According to Polish Bankruptcy Act, a company needs to file for bankruptcy within 30 days after one of the following prerequisites takes place:
(i) a company has delayed payment of its dues for longer than 3 months, or
(ii) the value of a company’s liabilities exceeds the value of its assets during a period of at least 24 months.
It is also possible to initiate a restructuring procedure for entrepreneurs who are already insolvent or who are threatened with insolvency.
Taking into consideration the above insolvency prerequisites (especially the 3-month period), the outbreak of Covid-19 may mean that the prerequisites of insolvency for entrepreneurs who were already financially distressed have been met. If the Covid-19 epidemic continues, other entrepreneurs should also start analysing the initiation of at least the restructuring procedure.
Polish law does not yet provide for exceptions to the current situation.