Valuation of businesses and shares
We value companies, shares in limited-liability and joint-stock companies and organised parts of an enterprise (business units) for disputes, enforcement, transactions and inheritance. A zero value for a company with negative equity is also a finding that has to be documented.
- Shareholder disputes, compulsory buy-out, squeeze-out
- Division of marital property, forced share and inheritance
- Contribution in kind - verification of contribution value
- Pre-packaged sale (pre-pack) and inventory of the estate
- Enforcement against shares - appraisal of attached shares for court enforcement officers
- Minority stakes and companies with negative equity
- Corporate groups (look-through, a dozen or more companies)
- Organised parts of an enterprise, trade marks, copyrights, rolling stock and movable property
- Private healthcare providers (NZOZ), non-public schools, service businesses
Lost profits and commercial damages
We quantify damages and lost profits: but-for scenario, incremental margin, discounting. The model must show what would have happened had the breach not occurred, and defend every assumption.
- Breach of contract
- Contractual penalties and non-compete clauses
- Lost income of an individual (e.g. while a vehicle is under repair)
- Compensatory annuity (loss of earnings)
- Damages in failed M&A transactions
- IT projects and business interruption
- But-for scenario, incremental margin, discounting
Insolvency and directors' liability
We establish the date of insolvency and check whether creditors would have recovered more had the petition been filed on time. We work for creditors, board members, insolvency trustees and courts.
- Date of insolvency (onset)
- Article 299 of the Polish Commercial Companies Code (KSH - personal liability of directors for company debts)
- Article 21 of the Polish Bankruptcy Law (duty to file for bankruptcy)
- Creditor recovery test
- Fraudulent-transfer claim (actio Pauliana) - equivalence of consideration
- Assessment of the grounds for a bankruptcy petition
- Capacity to satisfy creditors from the company's assets
- Recovery programmes
Loans and financial products
We prepare settlement calculations for foreign-currency-indexed and -denominated loans, verify whether the WIBOR rate (Polish interbank reference rate) was market-based and check the correctness of the APRC (annual percentage rate of charge). We compute the variants a court may adopt and show the differences between them.
- CHF loans - settlement calculations and variants with the CHF indexation removed
- WIBOR-based loans - market conformity of the rate, BMR
- APRC and the 'free credit' sanction (statutory penalty for defective consumer-credit disclosure)
- Verification of loan calculators
- Credit union (SKOK) loans
- Unit-linked insurance funds and structured bonds
- Endowment policies and sum insured
- Mis-selling
Economic crime cases
For public prosecutors and police we establish the quantum of loss, reconstruct cash flows and assess the reliability of accounting books. The opinion must be clear to the authority and robust against the defence's objections.
- Quantum of loss (Article 296 of the Polish Criminal Code)
- Misappropriation of shares
- Valuation of receivables portfolios pledged as bond collateral
- Cash-flow analysis
- VAT fraud mechanisms ('VAT loans')
- Investment fraud
- Financial condition of a bank or financial institution
- Reliability of accounting books
Digital assets
We value cryptocurrencies, tokens and NFTs as at the date of the offence and trace on-chain flows. We prepare securing procedures for authorities and deliver training.
- Valuation of cryptocurrencies, tokens and NFTs as at the date of the offence
- On-chain tracing: BTC, exchanges, crypto ATMs
- Appraisal of attached crypto-assets
- Securing procedures for authorities
- Training for tax administration chambers
Real estate and service charges
We check the correctness of service charges and settlements in housing cooperatives and social housing associations (TBS) and calculate the value of lost property. We analyse the running costs of large facilities.
- Correctness of service charges in housing cooperatives
- Settlements in social housing associations (TBS)
- Rent arrears
- Value of lost property (administrative cases)
- Running costs of sports and leisure facilities (e.g. water parks)
Capital markets
We value shares of listed companies, including on NewConnect, and examine share transactions. Event studies show the impact of an event on the share price.
- Valuation of listed shares (Warsaw Stock Exchange, NewConnect)
- Share transactions
- Event studies
- Share tokenisation
- Innovation and the market value of companies
Energy and renewables
We calculate the profitability of PV installations, combined heat and power (CHP) and biomass. We analyse energy and certificate prices in damages models and business plans.
- Profitability of PV installations
- Combined heat and power (CHP)
- Biomass
- Energy prices
- Certificates and support schemes
Public sector, grants, R&D
We audit the implementation of R&D projects on behalf of funding institutions, assess SME status and value own contributions. We conduct evaluations, surveys and financial analyses of public entities.
- Audits of R&D project implementation (exercise of control, financial settlement)
- SME status and capital and personal links
- Valuation of own contribution to R&D projects
- Programme evaluations
- Statistical analyses: surveys, questionnaire research
- Financial analyses of hospitals and municipal entities
- Business plans for loans and grants
Corporate finance
We prepare merger and transformation plans, business plans, strategies and due diligence. We help raise finance: EU grants, R&D, renewables, loans.
- Company merger and transformation plans
- Business plans and strategies
- Due diligence
- Financing: EU grants, R&D, renewables, loans
- Advisory for start-ups
Employment and social insurance
We calculate remuneration and compensatory annuities and verify initial pension capital and pension recalculations. Every calculation is referenced to payroll documents and legal provisions.
- Remuneration in employment disputes
- Compensatory annuities
- Initial pension capital (Polish social insurance)
- Pension recalculations
- Lost income of an individual
