New systems of rewarding, motivating and building employee loyalty are raising the general interest of entrepreneurs in Poland. One of such instruments is the notional share that is gaining popularity in the Polish market. Its essence and application possibilities are discussed by Pawel Dyrduł, lawyer from law office KG Legal Kiełtyka Gładkowski Professional Partnership with its registered office in Krakow
Expenses associated with running a business
Running a business involves the expenses, most commonly in the form of employee salaries. Bearing in mind the increase of these costs and also increase in tax rates, entrepreneurs are undertaking various actions aimed at reducing costs. In short, entrepreneurs are looking for savings in remuneration. However, fearing the loss of qualified staff or a decrease in the efficiency of their work, management boards of companies do not decide to lower wages. What comes with the help to reach their purpose – namely to keep the employees attached – is a financial instrument called notional share.
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Bearing in mind the universality of international transactions and the risks that entrepreneurs face, the letter should pay attention to risk-reducing methods offered by banks. Paweł Dyrduł, associate lawyer from the law firm KG Legal Kiełtyka Gładkowski Professional Partnership based in Krakow, discusses the instrument of the letter of credit as a form of payment as well as the form of limiting the risk involved with transactions.
The essence of international trade
Progressive globalization has imposed on domestic companies – even on local ones – relationships with other international companies. Examples of such a connection, which may be either direct or indirect, include: competition with foreign entities, adaptation of manufactured products to international standards, the use of developed and implemented technological and management solutions.
An international commercial transaction is a transaction involving a cross-border element, so it comes down to transactions between entities based in different countries. Foreign trade can be considered in two perspectives: narrow and broad. In the narrow sense, the subject of foreign trade is material goods. Broad sense includes, for example, current and assets and credit turnovers, purchase of goods and intangible services.
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KG Legal enforces a debt for a very regonised Austrian financial institution, regarding arrears in payments from a Polish entity. KG Legal has chosen European small claims procedure (ESCP) as the most suitable way of enforcement in this case. This procedure is foreseen in Regulation (EC) No 861/2007, which could be found here. The value of the claim in ESCP cannot exceed €2000. According to Article 27b of the Polish Act of 28 July 2005 on Court Costs in Civil Cases, court fee in a case examined in ESCP is fixed and amounts to 100 PLN.
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The Conference will take place on 23 October 2017 in Warsaw in Hotel Mariott. KG Legal will actively participate in this evet which is dedicated to all entrepreneurs who invest in the Arab States of the Persian Gulf.
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While enforcing a foreign judgement in civil or commercial disputes in country other than the one where the court is located, there appears the need to apply EU regulations in that case. Legal provisions that are supposed to help in a quick and flawless closing of the case are provided by Regulation no 1215/2012 of the European Parliament and the Council on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters.
That legal act provides for automaticity of recognition of sentences issued by other EU courts. However, annex 1 contains regulations on certificate concerning the judgement. This certificate, issued by the court, should be handed to the defendant and it contains information about the court of origin (name, address, contact data), claimants, defendants and the judgement.
When it comes to the judgement, its summary should include the date of judgement, its reference number, the information whether it is enforceable in other member states without any further conditions, the terms of the judgement, the principal amount enforced and the interest, together with short description of the subject-matter of the case and the decision about the awarded sum (principal amount, possible instalments, currency, rate or amount of interest, decision about the costs of proceedings). After the judgment and the certificate are provided, there can take place the enforcement of the judgment by the bailiff in Poland.
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