Amendment to the restructuring law submitted to the Sejm

Another project aimed at implementing the restructuring directive was submitted.

On December 8, 2023, the Prime Minister submitted to the Marshal’s Staff draft regulations implementing Directive (EU) 2019/1023 of the European Parliament and of the Council of June 20, 2019 on a preventive restructuring framework.

The document is the result of the work of the previous Council of Ministers, carried out since July 2022, aimed at introducing new solutions, including: in the scope of approving the arrangement and conducting enforcement against the debtor under restructuring. During the work, numerous changes were introduced – also as a result of consultations with organizations such as: the National Chamber of Legal Advisers, INSO – Section of Bankruptcy and Restructuring Law of the Allerhand Institute and the Polish Bank Association. At some stage, the project also added provisions regarding new rules for selecting a trustee and changing them.

The draft submitted to the Sejm, dated November 28, 2023, is very similar to the version presented in July 2023. At that time, in the list of legislative works of the RCL, the document was included under the number UC120 (https://legislatka.rcl.gov.pl/ project/12361503/catalog/12891102#12891102). Currently, it has been given a new designation – UC1 (https://legislatka.rcl.gov.pl/projekt/12379705). It was sent by the Sejm to the Legislative Office for an opinion.

The draft version submitted to the Sejm is available at: http://orka.sejm.gov.pl/Druki10ka.nsf/dok?OpenAgent&10-020-24-2023

It is worth recalling that all Member States were obliged to implement the EU directive by July 2021. Poland took advantage of the right to postpone this deadline for a year. Despite this, it has not fulfilled this goal so far. According to current announcements, the new act will enter into force – in its main part – on November 26, 2024.