European Insolvency Regulation

Prezentacja na temat: "European Insolvency Regulation"— Zapis prezentacji:

1 European Insolvency Regulation
15. Polish insolvency proceedings and the EIR Dr Marek Porzycki

2 Structure of Polish insolvency law
Old provisions in force until : 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]

3 Structure of Polish insolvency law after the 2016 reform
From : A. Bankruptcy Law (Prawo upadłościowe)  bankruptcy proceedings (upadłość) B. Restructuring Law (Prawo restrukturyzacyjne)  4 restructuring proceedings arrangement approval proceedings (postępowanie o zatwierdzenie układu); fast arrangement proceedings (przyspieszone postępowanie układowe); arrangement proceedings (postępowanie układowe); reorganization proceedings (postępowanie sanacyjne)

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

5 Polish proceedings in Annexes to the EIR and EIR-r – until 11.10.2016
At the time of entry into force of PL insolvency law reform on : Annex A (all proceedings): winding-up bankruptcy, reorganization bankruptcy, rehabilitation proceedings Annex B [EIR only] (winding-up proceedings): winding- up bankruptcy Annex C/B (liquidators/insolvency practitioners): 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)

6 Taking into account new Polish proceedings in Annexes to the EIR and the EIR-r
new Polish proceedings applicable from needed to be included: in the EIR (as it continues to apply until 25 June 2017)  by implementing regulation of the Council (Art. 45 EIR) ADOPTED as Regulation (EU) 2016/1792 of amending Annexes to the EIR, entering into force on in the EIR-r  by a regulation of the European Parliament and the Council adopted in full legislative procedure ADOPTED as Regulation (EU) 2017/353 of , amending Annexes to the EIR-r, applying from

7 Taking into account new Polish proceedings in Annexes to the EIR and the EIR-r
Annexes to both the EIR and the EIR-r have been amended to include both bankruptcy and restructuring proceedings Exception: the arrangement approval proceedings (postępowanie o zatwierdzenie układu) has only been added to Annex in the EIR-r but not to Annex A in the (old) EIR, as it has been deemed to deviate from the definition of „insolvency proceedings” under the old EIR temporary liquidators/administrators appointed under Polish law included in the Annexes C/B (tymczasowy nadzorca sądowy, tymczasowy zarządca, zarządca przymusowy)  earlier opening of insolvency proceedings in the meaning of the EIR/EIR-r (cf. Eurofood)

8 Result of a belated amendment of Annexes to the EIR and the EIR-r
Polish insolvency proceedings opened under the new law between 1 January and 11 October 2016 are not subject to the EIR  their recognition and effectiveness on other Member States has to be applied for under national provisions applicable to non-EU proceedings Polish proceedings opened after 12 October 2016 are subject to the EIR or EIR-r, as applicable Exception: the arrangement approval proceedings (postępowanie o zatwierdzenie układu) will only be included in the EIR-r from 26 June 2017 but is not covered by the EIR until 25 June 2017, as it has not been listed in Annex A to the (old) EIR

9 Reading (in Polish only)
M. Porzycki, Prawo restrukturyzacyjne a zakres zastosowania unijnego prawa upadłościowego, Monitor Prawniczy 2015/20, p. 1073 M. Porzycki, Stosowanie unijnego prawa upadłościowego do polskich postępowań upadłościowych i restrukturyzacyjnych, Doradca Restrukturyzacyjny 2017/2