Wolf Theiss

Long awaited and much anticipated: Poland's new act on restructuring: its significance for debtors and creditors.

The majority of provisions of the new Act on Restructuring Law (Journal of Laws from 2015, item 978) (the "Restructuring Law") become effective as of the 1st of January 2016. The new law implements the so called „politics of the new or second chance” and seeks to provide balanced protection of entrepreneurs, workplaces, creditors and employees in the face of a company's financial problems. In contrast to prior law, bankruptcy and restructuring proceedings will be regulated in two separate acts.

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