Am 1. Juli 2023 endete zum ersten Mal seit 2020 der von der Regierung ausgerufene Pandemiezustand auf dem Gebiet Polens.
Damit sind bestimmte Regelungen ausgelaufen, die eingeführt wurden, um Unternehmen vor den Folgen der durch die COVID-Pandemie ausgelösten Störungen des Wirtschaftslebens zu schützen.
Eine der Regelungen, die gerade ausgelaufen ist, ist die Aussetzung der Verpflichtung, innerhalb von 30 Tagen nach Eintritt der Zahlungsunfähigkeit einen Insolvenzantrag zu stellen, sofern die Zahlungsunfähigkeit auf die COVID-Pandemie zurückzuführen ist.
Folglich sind die Geschäftsführer bzw. Vorstandsmitglieder polnischer Unternehmen, die infolge der COVID-Pandemie zahlungsunfähig geworden sind und keinen entsprechenden Insolvenzantrag gestellt haben, verpflichtet, bis zum 30. Juli 2023 die Insolvenz ihres Unternehmens zu melden. Geschäftsführer bzw. Vorstandsmitglieder, die es unterlassen, riskieren zivil-, straf-, steuer- und verwaltungsrechtliche Konsequenzen.
Was sollten Geschäftsführer/Vorstände in Polen in diesem Zusammenhang wissen und tun? Welche praktischen Auswirkungen könnte dies für diejenigen haben, die in Polen Geschäfte machen?
INSOLVENZPRÜFUNGEN NACH POLNISCHEM RECHT
Das polnische Insolvenz- und Sanierungsrecht sieht zwei verschiedene Insolvenztests zur Prüfung der Zahlungsunfähigkeit eines Schuldners:
Der Schuldner ist nicht mehr in der Lage, seine Geldschulden bei Fälligkeit zu begleichen (Liquiditätsinsolvenztest);
Der Liquiditätsinsolvenztest ist der wichtigste Test für die Zahlungsunfähigkeit eines Schuldners, der sowohl für natürliche als auch für juristische Personen gilt.
Es wird vermutet, dass ein Schuldner nicht mehr in der Lage ist, seine Geldschulden bei Fälligkeit zu begleichen, wenn der Verzug bei der Zahlung s drei Monate überschreitet.
oder
Die Geldschulden übersteigen den Wert der Aktiva während eines ununterbrochenen Zeitraums von mehr als vierundzwanzig Monaten (Bilanzinsolvenztest).
Der Bilanzinsolvenztest ist nur auf juristische Personen (einschließlich Kapital- und Personengesellschaften) anwendbar.
Es wird vermutet, dass die Verbindlichkeiten des Schuldners sein Vermögen übersteigen, wenn die Bilanzverbindlichkeiten (ohne Finanzrücklagen und Verbindlichkeiten gegenüber verbundenen Unternehmen) den Wert der Aktiva des Schuldners übersteigen und dieser Zustand länger als vierundzwanzig Monate andauert. Bei dem Bilanzinsolvenztest werden u. a. künftige Verbindlichkeiten und Verbindlichkeiten gegenüber den Gesellschaftern oder Aktionären, die sich aus einem Darlehen oder einem anderen Rechtsgeschäft mit ähnlicher Wirkung aus den letzten fünf Jahren ergeben, nicht mitgerechnet.
INSOLVENZBEZOGENE VERPFLICHTUNGEN DER GESCHÄFTSFÜHRER BZW. VORSTANDSMITGLIEDER POLNISCHER GESELLSCHAFTEN UND DIE DAMIT VERBUNDENE HAFTUNG
Pflicht zur fristgerechten Stellung eines Insolvenzantrags
Ein Schuldner, bei dem es sich um einen Unternehmer handelt, ist verpflichtet, innerhalb von 30 (dreißig) Tagen nach Eintritt seiner Zahlungsunfähigkeit einen Insolvenzantrag zu stellen (bei juristischen Personen muss einer der beiden Insolvenztests erfüllt sein).
