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Bankruptcy law and enterprise restructuring


The Restructuring Law introduces a number of instruments to liquidate a company effectively or to transform an indebted enterprise so as to prevent its bankruptcy. The knowledge of bankruptcy law enables finding an efficient solution to deal with the financial distress situation in a way that is safe to both the debtor and the creditor.

The Restructuring Law introduces mechanisms for restructuring a debtor's business and avoiding its bankruptcy and liquidation. Maintaining the debtor's business is often much better for creditors than its liquidation. It also lets people keep their jobs and allows undisturbed performance of contracts thus benefiting the economy and society.

In this section you will find up-to-date information on bankruptcy proceedings and enterprise restructuring in and outside the European Union.


The principal may rescind the contract if a bankruptcy petition has been filed against the contractor – are you sure? »

In everyday legal and business practice, you may come across different versions of the contractual provision mentioned in the title of this article.


Deadline for filing bankruptcy petitions from 1 July 2023 »

The state of epidemic emergency does not apply in Poland starting from 1 July 2023. This means that the suspended time limits for e.g. filing bankruptcy petitions start to run or are resumed. 


Bankruptcy of a Polish company's German shareholder – key aspects »

As the costs of running business are going up, we are seeing a growing number of bankruptcy proceedings, often involving foreign companies that have shares in, among others, Polish companies.


Second Chance Directive – what is it and when will it be implemented? »

The deadline for the implementation of amendments to the restructuring proceedings expired on 17 July 2022, and the Polish draft act is still at the review stage.


Bankruptcy and restructuring proceedings during the COVID-19 pandemic - 2020 summary »


Expiry of powers of attorney in the context of declaring bankruptcy »

The Civil Code says that if an enterprise declares bankruptcy, the commercial power of attorney (prokura) expires. 


Offset of claims under restructuring law »

A business activity depends, among other things, on financial liquidity. An enterprise cannot continue its operations if any enforcement is pending against it. 


Consumer bankruptcy – when should it be declared »

A consumer bankruptcy petition will be effective if the requirements set out in the Insolvency Act are met. 


When should a management board member file a petition for bankruptcy of a Polish limited liability company »

Polish bankruptcy law obliges the debtor to file a petition for bankruptcy within 30 days of the day on which the grounds for declaring bankruptcy arose. 


Legalisation of documents in insolvency proceedings pending in another Member State »

Discrepancies between national bankruptcy laws of different countries encouraged the EU to unify its insolvency laws. 

Changes in the Bankruptcy and Composition Law 2016 »

On January 1., 2016, the new act of May 15., 2015 - Restructuring Law, came into force. It contains changes to the currently effective Bankruptcy and Composition Law. 


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Jarosław Hein

Attorney at law (Poland), Tax adviser (Poland)


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