Transitional provisions in new Restructuring Act

New Restructuring Act will enter into force on 1st January 2016 (hereinafter also as “the Act”), which provides also significant amendments in the Act on Bankruptcy and Reorganisation. Reorganisation proceeding will be removed from polish legal system and bankruptcy proceeding will be corrected in purpose to improve efficiency of its existing instruments. However, it is worth to know to which proceedings, existing provisions will be still applicable.

At first, they will be applicable to cases, where motion for bankruptcy will be filed before the date of entry into force of Restructuring Act. It will be similarly in situation where application for amendment to the arrangement or for revocation of the arrangement will be filled before 1st January 2016 and court will not issue a ruling in this matter. Moreover, existing rules of reorganisation proceeding will be still applicable to the situation where entrepreneur make a statement about opening the reorganization proceeding before the date of entry into force of the Act.

Transitional provisions brings also an important news for receivers and candidates for receivers. Since 1st January 2016, license of receiver, by operation of law, will become a license of restructuring advisor. In addition, people who will pass receiver exam before the date of entry into force of the Act, will be entitled to grant a license of restructuring advisor.

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