Im Falle der juristischen Personen in Polen obliegt die Pflicht, innerhalb der genannten Frist einen Insolvenzantrag zu stellen, jedem Mitglied der Geschäftsführung bzw. des Vorstands der Gesellschaft, und zwar unabhängig davon, ob es direkt an der laufenden Geschäftsführung des Unternehmens beteiligt ist oder ob die Zuständigkeiten unter den Geschäftsführern bzw. den Vorstandsmitgliedern der Gesellschaft intern aufgeteilt sind.
Im Gegensatz zu anderen Rechtsordnungen lässt der polnische Gesetzgeber den Geschäftsführern/Vorstandsmitgliedern keinen Spielraum, sich der Anmeldung zu entziehen, wenn sie vernünftigerweise davon ausgehen können, dass die Fortsetzung der Geschäftstätigkeit der Gesellschaft den Gläubigern nicht zum Nachteil gereichen wird oder dass die Zahlungsfähigkeit langfristig wiederhergestellt wird.
Haftung für die Schulden der Gesellschaft und für Schäden, die den Gläubigern zugefügt werden
Die Geschäftsführer einer polnischen Gesellschaft mit beschränkter Haftung und die Vorstände einer einfachen Aktiengesellschaft können persönlich für die Schulden der Gesellschaft haften, wenn sich die Vollstreckung gegen die Gesellschaft als unwirksam erweist, es sei denn, sie weisen nach, dass (i) rechtzeitig ein Insolvenzantrag gestellt wurde oder alternativ das Sanierungsverfahren innerhalb dieser Frist eröffnet wurde, (ii) sie kein Verschulden an der verspäteten Antragstellung hatten oder (iii) den Gläubigern des Unternehmens trotz Nichterfüllung der Insolvenzantragspflicht kein Schaden entstanden ist.
Darüber hinaus kann das Versäumnis, rechtzeitig einen Insolvenzantrag zu stellen, auch die Haftung gegenüber den Gläubigern des Schuldners für Schäden auslösen. Diese Art der Haftung gilt für die Mitglieder der Geschäftsführung bzw. des Vorstands aller Gesellschaften. Es wird davon ausgegangen, dass der Schaden eines Gläubigers dem Wert seiner unbefriedigten Forderung entspricht.
Haftung für Steuern und Sozialversicherungsbeiträge
Darüber hinaus können die Mitglieder der Geschäftsführung bzw. des Vorstands einer polnischen Gesellschaft mit beschränkter Haftung, einer einfachen Aktiengesellschaft oder einer Aktiengesellschaft für die Steuer- und Sozialversicherungsrückstände der von ihnen geleiteten Gesellschaft haften, wenn sich die Vollstreckung in das Vermögen der Gesellschaft als teilweise unwirksam erweist, es sei denn, sie weisen nach, dass (i) der Insolvenzantrag rechtzeitig gestellt wurde oder alternativ das Sanierungsverfahren zu diesem Zeitpunkt eröffnet wurde; oder (ii) sie kein Verschulden an der verspäteten Antragstellung trifft.
Es ist darauf hinzuweisen, dass die Verwaltungsgerichte, die über die Haftung der Mitglieder der Geschäftsführung bzw. des Vorstands für öffentliche Abgaben entscheiden, eine weitaus strengere Rechtsauslegung zugunsten der Interessen der öffentlichen Hand vornehmen.
Ein Geschäftsführer bzw. Vorstandsmitglied kann von der Haftung befreit werden, wenn er den zuständigen Behörden jene Vermögenswerte der Gesellschaft mitteilt, die für eine erfolgreiche Befriedigung eines überwiegenden Teils der öffentlichen Abgaben verwendet werden können, was in der Praxis äußerst selten möglich ist.
