Consequences of the amendments to Polish Bankruptcy and Reorganisation Law introduced between 2009 and 2011

Abstract

The Bankruptcy and Reorganisation Law governs the launching of a collective creditor action aimed to recover receivables from insolvent debtors. The Law was enacted in Poland on 28 February 2003 and entered into force on 1 October 2003. Since then it has been amended a number of times, and the main amendments, in the authors’ opinion, took place on 6 March 2009, 22 October 2010 and 9 June 2011. Despite these frequent amendments, voices in relevant literature call for further revisions of the law. In this paper, economic and legal consequences of the introduced amendments on the debtor, the creditors and other stakeholders of bankruptcy proceeding are analysed, followed by an attempt to determine whether these amendments are indeed relevant and most suitable.