual situation – comments Patron Perka.
The lawyer emphasizes that the setting of the system will be possible only if it is not completed by its conditions, i.e. the lack of payment of the first installment in March 2027, or in a situation where it is obvious that the system will not be carried out. In his opinion, the second of these conditions will be difficult to meet, among others by the already mentioned lack of reports.
Assay Asi has gained a lot of time and there is a risk that he will not use it properly. If that happened and the arrangement was repealed, the company will go bankrupt. On the other hand, creditors would probably receive less money than if bankruptcy proceedings were carried out in 2024.
The company ensures that despite the length of court proceedings, it managed to maintain continuity of action. As she said in a statement, the management board in cooperation with the supervisor of the agreement and the law firm is currently preparing a detailed schedule of further actions. Assay also announced that he intends to offer creditors with individual meetings during which he will answer their questions.
– In the current situation, the creditors remain patient and hope that the company's situation is not as bad as it looks from the outside – comments Przemysław Perka – as long as I allowed it before the conclusion of the system, I allowed it to be carried out in favorable circumstances, as a really optimistic scenario, now – in the light of the company's current activities and no reliable information – I do not believe that the system is made. Not much indicates this.
– Creditors may see a greater chance today rather in the prosecutor's office, which conducts proceedings regarding the injured Assay clients. If the allegations are made as a result, it will open the path to cheated investors to investigate the obligation to repair the damage – sums up Patron Perka.