Strafrechtliche und quasi-strafrechtliche Verantwortlichkeit für eine fehlende oder verspätete Insolvenzanmeldung
Stellt ein Geschäftsführer bzw. Vorstandsmitglied den Insolvenzantrag nicht rechtzeitig, kann es zur strafrechtlichen Verantwortlichkeit des Geschäftsführers bzw. Vorstandsmitglieds und/oder eines Liquidators der Gesellschaft nach dem Handelsgesellschaftsgesetzbuch, dem Strafgesetzbuch bzw. unter bestimmten Umständen nach dem Steuerstrafgesetzbuch führen. Zu den möglichen Strafen gehören Geldstrafen, Freiheitseinschränkungen oder sogar Freiheitsstrafen. Bisher wurden allerdings strafrechtliche Sanktionen gegen Manager, die ihre insolvenzrechtlichen Pflichten verletzten, nicht häufig verhängt.
Es sei darauf hingewiesen, dass das polnische Strafgesetzbuch auch eine Reihe von Straftaten vorsieht, die im Zusammenhang mit der Insolvenz begangen werden können, wie z. B. betrügerische Vermögensübertragungen oder selektive Rückzahlung von Schulden. Diese dürfen die Geschäftsführer bzw. Vorstandsmitglieder, die in der Notlage vor der Insolvenzanmeldung nach Auswegen suchen, nicht außer Acht lassen.
Darüber hinaus kann eine verspätete Antragstellung eine quasi strafrechtliche Verantwortlichkeit der Geschäftsführer bzw. Vorstandsmitglieder auslösen, indem ihnen für 1 bis 10 Jahre gerichtlich verboten wird, eine Geschäftstätigkeit auszuüben oder als Mitglied der Geschäftsführung/des Vorstands und/oder des Aufsichtsrats von juristischen Personen tätig zu sein.
Scheingeschäftsführer (Shadow directors)
Das polnische Recht kennt das Konzept eines Scheingeschäftsführers nicht. Hier gibt es lediglich die Ausnahme, dass eine Person, die das Vermögen eines Schuldners tatsächlich verwaltet und wesentlich dazu beiträgt , dass ein Insolvenzantrag nicht innerhalb der gesetzlichen Frist gestellt wird, quasi strafrechtlich haftbar gemacht werden kann (Verbot der Ausübung einer Geschäftstätigkeit).
AUSSETZUNG DER INSOLVENZANMELDUNG WEGEN COVID
Durch Ausbruch der COVID-19-Pandemie im Jahr 2020 wurden spezifische Regelungen in das polnische Recht eingeführt, um Unternehmen vor den schwerwiegenden Folgen der Pandemie zu schützen. Hierzu gehörte eine begrenzte Aussetzung der Insolvenzanmeldepflicht.
Die 30-tägige Insolvenzantragsfrist für Schuldner, deren Zahlungsunfähigkeit (i) während des von der Regierung verkündeten Zustands der Epidemie oder der epidemischen Bedrohung und (ii) als Folge von COVID-19 eintrat, wurde bis zur Aufhebung des Zustands der Epidemie und der epidemischen Bedrohung auf dem Gebiet Polens ausgesetzt (dann würde die 30-tägige Antragsfrist wieder erneut laufen).
Der von der Regierung ausgerufene Zustand der epidemischen Bedrohung endete am 30. Juni 2023, was bedeutet, dass die Geschäftsführer bzw. Vorstandsmitglieder polnischer Gesellschaften, die bis Ende Juni 2023 unter Berufung auf die Ausnahmeregelung zahlungsunfähig geworden sind, bis zum 30. Juli 2023 Zeit haben, die Insolvenz anzumelden, um persönlicher Haftung zu entgehen.
Es ist schwer festzustellen, wie viele Manager sich bewusst dafür entschieden haben, den entsprechenden Insolvenzantrag nicht zu stellen. Die Prämissen für die Verschiebung des Antrags ließen Zweifel an ihrer Anwendung in komplexeren Fällen aufkommen, in denen die COVID-Pandemie nicht der einzige Grund für die Insolvenz sein könnte.
