corporate

New rules for liability for injury to a company

Regulations liberalising the rules for criminal liability of management board members of capital companies go into effect on 1 July 2011.

Maintaining and storing Polish company accounts outside Poland

Under recently amended provisions of the Polish Accountancy Act, authorised entities outside Poland may maintain and store accounts of Polish companies—but only in compliance with Polish accounting requirements.

What may a fund do as a shareholder of a public company?

Statutory restrictions on participation of open investment funds in joint-stock companies should be interpreted narrowly. Restrictions on voting rights do not limit the exercise of other share rights.

Company must be notified of acquisition of shares

The transaction of acquiring shares in a limited-liability company typically ends upon signing of the share sale agreement, but the acquirer’s duties do not end there.

Rules for repayment of surcharges in a limited-liability company

The articles of association may include provisions covering the rules for repayment of surcharges to the shareholders. Absent such provisions, the rules set forth in the Commercial Companies Code will apply.

Easier to file for bankruptcy

An amendment to the Polish Bankruptcy Law went into effect on 22 December 2010, giving debtors a chance to supplement deficient bankruptcy petitions while maintaining the original filing date.