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new provisions

New law on corporate groups enters into force in October 2022
An act amending the Commercial Companies Code was published in the Journal of Laws on 12 April 2022. It establishes the rules for operation of capital groups in Poland and modifies certain rules for operation of corporate authorities. The act will enter into force six months after publication.
New law on corporate groups enters into force in October 2022
The business judgment rule
The management board conducts the affairs of the company, represents the company externally, and under certain circumstances can be liable to the company and its creditors. Management board members should act with due care, which corresponds to the standard of care that would be observed by a conscientious merchant in dealings of a given sort. Failure to observe due care can lead to liability of members of the corporate authorities—and conversely, compliance with due care can shield them from such liability. An amendment to the Commercial Companies Code will make certain changes to these rules.
The business judgment rule
Binding instructions for conduct of the company’s affairs under the new Holding Law
Until now, corporate officers have had to act solely in the best interests of their own company, which has made the operation of corporate groups difficult. As of October 2022, it will be possible to issue binding instructions to subsidiaries affiliated with formalised corporate groups. What must such an instruction contain, can the execution of such an instruction be refused, and what if the company suffers a loss as a result of execution of binding instructions?
Binding instructions for conduct of the company’s affairs under the new Holding Law
Squeezeout and buyout under the new Holding Law
On 12 April 2022, the new Holding Law was published in the Polish Journal of Laws, introducing into the Commercial Companies Code new regulations on the activity of corporate groups, including the possibility to squeeze out minority shareholder’s stakes in subsidiaries.
 
Squeezeout and buyout under the new Holding Law
The Holding Law in practice: Do companies need to amend their articles of association?
The recent amendment to the Commercial Companies Code introduces a number of important changes for companies, especially companies operating within corporate groups. This raises the question of whether companies should adapt their corporate documents to reflect these changes.
The Holding Law in practice: Do companies need to amend their articles of association?
New provisions on by-products
The amendment to the Waste Act which is to come into force at the beginning of 2022 implements the amended Packaging and Packaging Waste Directive into the Polish legal system and constitutes a step towards a circular economy. One of the more significant changes relates to by-products.
New provisions on by-products
Minister of Infrastructure takes first step on new offshore wind permits in Poland
On 1 December 2021, the Minister of Infrastructure published a long-awaited regulation on evaluation of applications for licences to erect artificial islands (offshore location licences). Investors who obtain permits will be able to participate in future auctions for offshore wind farms.
Minister of Infrastructure takes first step on new offshore wind permits in Poland
The new Developers Act: What will change?
During the decade after the current Developers Act entered into force in Poland, it was repeatedly argued that its provisions were vague or diverged from the market reality, so that the act did not live up to the hopes placed in it. As a result, in the last few years, work was undertaken to introduce a new law to fill the existing gaps and, above all, provide greater protection for buyers of residential units and single-family houses.
The new Developers Act: What will change?
Reservation agreement: What shape will it take under the new Developers Act?
One of the new features of the new Developers Act is comprehensive regulation of the reservation agreement, so far not governed by separate provisions. It is worth thoroughly analysing the shape the drafters decided to give to this type of agreement when introducing it officially into the Polish legal system.
Reservation agreement: What shape will it take under the new Developers Act?
New rules for handover of residential units and single-family houses
On 1 July 2022, most of the provisions of the new Developers Act will come into force. One of the changes is to make the handover procedure for a residential unit or single-family house more detailed, and to introduce new rights for buyers. The new rules are particularly controversial among developers.
New rules for handover of residential units and single-family houses
Change of information obligations of banks in the new Developers Act
The new Developers Act substantially modifies the rights and obligations of banks in connection with real estate developments. The new regulations significantly increase the scope of rights and obligations of banks, which will entail a greater expenditure of time and effort on their side. Thus the new rules may increase the cost of banks’ participation in the execution of residential developments.
Change of information obligations of banks in the new Developers Act
Date of entry into force of the new Developers Act and transitional provisions
Analysis of the transitional provisions of the new Developers Act is complicated and unfortunately does not lead to unequivocal conclusions. Indeed, we believe these provisions should be amended immediately to remove doubts, so that developers can prepare for application of the new law and avoid litigation in the future.
Date of entry into force of the new Developers Act and transitional provisions