Since 2010, the Global Law Experts annual awards have been celebrating excellence, innovation and performance across the legal communities from around the world.
posted 9 years ago
A. Changes in insolvency law
On 1 January 2016, an amendment entered into force
of the Act of 28 February 2003 – Insolvency and Rescue Law, renaming it
Insolvency Law, and introducing a number of other modifications, such
as:
B. Restructuring law
Entrepreneurs at risk of insolvency have at their
disposal, as of 1 January 2016, new forms of rescue proceedings,
conducted pursuant to Act of 15 May 2015 – Restructuring Law.
The aim of restructuring proceedings is to avoid declaring insolvency
by making it possible for the debtor to restructure through a
composition agreement with creditors, and in case of recovery
proceedings, also through recovery actions, protecting the creditors’
legitimate rights. The following types of proceedings are distinguished:
Where insolvency proceedings concur with restructuring proceedings,
priority is given to the request to open restructuring proceedings, and
the insolvency court suspends the examination of the declaration of
insolvency until the restructuring proceedings are finished.
Requests to open restructuring proceedings are examined by
restructuring courts, i. e. by district courts – commercial courts with
jurisdiction over the centre of main interests of the debtor.
A licensed insolvency practitioner participates in the proceedings as a supervisor or receiver.
Unless a receiver has been appointed, the debtor remains in control
of the assets. Opening restructuring proceedings does not influence the
debtor’s legal capacity or its capacity to perform acts in law. After
the court decides to open restructuring proceedings, the entrepreneur
continues to operate under the same business name, with the indication
“restructuring” added.
In 2018, a Central Registry of Restructuring and Insolvency is to be
created, which will include, among other things, a search engine of
insolvency cases.
posted 14 hours ago
posted 14 hours ago
posted 15 hours ago
posted 4 days ago
posted 4 days ago
posted 5 days ago
posted 5 days ago
posted 5 days ago
posted 5 days ago
No results available
ResetFind the right Legal Expert for your business
Global Law Experts is dedicated to providing exceptional legal services to clients around the world. With a vast network of highly skilled and experienced lawyers, we are committed to delivering innovative and tailored solutions to meet the diverse needs of our clients in various jurisdictions.