Da die Insolvenz jedoch während des von der Regierung ausgerufenen epidemischen Zustands bzw. der epidemischen Bedrohung eingetreten ist, wird davon ausgegangen, dass sie auf die COVID-Pandemie zurückzuführen ist. Dies bietet allen Geschäftsführern bzw. Vorstandsmitgliedern polnischer Unternehmen, die (bewusst oder unbewusst) innerhalb von 30 Tagen ab Insolvenz der Gesellschaft keinen entsprechenden Antrag gestellt haben, eine Chance.
WAS SOLLTEN DIE GESCHÄFTSFÜHRER BZW. VORSTANDSMITGLIEDER DER POLNISCHEN GESELLSCHAFTEN PRÜFEN ODER TUN, UM EINE PERSÖNLICHE HAFTUNG ZU VERMEIDEN?
Erstens wird den Managern polnischer Gesellschaften empfohlen, zu prüfen, ob einer der Insolvenztests für ihre Unternehmen erfüllt ist. Während die Erfüllung des Liquiditätstests nur selten übersehen werden kann, kann die Erfüllung des Bilanztests leicht über Monate oder Jahre hinweg unbemerkt bleiben, da sie sich möglicherweise nicht auf das Tagesgeschäft des polnischen Unternehmens auswirkt. Dies gilt insbesondere dann, wenn die für die Fortführung der Geschäftstätigkeit erforderliche Liquidität von der Muttergesellschaft oder durch externe Finanzierung auf Gruppenebene bereitgestellt wird. Daher wird dringend empfohlen, einen Bilanzinsolvenztest auf der Grundlage von 24-Monats-Datendurchzuführen.
Stellt es sich zweitens heraus, dass der Insolvenztest in Bezug auf eine bestimmte Gesellschaft erfüllt ist, sind die möglichen Maßnahmen unter den nach polnischem Recht verfügbaren Instrumenten zu untersuchen. Die Wahl einer entsprechenden Lösung hängt von der Schuldenstruktur und der Liquiditätslage einer bestimmten Gesellschaft ab. Im Allgemeinen können aber die Geschäftsleiter Folgendes in Betracht ziehen (i) Umschuldung; (ii) Umstrukturierung der Gesellschaft durch einen freiwilligen Umtausch von Schulden in Eigenkapital; oder (iii) Einleitung eines der vier verfügbaren gerichtlich überwachten Umstrukturierungsverfahren.
Es sei darauf hingewiesen, dass es je nach den Umständen für die Geschäftsführer/Vorstandmitglieder auch ratsam sein kann, parallel zur Umsetzung anderer Umstrukturierungsoptionen einen Insolvenzantrag zu stellen. Insbesondere wenn ein formeller Umstrukturierungsweg eingeschlagen werden soll, wird der Insolvenzantrag in der Regel gestellt, um die Laufzeit der Haftung eines Managers zu stoppen, während der Umstrukturierungsantrag vorbereitet wird. Da die Umstrukturierungsverfahren nach polnischem Recht Vorrang haben, wäre das Insolvenzgericht verpflichtet, über den Umstrukturierungsantrag zuerst oder zusammen mit dem Insolvenzantrag zu entscheiden.
WELCHE RISIKEN SOLLTEN GESCHÄFTSLEUTE IN POLEN KENNEN UND WAS KÖNNEN SIE TUN, UM DIESE ZU MINDERN?
In Anbetracht der obigen Ausführungen ist damit zu rechnen, dass bei den polnischen Insolvenzgerichten vermehrt Insolvenzanträge gestellt und von den polnischen Gesellschaften Umstrukturierungsverfahren eingeleitet werden.
Obwohl es unwahrscheinlich ist, dass dies zu einer massiven Insolvenzwelle führen wird (in den meisten Fällen werden ja wohl Umstrukturierungsanträge gestellt), empfehlen wir auf jeden Fall erhöhte Vorsicht bei der Solvenzüberwachung der polnischen Geschäftspartner, da deren Insolvenz und/oder Umstrukturierung ihre Geschäftsbeziehungen erheblich beeinträchtigen kann.
