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
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.
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.
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.
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.
"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…
New authority for fiscal inspectors
When must a financial institution release information to fiscal audit authorities identifying the holder of a bank account?
Danuta Pajewska: A well-functioning compliance division lets management sleep easier
Interview with Danuta Pajewska, partner at Wardyński & Partners and co-head of the Banking and Finance practice group
How long is a bank liable for the act of an employee?
If bank staff commit an offence to the detriment of a bank customer, the bank is liable for failure to supervise the employee.
First judgment in favour of a customer who lost money on currency hedging
The court held that the bank misled the customer by failing to warn of the risk associated with currency forward contracts. But each claim must be considered on a case-by-case basis.
