Publication date: October 25, 2023
Article 361 of the Polish bankruptcy law provides for an order for the court to discontinue bankruptcy proceedings as soon as the conditions listed exhaustively in this provision occur (resolution of the Regional Court in Szczecin of December 23, 2015, VIII Gz 236/15, LEX No. 1964121). The court issues a decision ex officio, which does not exclude an appropriate request for information from the trustee.
The decision on discontinuation refers to the stage of the so-called proper bankruptcy proceedings, and not the proceedings ending with the decision to announce bankruptcy.
Pursuant to Art. 29a of the Polish Bankruptcy Law, consumer bankruptcy cannot be dismissed if it leads to harm to creditors.
As indicated in the justification for the draft amendment to the Bankruptcy Law, introduced on January 1, 2016, the change introduced by Art. 29a solves the significant problem of creditors submitting applications of a purely debt collection nature, aimed at forcing the debtor to fulfill an obligation that is, moreover, sometimes controversial. After obtaining satisfaction of the debt, the creditor usually withdraws the application, and even if he does not do so, the court dismisses the application due to the applicant’s lack of standing to further support the application. This practice harms other creditors.
Publication date: October 19, 2023
South Korea has jumped into the top ten largest direct investors in Poland – according to new data from the National Bank of Poland. At the end of last year the involvement of Korean companies amounted to PLN 30.5 billion. During the year it increased by almost PLN 12 billion.
Korea’s strong position is due to investments such as the electric car battery factory located near Wrocław. The sales of batteries have recently become one of the main drivers of growth in all Polish exports.
Publication date: June 06, 2023
Pursuant to Art. 7 (2) of the Act on package travel and linked travel arrangements, there is an obligation to conclude an insurance contract in a specific amount. This provision provides that statutory obligations are fulfilled by tour operators and entrepreneurs facilitating linked travel arrangements by:
1) conclusion of a bank guarantee or an insurance guarantee in accordance with the template form and the provisions specifying the minimum amount of the guarantee sum or
2) conclusion of an insurance contract for travelers inaccordance with the form template and the provisions specifying the minimum amount of the sum insured, or
3) concluding a contract for a travel escrow account in accordance with the model of this contract and accepting travellers’ payments only to this account, if they provide package travel or facilitate the purchase of linked travel arrangements provided only on the territory of the Republic of Poland;
4) making timely payments of contributions in the due amount to the Tourist Guarantee Fund.
Publication date: March 30, 2023