Debtor’s database will be revolution. Natinal registry coming before December

  • The National Register of Debtors will be centralized information on all arrears and debtors, as well as restructuring and bankruptcies. A real revolution awaits us – announces Karol Tatara from the National Chamber of Restructuring Advisors.
  • However, the launch of the register – following a proposal by senators from the Human Rights, Rule of Law and Petitions Committee – will probably be postponed again. This time from July to December this year. It may also mean that later the simplified restructuring procedure will enter the legal order permanently. As a result, entrepreneurs would not have access to this popular tool for five months.

Pursuant to the Act, the existing Register of Insolvent Debtors will be liquidated. In its place, the National Register of Debtors will be introduced, which will keep centralized information on all arrears and debtors.

Pursuant to the legislator’s assumptions, the National Register of Debtors will receive data on natural and legal persons and companies against which restructuring, bankruptcy or secondary bankruptcy proceedings are or have been conducted, as well as proceedings concluded with a valid ruling prohibiting business activity. It will also include entrepreneurs against whom proceedings are or have been conducted for a ban on performing functions in supervisory and management bodies. KRZ will also receive data on personal partners of commercial companies, if consumer bankruptcy has been declared against them, secondary bankruptcy proceedings have been initiated against the company or their petition for declaring the company’s bankruptcy has been rejected.

The National Register of Debtors will also store data on natural and legal persons and companies against which enforcement proceedings were discontinued due to the fact that the enforcement did not obtain an amount higher than the enforcement costs. Another group will be natural persons against whom enforcement of maintenance payments and state budget receivables arising from the benefit paid in the event of ineffective enforcement of maintenance are pending. They will be entered in the register if they fall behind with repayment for more than three months.

It introduces a permanent simplified restructuring procedure. Those who want to take advantage of the fast-track restructuring will have an improved version of the arrangement approval procedure at their disposal. Currently, it is available until June 30 this year, so if the amendment to the KRZ does not enter into force until December 1, entrepreneurs will not have access to simplified restructuring for five months. This situation requires a quick response from the legislator – explains the expert of the National Chamber of Restructuring Advisors.

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