Early warning system not so fast

Early warning system not so fast

With the implementation of the Second Chance Directive, there will be no new early warning tools. They quickly detect financial problems of companies.

Poland is required to implement Directive 2019/1023 of the European Parliament and the Council (EU) of 20 June 2019 by 17 July this year. It is intended to harmonize the laws of EU countries on restructuring and bankruptcy. To this end, the Minister of Justice last year appointed a team to amend the legislation. In February this year, the assumptions of the amendment to the Act on Restructuring Law and Bankruptcy Law were published. It provides for many changes in restructuring and bankruptcy proceedings.

The draft omits, however, one of the elements of the directive. This provides for making available by the EU states the so-called early warning tools. These are all measures aimed at the earliest possible identification and resolution of financial problems of an entrepreneur. However, the directive only says that states should provide such solutions. There are no specific requirements. Therefore, the Polish legislator probably decided that Poland already meets the requirements of the directive in this respect and there is no need to hurry with the reform of existing solutions.

However, there is hope that in the future a unified and computerized early warning system will be created. The Ministry of Development and Technology is reviewing existing solutions and looking for best practices in Europe. In the meantime, however, entrepreneurs are left to use the existing early warning mechanisms.

Source: https://www.gazetaprawna.pl/firma-i-prawo/artykuly/8403242,centralny-system-wczesnego-ostrzegania-o-trudnosciach-w-firmie.html

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