banking & finance

Is an unexamined complaint an approved complaint?

The Act on Consideration of Complaints by Financial Market Entities and on the Financial Ombudsman provides that a complaint not resolved within the stated period “is regarded as” resolved in accordance with the customer’s request. In a surprising resolution, the Supreme Court recently ruled that this does not mean that a delay in consideration of a complaint mandates that it is resolved in the customer’s favour, but such a delay merely increases the burden faced by the entity during litigation. If, of course, the matter ever reaches the courts. Was this what the legislature intended?

The bank will transfer attached funds to the bailiff, but not right away

Less than two weeks ago the Act of 13 April 2018 Amending the Civil Code and Certain Other Acts reached the desk of the President of Poland. The act has become the subject of debate, as it calls for shortening of the general limitations periods for claims and modifies the ability of enterprises to pursue claims against consumers after the limitations period expires. There is also a change in execution procedure affecting the ability to conduct electronic attachment of the debtor’s bank account.

Green loans, eco-friendly financing

Environmental protection is a major issue today, and many organisations and enterprises attempt to incorporate environmental protection requirements into their operations. Banks are also trying to keep up with the trend by offering eco-loans or green loans.

Proposal for crowdfunding regulation—part of the European Commission’s FinTech development strategy

Reports released by the Cambridge Centre for Alternative Finance leave no doubt that Europe has fallen a long way behind the United States and Asian countries in development of modern financial services. This is especially noticeable in crowdfunding. In Asia Pacific countries, this method generates more than USD 200 billion per year, but only some USD 8 billion in Europe. The proposed crowdfunding regulation is intended to change this by harmonising European laws and introducing a European passport for service providers operating crowdfunding platforms.

A portfolio of receivables as collateral: Pledge or assign?

In various types of financing transactions, one of the borrower’s main assets is a portfolio of receivables, e.g. under leases (when financing commercial property) or under loans (when the borrower is in the business of granting loans). In such cases, the lender seeking effective security will often require such a portfolio to serve as collateral.

The position of the security agent in in-court restructuring proceedings

What banks should pay attention to when granting consortium financing or considering restructuring of consortium debt.