Current status

1. Currently Polish lower chamber of Parliament – Sejm will no take further legislative actions, so the governmental initiative to introduce so called second chance directive (also known as the Restructuring Directive – 2019/1023) will wait for its time after elections planned for 15/10/2023.
2. Governmental document provided for some really interesting restructuring tools, like the possibility to more easily cross-class cram-down, amendments to liquidation arrangement and the possibility to change (up to some extent) the arrangement by the court – in certain circumstances.
3. The draft implementation is currently within the Polish Government Legislative Centre, not being finally approved by the government and not being send to the Parliament for adoption.
4. Publicly available draft (in Polish only, ID: UC120) can be found at: https://legislacja.gov.pl/projekt/12361503
5. Although most probably the document will be formally discontinued, we believe that this initiative will be taken on once again as soon as new Polish authorities are chosen.

Paweł Kuglarz; Mateusz Kaliński, LL.M.; Tatara & Partners; Poland, contact: [email protected]