Tatara & Partners Restructuring & Insolvency Law Firm | View firm profile
Current status
- Currently Polish lower chamber of Parliament – Sejm will no take further legislative actions, so the governmental initiative to introduce so called second chance directive (also known as the Restructuring Directive – 2019/1023) will wait for its time after elections planned for 15/10/2023.
- Governmental document provided for some really interesting restructuring tools, like the possibility to more easily cross-class cram-down, amendments to liquidation arrangement and the possibility to change (up to some extent) the arrangement by the court – in certain circumstances.
- The draft implementation is currently within the Polish Government Legislative Centre, not being finally approved by the government and not being send to the Parliament for adoption.
- Publicly available draft (in Polish only, ID: UC120) can be found at: https://legislacja.gov.pl/projekt/12361503
- Although most probably the document will be formally discontinued, we believe that this initiative will be taken on once again as soon as new Polish authorities are chosen.
Paweł Kuglarz; Mateusz Kaliński, LL.M.; Tatara & Partners; Poland, contact: m.kalinski@tatara.com.pl