The asset management entity (PZA) is a special purpose company belonging to the Bank Guarantee Fund. Established in the autumn of 2023 as another element of forced restructuring of Getin Noble Bank. PZA has been in a dispute with VB Leasing (VBL) for many months and VB Leasing Automotive (VBLA) dependent on it, companies where Leszek Czarnecki has shares as to VAT payments. Now another conflict field appears: the restructuring plan of both companies. We met his details.
See also: Another blow to Leszek Czarnecki's business. Important information for customers
Plan to introduce subholding on the stock exchange
On July 14, 2025, the VB Leasing Creditors Council has a positive opinion on the restructuring plan developed by AMS restructuring. The resolution in this matter was supported by four members of the Council, with one voice of opposition. In an official announcement, Mikołaj Świtalski, a member of the management board of AMS restructuring, a company that acts as a VB leasing manager in restructuring, praises the plan. Convinces that It is a comprehensive repair plan leading to the reconstruction of stability – based on specific, feasible activities.
– It assumes a thorough reconstruction of the organizational structure of the capital group and preparing the group for functioning on the capital market. This is an ambitious plan, for the first time in restructuring practice in Poland, but at the same time pragmatic – is to secure the interests of customers and creditors, and in the further perspective to rebuild market trust and the implementation of a new model of the group's business activity – emphasizes Mikołaj Świtalski.
In short, the plan It assumes the separation of operating activities to the subhold structure and preparing the debut of the FRAPULSE debt collection company. Secondly, it provides for the launch of another attempt to enforce claims at a high level of risk (NPL Non Performing Loans) by a specialized internal debt collection office from the VBL capital group. Thirdly, thanks to improved cooperation with the assignee, the company plans to accelerate the satisfaction of creditors' claims and significantly reduce the size of the warranty liability VB leasing.
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Two serious threats to the plan
Business Insider Polska has reached the restructuring plan, which has over 70 pages without attachments. Three issues are key. It turns out that the plan not only assumes the introduction of Fination on the Stock Exchange, but also Transfer PLN 109.5 million from the VBL and VBLA sanation mass to the company.
On the other hand, the plan does not provide for any other sources of Finpulse financing. Meanwhile FinaS and other subsidiaries will be, apart from the control of the judge Commissioner and the Creditors Council, Because they are not subject to restructuring proceedings.
The creators of the plan ensure that In just two years, Finpulse will generate a value enabling a full return to the VBL sanation mass. They assume that by the end of 2026, the FinyPulse value will reach PLN 130 million, which is to allow PLN 109.5 million to VBL and VBL and the payment of dividend to VBL (PLN 9 million in 2025, 16 million in 2026)
However, the plan shows that After the debut, the so -called Divalents of the French share, and thus the loss of VBL control over the activities of a subsidiary. This may happen in the case of a control of the action package (51 percent). Currently, the FinyPulse share capital is PLN 120,612. “Successful IPO process will ultimately increase the total number of shares, while reducing the percentage of their possession by the debtor, and As part of the issue of new shares, funds worth PLN 100 million will be received. “We read in the plan, and more precisely in one of the supplements.
According to the plan, the debut on the stock exchange is to take place in June 2026. The cost of preparing IPO may be between PLN 4 and PLN 6 million. It is worth noting here that for over 12 years none of the debt collection companies debuted at the WSE outside Getbeck. However, no alternative to the debut on the stock exchange was not presented in the document.
According to Business Insider Polska, PZA has opposed the adoption of the plan, because its effective implementation is not very real. The entity sent his reservations to the creditors' council. Most did not share PZA's fears and voted for the plan.
Now PZA may therefore challenge the resolution positively giving opinions on the plan and apply for its annulment. If he does so, the decision will belong to the judge Commissioner Jakub Persona from the District Court for Wrocław-Fabryczna.
The greatest restructuring in the financial industry
Restructuring VB Leasing is the greatest sanation procedure in the Polish financial sector. ABOUTBejs two entities – VB Leasing and VB Leasing Automotive. Each company conducts its own behavior. For two years, both companies have been able to improve their financial situation. They escaped, among others to the Treasury less than PLN 880 million of VAT and repaid over PLN 4.2 billion to creditors. In 2024, unpaid liabilities of companies exceeded PLN 10 billion. Currently, the company serves about 51,000 active leasing and loan agreements.