Erstens kann den Schuldnern in einem Insolvenz- und/oder Umstrukturierungsverfahren das Recht entzogen werden, das Vermögen der Gesellschaft zu verwalten. Die Verwaltung würde in diesem Fall dem gerichtlich bestellten Treuhänder oder Verwalter übertragen. Selbst wenn der Schuldner im Besitz des Vermögens bleibt, werden alle Handlungen, die über den normalen Geschäftsbetrieb hinausgehen, von dem gerichtlich bestellten Verwalter überwacht. Der Verwalter kann auch in der Zeit zwischen dem entsprechenden Antrag und der Eröffnung des Insolvenzverfahrens bestellt werden. Dies kann sich auf die Fähigkeit des Schuldners auswirken, verbindliche Verträge abzuschließen und/oder sie sogar zu kündigen.
Zweitens können sowohl im Insolvenz- als auch im Sanierungsverfahren bestimmte Handlungen des Schuldners vor der Verfahrenseröffnung für ungültig und/oder unwirksam befunden werden. Die zuständige gerichtlich bestellte Behörde, die die Masse verwaltet, hat das Recht, nicht vollständig erfüllte Verträge aus der Zeit vor der Verfahrenseröffnung zu kündigen.
Andererseits sieht das polnische Sanierungsrecht vor, dass die andere Vertragspartei für die Dauer des Umstrukturierungsverfahrens u.a. Mietverträge über Immobilien, in denen das zu sanierende Unternehmen tätig ist, Leasingverträge, Garantieverträge, Verträge über die Gewährung von Lizenzen an den Schuldner und/oder andere Verträge von grundlegender Bedeutung für die Geschäftstätigkeit des Schuldners ohne Zustimmung des Gläubigerrats (ein kollektives Gremium, das die Gläubiger im Umstrukturierungsverfahren vertritt) nicht wirksam kündigen kann. Der gerichtlich bestellte Sachwalter oder Verwalter sollte innerhalb von drei Wochen nach Eröffnung des Restrukturierungsverfahrens eine Liste solcher unkündbaren Verträge erstellen, die in die letztgenannte Kategorie fallen. Andere Parteien solcher Verträge haben keine rechtlichen Möglichkeiten, gegen ihre Aufnahme in eine solche Liste Einspruch zu erheben. Beachten Sie, dass diese sehr weit gefasste Kategorie von Verträgen erst am 1. Dezember 2021 hinzugefügt wurde, so dass es keine etablierte Praxis in diesem Bereich gibt. Daher besteht für alle Verträge, die mit Schuldnern geschlossen werden, die sich in einem polnischen Umstrukturierungsverfahren befinden, die Gefahr, dass sie für die Dauer des Umstrukturierungsverfahrens (das oft zwei bis drei Jahre dauert) unkündbar werden.
Da die oben genannten Beschränkungen für die Beendigung von Verträgen mit zu sanierenden Schuldnern jedoch erst ab Eröffnung des Umstrukturierungsverfahrens gelten, ist es möglich, bestimmte Maßnahmen zu ergreifen, um diese Risiken von der Antragstellung bis zur tatsächlichen Eröffnung des Verfahrens (dies nimmt oft mehr als 6 Monate in Anspruch) zu mindern.
Daher empfehlen wir eine kontinuierliche Überwachung der Eintragungen im zentralen Schuldnerregister, in dem alle Anträge auf Insolvenz- und Umstrukturierungsverfahren in Bezug auf Gesellschaften mit Sitz in Polen offengelegt werden und öffentlich zugänglich sind.
Wenn Sie Fragen zu einem der oben genannten Themen haben, wenden Sie sich bitte an unser Umstrukturierung und Insolvenz Team oder German Desk: Klaudia Frątczak-Kospin, Anna Wojciechowska, Anna Fennig und Anna Oleś.
On 1 July 2023, the government declared that the state of pandemic is to end in the territory of Poland for the first time since 2020.
