Patrycja Polasz
All quiet on the choice-of-law front
19.11.2020
international law, contract
The Brexit transition period is coming to an end. Whether or not it is still possible for the UK and the EU to reach a new trade agreement, many businesses operating on both sides can expect a number of uncertainties and challenges. Fortunately, one of the issues that will remain stable is the choice of law in contracts. Here Brexit will result in only technical changes.
PLN 100 billion in BGK guarantees to support loans
18.05.2020
banking & finance, coronavirus
Businesses affected by COVID-19 are frantically seeking help. Direct forms of assistance, such as the financial shield and standstill pay, are extremely popular. Meanwhile, another instrument of the Anti-Crisis Shield has begun operating recently, i.e. loan repayment guarantees granted by Bank Gospodarstwa Krajowego to medium-sized and large enterprises from the Liquidity Guarantee Fund. The programme, worth over PLN 100 billion, is designed to encourage commercial banks to grant new loans for liquidity purposes.
Loans affected by the epidemic
25.03.2020
banking & finance, coronavirus
In the new economic reality, businesses that took out loans may be asking themselves many questions. Will existing loans still be paid out? Will an expiring credit line be extended? And will the state of epidemic justify not repaying debt already incurred?
Possible growth, but also more problems: Split payment in factoring
02.08.2018
banking & finance, already in force, tax
Factoring is growing rapidly in Poland. According to the Polish Factors Association, the value of receivables that are the subject of factoring is growing year on year by an average of 18%. Introduction of split payment may strike at the financial liquidity of firms seeking financing, but it may also drive growth in the factoring industry. But every rose has thorns. Split payment complicates factoring transactions and introduces new risks for factors.
New banking tax
18.02.2016
banking & finance, already in force, tax
On 1 February 2016, the Act on the Tax on Certain Financial Institutions came into force, introducing a “banking tax” and giving rise to multiple differences of opinion in the Polish banking and insurance sectors.
"Collection of items and rights" subject to a registered pledge should be interpreted in light of the economic purpose
21.10.2010
banking & finance, Supreme Court, litigation
The Polish Supreme Court upheld a cassation appeal presented by Wardyński & Partners and held that when evaluating whether a changing collection of assets may be subject to a registered pledge…
Resolution of supervisory board of joint-stock company may be challenged
19.08.2010
corporate, Supreme Court
There is no regulation in Polish law directly governing challenges to resolutions of the management board or supervisory board of a capital company. Thus there have long been doubts whether there is any way to set aside these resolutions.