banking & finance

Pre-packaged insolvency: A new debt recovery tool for financial institutions in Poland?

The pre-packaged insolvency (“pre-pack”) may become an effective debt recovery tool for financial institutions who are secured creditors, when the debtor is insolvent and the lender seeks to quickly cash out its collateral at the best price. This can also apply when in-court restructuring proceedings for the debtor are commenced but then discontinued.

Pledge of Polish receivables under foreign law

Can receivables governed by Polish law be effectively encumbered by a pledge governed by foreign law?

Crowdfunding and cybersecurity

Operators of crowdfunding platforms should carefully follow the work on the Network and Information Security Directive. The last draft of the proposal suggests that crowdfunding platforms could be covered by the directive.

Pursuing claims against banks for unauthorised electronic transfers

Reimbursement of funds lost in an attack on an online account can be pursued against the bank operating the account.

New banking tax

On 1 February 2016, the Act on the Tax on Certain Financial Institutions came into force, introducing a “banking tax” and giving rise to multiple differences of opinion in the Polish banking and insurance sectors.

Bank enforcement titles are unconstitutional: What next?

Poland’s Constitutional Tribunal has held that bank enforcement titles are contrary to the Polish Constitution because they violate the constitutional principle of equality. Pursuant to this judgment, the relevant provisions of the Banking Law—Art. 96(1) and Art. 97(1)—will cease to be in force on 1 August 2016. The ruling is fundamentally important for the entire banking sector and for bank customers.