Proceedings of the 70th International Academic Conference, Madrid

CHALLENGES OF CORPORATE DEMERGER IN SPECIAL ECONOMIC ZONES: PUBLIC AID RISKS AND OPERATIONAL CONTINUITY – A CASE STUDY

SANDRA LUDYNIA-ŻAK, ADAM FULARSKI

Abstract:

The demerger of enterprises operating within Special Economic Zones (SEZs) constituted a complex restructuring process burdened with significant regulatory and operational risks. The aim of the article was to identify and analyse the practical challenges associated with corporate demerger, with particular emphasis on the risk of losing public support (subsidies) and maintaining operational continuity. Special attention was devoted to the conditions arising from the public aid regulations applicable within the framework of the European Union, which determined the admissibility and implementation of the demerger process. The study applied the case study method to a Polish company operating within an SEZ and forming part of a global corporate group, which planned or conducted a demerger process. The analysis focused on identifying key risk areas, including the allocation of assets covered by public support, the maintenance of operational continuity, and compliance with regulatory requirements. The article contributed to the research stream concerning corporate restructuring under specific institutional regimes, emphasizing the need to integrate legal and economic perspectives in the analysis of demerger processes.

Keywords: Demerger; Special Economic Zones (SEZs); Public Aid;Operational Continuity; Corporate Restructuring

DOI: 10.20472/IAC.2026.070.008

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