1. The so-called EU Restructuring Directive, known also as Second Chance Directive is still within implementation procedure in Poland.
  2. The EU law, especially ECJ judgements provided an option for a direct effect of directives, so as to motivate Member States to timely implement EU directives
  3. Conditions that are need to be met to use the direct effect – laid down especially in the case Van Duyn v. Home Office (case 41-74):
    1. The directive has not been implemented;
    2. The time (deadline) for implementation has passed,
    3. The directive grants rights towards individuals (also companies);
    4. The provisions of the directive are unconditional and sufficiently clear and precise.
  4. The EU Restructuring Directive, in our view, grants rights towards companies in distress. Especially, those rights can be:
    1. Automatic stay also with regard to secured claims (Article 6 Para 2 of the Directive);
    2. Specific rights of shareholders (Article 12);
    3. Protection of new financing (Article17)
  5. However we still believe that Polish Parliament will soon implement (transpose) the EU Restructuring Directive into Polish legal landscape.

    Author: Paweł Kuglarz; Mateusz Kaliński, LL.M.; Tatara & Partners;

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