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Pre-packaged insolvency: A new debt recovery tool for financial institutions in Poland?
The pre-packaged insolvency (“pre-pack”) may become an effective debt recovery tool for financial institutions who are secured creditors, when the debtor is insolvent and the lender seeks to quickly cash out its collateral at the best price. This can also apply when in-court restructuring proceedings for the debtor are commenced but then discontinued.
Pre-packaged insolvency: A new debt recovery tool for financial institutions in Poland?
Pledge of Polish receivables under foreign law
Can receivables governed by Polish law be effectively encumbered by a pledge governed by foreign law?
Pledge of Polish receivables under foreign law
Crowdfunding and cybersecurity
Operators of crowdfunding platforms should carefully follow the work on the Network and Information Security Directive. The last draft of the proposal suggests that crowdfunding platforms could be covered by the directive.
Crowdfunding and cybersecurity
Pursuing claims against banks for unauthorised electronic transfers
Reimbursement of funds lost in an attack on an online account can be pursued against the bank operating the account.
Pursuing claims against banks for unauthorised electronic transfers
New banking 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.
New banking tax
Bank enforcement titles are unconstitutional: What next?
Poland’s Constitutional Tribunal has held that bank enforcement titles are contrary to the Polish Constitution because they violate the constitutional principle of equality. Pursuant to this judgment, the relevant provisions of the Banking Law—Art. 96(1) and Art. 97(1)—will cease to be in force on 1 August 2016. The ruling is fundamentally important for the entire banking sector and for bank customers.
Bank enforcement titles are unconstitutional: What next?
New and planned regulation of investment crowdfunding
New regulations and interpretations will soon have an impact on equity- and debt-based crowdfunding business models.
New and planned regulation of investment crowdfunding
How many claims can be secured by one financial pledge?
It is clear that an ordinary pledge can secure only one claim. In the case of a financial pledge the opinions are divided.
How many claims can be secured by one financial pledge?
Legal position of crowdfunding platforms
Operators of crowdfunding platforms must consider numerous potentially applicable regulations, governing such matters as electronic services, payment services, money laundering, securities trading, foreign exchange and banking.
Legal position of crowdfunding platforms
Subparticipation in Poland: Legal and tax aspects
Amendments to the Corporate Income Tax Act which went into effect on 1 January 2014 provide an opportunity to revive the practice of subparticipation in lending in Poland.
Subparticipation in Poland: Legal and tax aspects
What is a reverse mortgage, and whom does it benefit?
In September 2014 the Polish Sejm adopted the long-awaited but controversial Reverse Mortgage Act. The act still requires the approval of the Senate and the President—and this new financial product deserves a closer look.
What is a reverse mortgage, and whom does it benefit?
Assignment of receivables as a restructuring tool: A case study
Debt restructuring may be approached using solutions involving an assignment of receivables. In practice, depending on the particular factual situation, assignment may offer an attractive alternative to more traditional restructuring methods.
Assignment of receivables as a restructuring tool: A case study