ARTICLE · 26 MARCH 2009

Changes To Insolvency Laws

CMS Cameron McKenna Nabarro Olswang

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Changes to insolvency laws have been signed by the President and will come into force 30 days after publication.

PolandInsolvency/Bankruptcy/Re-Structuring

Malgorzata Chrusciak

Daria Pałasz

Changes to insolvency laws have been signed by the President and will come into force 30 days after publication.

The changes aim to adapt the law to the needs of the current business situation and include:

removing the definition of 'entrepreneur' from the Law on Bankruptcy and Rehabilitation and referring to the definition in the Polish Civil Code
clarifying that the basis for declaring a debtor to be insolvent is the non-performance of pecuniary (not any) obligations
enabling debtors under threat of insolvency to use rehabilitation proceedings when the delay in performing their obligations does not exceed three months and their debts do not exceed 10% of the value of their business's balance sheet

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