This will result in the expiration of certain regulations which were introduced to protect businesses against the consequences of disruption to economic life triggered by the COVID pandemic.
One of the regulations soon to expire is a suspension of the obligation to file for bankruptcy within 30 days of the date of insolvency provided that the insolvency resulted from the COVID pandemic.
Consequently, the members of the management boards of Polish companies which became insolvent as a result of the COVID pandemic, and have not made the relevant bankruptcy filing, will be obliged to file for bankruptcy by 30 July 2023. Managers who fail to file for bankruptcy on time risk civil, criminal, tax, and administrative liability.
What should the members of the Polish management boards be aware of and do in light of the above? What practical impact could that have to those conducting business in Poland?
INSOLVENCY TESTS UNDER POLISH LAW
Polish Bankruptcy Law provides for two separate insolvency tests, and thus, a debtor shall be considered insolvent if:
They lose the ability to pay its pecuniary liabilities as they fall due (liquidity insolvency test);
The liquidity insolvency test is the main test used to assess the insolvency of a debtor. It is applicable to both natural and legal persons.
It is presumed that a debtor has lost the ability pay its pecuniary liabilities as they fall due when the delay in payment of its pecuniary liabilities exceeds three months.
or
Their pecuniary liabilities exceed the value of their assets for a continued period exceeding twenty-four months (balance sheet insolvency test).
The balance sheet insolvency test is applicable only to corporate entities (including companies and partnerships).
The debtor’s liabilities are presumed to exceed its assets when its balance sheet liabilities (excluding financial reserves and liabilities due to related entities) exceed the value of the debtor’s assets, and such a situation persists for a period exceeding twenty-four months. For the purposes of the balance sheet insolvency test, the debtor’s pecuniary liabilities do not include, among others, future liabilities and liabilities towards its partners or shareholders arising from a loan or other legal act with a similar effect executed within 5 preceding years.
INSOLVENCY RELATED OBLIGATIONS OF MANAGERS OF POLISH COMPANIES AND ASSOSCIATED LIABILITY
The obligation to file for bankruptcy within a strict deadline
A debtor who is an entrepreneur is obliged to file for bankruptcy no later than 30 (thirty) days from the date on which it became insolvent (in the case of corporate entities either of the insolvency tests needs to be met).
In the event of an entity being a Polish corporate entity the obligation to file for bankruptcy within the said deadline lies with each of the members of the management board of the company. This is irrespective of whether they are directly engaged in day-to-day management of the business of a given entity or whether there are any internal divisions of responsibility among the members of the management board of the company.
Unlike in other jurisdictions, Polish law does not leave any room for managers to avoid filing in the event that they reasonably expect that the continuation of the company’s business operations will not be detrimental to the creditors or if it can be reasonably presumed that solvency will be restored in the long term.
Liability for the company’s debts and liability for damages caused to creditors
Any of the members of the management board of a Polish limited liability company or a simple joint stock company may be personally liable for the company’s debts if the enforcement against the company proves ineffective, unless they prove that (i) a bankruptcy filing was made in a timely manner or, alternatively, restructuring proceedings were opened within the applicable deadline (ii) they were not at fault for a late filing or (iii) despite a failure to comply with bankruptcy filing obligations, the creditors of the company suffered no damage.
In addition, a failure to make a timely bankruptcy filing may also trigger liability toward the debtor’s creditors for damages. This kind of liability applies to managers of all corporate entities. It is presumed that the extent of the damage suffered by a creditor amounts to the value of the unsatisfied claim of the creditor.
Liability for tax and social security arears
Moreover, members of a Polish limited liability company, simple joint stock company or a joint stock company may be subject to specific personal liability for the tax and social security arrears of the company that they manage if the enforcement against the company’s assets proves to be ineffective in any part. This is unless they prove that: (i) the bankruptcy filing was made in due time or, alternatively, restructuring proceedings were opened at this time; or (ii) they are not at fault for a late filing.
