Assignment of receivables and effective satisfaction of lenders' secured claims
Under an amendment to the Bankruptcy Law, the position of a lender holding an assignment of the borrower’s receivables in the event of the borrower’s bankruptcy has changed, but the application and effects of the amendment in practice remain unclear.
Sejm passes "Developers Act"
On 31 August 2011 the lower house of the Polish Parliament adopted the Act on Protection of the Rights of a Purchaser of a Residential Unit or Single-Family House, which is intended to improve the legal standing of customers of real estate developers.
Easier to file for bankruptcy
An amendment to the Polish Bankruptcy Law went into effect on 22 December 2010, giving debtors a chance to supplement deficient bankruptcy petitions while maintaining the original filing date.
Wardyński & Partners represents Law Debenture Trust in settlement with Elektrim
On 14–15 December 2010 the English company The Law Debenture Trust Corporation p.l.c. concluded a settlement with Elektrim S.A. for payment of a significant amount of over EUR 185 million in claims.
Better to file petition to enforce claim before the debtor is declared bankrupt
Sometimes creditors put off commencing an action to enforce a claim when it could worsen the debtor’s financial position. As a result, they must wait until the bankruptcy proceeding is over before filing suit.
