In comparison to English speaking countries, Polish commercial law is rather different than the common law system present in the other countries.
In recent years, Poland has implemented notable reform to its legal system, therefore transforming it into one of the most advanced countries in terms of transitions in the region. Since it has joined the European Union, Poland had to respect the standards set by EU in multiple fields of activities, including commercial law. However, it is still an undergoing process, and even if progress has been made, many more aspects need improvements, but things are moving to the right direction at the moment.
Poland has implemented new laws to simplify regulations
In 2009, new laws simplified regulations when it comes to concessions, removing formalities that were not mandatory and Poland has adopted a broad definition of PPP - public-private partnership.
EBRD (European Bank for Reconstruction and Development) developes and constantly updates the assessments of the legal transitions within the countries it operates, focusing on relevant investment activities such are concessions, corporate governance, insolvency, secured transactions, securities markets and telecommunications.
In regards to corporate governance legislation, Poland mentions all the details in the Commercial Companies Code, active since September 2000. A voluntary corporate governance code was implemented for listed companies that states the fact that companies are required to fill in an annual declaration stating if they do or do not comply with the code, alongside the reasoning.
Insolvency law in Poland
Law on Bankruptcy and Redress, also known as Insolvency Law governs bankruptcy and insolvency in Poland. It was issued in 2003, but suffered many changes along the way, the most recent one being made in 2009. A Law on Trustee Licensing was implemented in 2007 aiming to improve insolvency practitioners’ professional qualifications.
The Insolvency Law involves creditors in the bankruptcy process, and simplifies the requirements for the commencement of proceedings. In addition, it has comprehensive provisions when dealing with the avoidance of pre-bankruptcy transactions.
In 2009, a complete assessment of all insolvency laws in the countries where EBRD operates, including Poland, was completed. In this assessment, Poland has a score of 74%, meaning a “medium compliance” with international standards.