This Panorama is the second issue of annual publications focused on insolvency trends in Central and Eastern European countries (CEE). It contains the results of a study on insolvencies among the CEE economies, a region experiencing a sharp rise in the rate of insolvencies in many countries during 2013 (e.g. up 39% in Bulgaria and 32% in the Czech Republic). This edition also provides an explanation of this deterioration together with an overview of the economic situation which companies experienced in each country. The macro performance undoubtedly affects a company‘s situation and profitability. The years 2012 and 2013 were challenging from this perspective as the real GDP growth averaged at 1.2% - below the potential of the CEE economies. Does this mean that companies are already experiencing a gradual recovery driven mainly from the advanced economies, the traditional trading partners of the CEE region? This publication also investigates how the micro environment was affected by the slowdown. Has the construction sector finally rebounded from a long term downturn? Which business sectors were mainly affected in 2013? To begin with this issue of Panorama focuses on Poland as the largest economy in the CEE region providing an in depth analysis of the insolvency statistics, followed by brief reviews of the other CEE countries and finally, the last section provides our assessment of the overall companies’ situation in the CEE region in 2013 and expectations as to how it will evolve further.