It should be noted that the administrative courts ruling on the liability of managers in respect of public levies are far stricter in their interpretation of the law; favoring the interest of the public authorities who are creditors.
A manager can be discharged from liability if they indicate to the relevant public authorities the company’s assets which may be used to enable a successful satisfaction of a preponderant part of public levies, which is extremely rarely possible in practice.
Criminal and quasi-criminal liability for a lack of, or late, bankruptcy filing
A failure to make a timely bankruptcy filing by a member of the management board may result in criminal liability for said member of the management board and/or a liquidator of a company both under the Commercial Company code and Penal code. In certain circumstances, they could also be liable under the fiscal penal code. Penalties that may be imposed include fines, limitations of liberty, or even imprisonment. However, so far criminal sanctions have not been widely imposed on managers who have violated their bankruptcy-related obligations.
Note that the Polish penal code, additionally, provides for several offences which may be committed in connection with insolvency. These include things such as fraudulent asset transfers or selective repayment of debts, which should not be neglected by the managers meandering in the times of the company’s distress preceding bankruptcy filing.
Moreover, a late filing may trigger quasi-criminal liability. This can consist of a court-imposed prohibition to conduct business activity or to be a member of the management board and/or supervisory board of legal entities for a period of 1 to 10 years.
Shadow directors
Polish law does not recognize the concept of a shadow director. The exception to this is a person who manages the debtor’s estate, and who has significantly contributed to a failure to file a bankruptcy petition within the statutory time limit, may be subject to quasi-criminal liability (prohibition to conduct business activity)
COVID BANKRUPTCY FILING SUSPENSION
The outbreak of the COVID-19 in 2020 prompted the introduction of specific measures into Polish law to protect business against the severe consequences associated with the pandemic, including a limited bankruptcy filing obligation suspension.
The 30-day bankruptcy filing deadline for debtors whose insolvency arose: (i) during the government announced state of the epidemy or epidemic threat; and (ii) resulted from COVID-19, was suspended until renouncement of the state of epidemy and epidemic threat in the territory of Poland (when the 30-day filing deadline would restart anew).
The government announced state of epidemic threat has now been announced to end on 30 June 2023. This means that any members of management boards of Polish companies which became insolvent in the period until the end of June 2023 (apart from those covered by the abovementioned exemption)will have until 30 July 2023 to make their bankruptcy filing and avoid personal liability.
It is hard to determine how many managers have consciously chosen to withhold making the relevant bankruptcy filing. This is due to the general premisses provided which have allowed the postponement of filing. There have been doubts raised as to their application in more complex cases where the COVID pandemic may have not been the only reason for insolvency.
However, given that insolvency occurred during the government announced state of epidemy or epidemic threat, it is assumed that any insolvency resulted from the COVID pandemic. This creates a window of opportunity to all members of a management board of a Polish company who (consciously or not) did not make the relevant filing within 30 days as of the date of the company’s insolvency.
WHAT SHOULD A MEMBER OF A POLISH COMPANY CHECK OR DO TO AVOID PERSONAL LIABILITY?
Firstly, it is recommended that any manager of a Polish Company check if any of the insolvency tests have been fulfilled with respect to the entities that they manage. It is unlikely that a result stemming from the liquidity test goes unnoticed, the fulfilment of the balance sheet test may be easily unnoticed for months or years as it may not be influencing the day-to-day operations of the Polish part of the business. Especially, if the liquidity necessary to continue trading is being provided by the parent entity or there is external financing at the group level. Thus, a thorough examination of the fulfilment of the balance sheet insolvency test based on 24-month data is highly recommended.
Secondly, if it transpires that the insolvency test is satisfied in relation to a given entity, the next step is to investigate a course of action from among the tools available under Polish law. The choice of relevant solution would depend on the debt structure and the liquidity standing of a given entity. However, in general terms, a manager could consider: (i) debt restructuring; (ii) corporate restructuring consisting in voluntary debt to equity swap; or (iii) entering into one of 4 available court supervised restructuring processes.
