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Ban on use of "Big Four-only" clauses
With planned changes to EU regulations governing the audit market, contractual clauses limiting the selection of audit firms will have to be removed from credit agreements.
Ban on use of "Big Four-only" clauses
Banks lose privileges
Until now, it has been distinctly easier for banks in Poland to secure and later enforce their receivables than for other creditors. Will a new amendment to the Banking Law change this?
Banks lose privileges
A troublesome privilege
Parliamentarians seek to strip banks of the opportunity to use bank writs of execution while awarding a comparable privilege to credit unions.
A troublesome privilege
Not all bank guarantees are created equal
Although the bank guarantee is a commonly used form for securing claims, it is one of the most controversial institutions in Polish law. In a dispute, it is essential to analyse thoroughly the documents establishing the bank guarantee.
Not all bank guarantees are created equal
Escrow accounts a year after entry into force of the Developers Act
Residential escrow accounts have been in use in Poland for over a year, but banks so far do not offer much choice to real estate developers. Access to such accounts may also be limited for smaller developers.
Escrow accounts a year after entry into force of the Developers Act
The future of securitisation
The recommendations published recently by the Financial Stability Board may result in more rigorous regulation of securitisation transactions.
The future of securitisation
Sanctions for failure to prepare and file financial reports with the registry court
Proper preparation of a financial report and filing the report with the registry court is the duty of the members of the management board of a company or the partners conducting the affairs of a partnership. Failure to comply with this duty is subject to
Sanctions for failure to prepare and file financial reports with the registry court
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.
Assignment of receivables and effective satisfaction of lenders' secured claims
Securitisation: Be careful about reserving title to sold goods!
A business may enter into an agreement assigning its receivables to a securitisation fund, but effective assignment of claims of title to generically identified sold goods may require notice to the buyer.
Securitisation: Be careful about reserving title to sold goods!
Evidentiary privileges for banks?
On 1 March 2011 the Polish Constitutional Tribunal examined the constitutionality of Art. 95(1) of the Banking Law, which gives bank statements the evidentiary weight of official documents.
Evidentiary privileges for banks?
Financial Supervision Authority fines are for real
Information published on the website of the Polish Financial Supervision Authority (KNF) shows that the KNF takes full advantage of its authority to impose fines for failure to play by the rules on the financial markets.
Financial Supervision Authority fines are for real
"Collection of items and rights" subject to a registered pledge should be interpreted in light of the economic purpose
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…
"Collection of items and rights" subject to a registered pledge should be interpreted in light of the economic purpose