The Corona Crisis leads worldwide to critical situations for companies.
In light of this, Digitorney has asked lawyers from various countries specialized in restructuring law for recommendations on what needs to be done and which solutions are at hand to weather the Corona Crisis.
This part of our series focuses on Poland:
1) When does a company need to file for insolvency in Poland?
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. MORE
2) What liability risks exist for the management in Poland in a corporate crisis?
In general, members of management boards of Polish company are personally liable with all their estate for the civil and tax debts of the company if it does not have sufficient assets to cover these debts. The liability of members of the management board may be excluded if they are able to prove that [...] MORE
3) Is there any state aid available for companies in Poland due to the Corona crisis?
The first package of the support measures/state aid for businesses affected by the corona crisis called the “Anti-crisis shield” entered into force on 1 April 2020. The key support measures include inter alia state aid in the form of co-financing of the salaries. The second package is being processed by the Polish parliament. MORE
4) What immediate measures should an Polish company take if it is affected by the Corona crisis?
Monitor the financial performance of the company in order to be able to file a petition for bankruptcy in due time (to exclude any personal liability), monitor government measures aimed at securing sufficient financial liquidity of entrepreneurs affected by the Covid-19 crisis […] MORE
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