15. POLISH INSOLVENCY PROCEEDINGS AND THE EIR DR MAREK PORZYCKI European Insolvency Regulation

Structure of Polish insolvency law Until 2015: Law of 28 February 2003 on Bankruptcy and Rehabilitation (Prawo upadłościowe i naprawcze), providing for bankruptcy proceedings (winding-up or reorganization) winding-up bankruptcy (upadłość obejmująca likwidację), entails appointment of a liquidator (syndyk) reorganization bankruptcy (upadłość z możliwością zawarcia układu), entails appointment of an administrator (zarządca) or a court supervisor (nadzorca sądowy) rehabilitation proceedings (postępowanie naprawcze), entails appointment of a court supervisor (nadzorca sądowy) [not functioning in practice]

Current Polish proceedings in Annexes to the EIR Annex A (all proceedings): winding-up bankruptcy, reorganization bankruptcy, rehabilitation proceedings Annex B (winding-up proceedings): winding-up bankruptcy Annex C (liquidators): liquidator, administrator, court supervisor  but no provisional liquidators (provisional court supervisors, provisional administrator) appointed after the filing of the bankruptcy request, before the decision of the court (cf. Irish provisional liquidator in Eurofood case)

Structure of Polish insolvency law after the reform Ongoing reform – two laws: - Restructuring Law (Prawo restrukturyzacyjne) - Bankruptcy Law (Prawo upadłościowe) Current situtation – both laws have been finally adopted by the Sejm on 15 May 2015 and are currently waiting for signature of the President entry into force: 1 January 2016

Structure of insolvency proceedings under new law Bankruptcy Law: bankruptcy proceedings (postępowanie upadłościowe) - aimed at winding up of the debtor’s enterprise and satisfaction of creditors but restructuring also possible in some cases Restructuring Law: 4 restructuring proceedings (postępowania restrukturyzacyjne), aimed at restructuring the debtor: - arrangement approval proceedings (postępowanie o zatwierdzenie układu); - fast arrangement proceedings (przyspieszone postępowanie układowe); - arrangement proceedings (postępowanie układowe); - reorganization proceedings (postępowanie sanacyjne)

Liquidators/insolvency practitioners under new law in bankruptcy proceedings: liquidator (syndyk) in reorganization proceedings: administrator (zarządca) in other restructuring proceedings: supervisor (nadzorca)

Polish proceedings in Annexes to draft recast EIR currently proceedings under law applicable until 2015 are listed in Annexes to draft recast EIR even though it will apply only from 2017 (two years from the entry into force) new Polish proceedings applicable from will need included: - in the current EIR (as it will continue to apply until 2017)  by implementing regulation of the Council (Art. 45 EIR) - in the draft recast EIR  by a regulation of the European Parliament and the Council adopted in full legislative procedure (possible delays)