Poland | Loan and security agreements in light of the Bankruptcy Law reform
16 November 2015
Newsletter | Poland | Banking
On 15 May 2015, the Polish Sejm adopted a new Restructuring Law (the “Law”), which is now expected to enter into effect on 1 January 2016. It is not only intended to revolutionise restructuring options for Polish companies facing financial difficulties, but will also substantially modify the currently applicable legal provisions on bankruptcy, i.e. the Bankruptcy and Reorganisation Law from 28 February 2003 (the “BRL”).
The aim of this newsletter is to indicate only those modifications of the BRL that are likely to affect the contents of loan and security agreements, and more specifically the scope of rights and obligations of creditors and debtors. Given that the scope of this document is limited, and we only wish to announce certain modifications, below we present the most important, in our view, of the adopted solutions.
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