Poland’s new bankruptcy and corporate recovery law
The passage by the Sejm, Poland's Lower House of parliament, of the Bankruptcy and Corporate Law of January 8, 2003 (the ‘‘new law’’) marks one of the most fundamental steps in regulating all aspects of corporate activity (including that of banks), partnerships and individual insolvency or threatened insolvency within the context of a modern market economy. The former Bankruptcy and Composition Law (the ‘‘old law’’) dated back to 1934 and was sorely inadequate and in many respects detrimental to the rights of creditors. Under the old law, creditors had recourse to court proceedings that were both extremely lengthy and expensive and only allowed for satisfaction of creditors’ claims only to a limited extent. The legislation was also ineffective in protecting creditors from fraudulent transactions.
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