It should be noted that depending on the circumstances, it may also be advisable for a manager to make a bankruptcy filing in parallel to the implementation of other restructuring options. In particular, if a formal restructuring route is to be pursued, the normal next step would be to make a bankruptcy filing in order to stop the clock in respect of a manager’s liability while the restructuring motion is being prepared. Since restructuring processes are prioritized under Polish law, the bankruptcy court would be obliged to rule on the restructuring motion first or together with the bankruptcy motion.
WHEN CONDUCTING BUSINESS IN POLAND WHAT RISKS SHOULD A PERSON BE AWARE OF AND WHAT CAN BE DONE TO MITIGATE AGAINST THEM?
In light of the above, we can expect an increased number of bankruptcy motions being filed with the Polish bankruptcy courts as well as restructuring processes being opened by Polish companies.
Although this is unlikely to cause a massive wave of bankruptcies (as in most cases we may expect the restructuring filings to be made)y, we recommend increased caution in monitoring the solvency status of Polish business partners as their bankruptcy and/or restructuring may significantly influence their commercial relationships.
Firstly, the debtors in a bankruptcy and/or restructuring process may be deprived of the right to manage the company’s estate. The management of the estate would, in that case, be vested upon the court-appointed trustee or administrator. Even if the debtor remains in possession of the estate, all actions going beyond the ordinary course of business would be supervised by a court-appointed supervisor. A supervisor may also be appointed in the interim period between the relevant filing and the opening of the relevant insolvency-related proceedings. This may influence the debtor’s ability to enter binding contracts and/or even terminate them.
Secondly, both within the bankruptcy and the remedial restructuring process, certain acts of the debtor preceding their opening may be found invalid and/or ineffective and the relevant court-appointed authority managing the estate has a right to terminate not fully performed contracts predating the opening of the relevant proceedings.
On the other hand, Polish restructuring law provides that, for the duration of the restructuring process, the other party to the contract cannot, without the consent of the creditors’ council (a collective body representing the creditors in the restructuring proceedings), effectively terminate, among others, lease agreements for the real estate where the restructured entity conducts its business, leasing agreements, guarantee agreements, agreements granting licenses to the restructured debtor, and/or other contracts of fundamental importance to the restructured debtor’s business.
The court-appointed supervisor or administrator should draw up a list of non-terminable agreements falling into the last category within 3 weeks of the restructuring process commencing, and the other parties to such agreements have no legal means to object to their inclusion in such a list.
This broad category of contracts was added on 1 December 2021, so there is no established practice with respect of them. Therefore, all contracts concluded with debtors undergoing the Polish restructuring process are at risk of becoming interminable for a period of duration of the restructuring proceedings (which often last 2-3 years).
However, given that the abovementioned restrictions on termination of contracts with a restructured debtor as to the fact they apply only as of the date on which the restructuring process is opened, it is possible to take certain actions to mitigate these risks in a period as of the date on which the relevant motion is filed until the actual opening of the proceedings (which often exceeds 6 months).
Therefore, we recommend continuously monitoring submissions made to the central register of debtors. This is where all motions for bankruptcy and restructuring processes with respect to entities with the center of main interest located in Poland are revealed and publicly accessible.
20 жовтня 2021 року Урядовим Центром Легалізації зареєстровано законопроєкт про внесення змін до Закону «Про допомогу громадянам України у зв’язку зі збройним конфліктом на території цієї країни» та деяких інших нормативних актів («Проект»). Проект передбачає низку змін, що стосуються становища іноземців, у тому числі їх перебування на території Польщі.
Цей алерт інформує про найважливіші зміни, що регламентовані Проектом, які стосуються легалізації перебування іноземців та змін до правил працевлаштування громадян Росії.
СКАСУВАННЯ ПРОДОВЖЕННЯ ДІЇ ОКРЕМИХ ВИДІВ ДОКУМЕНТІВ ЩОДО ПРАВ НА ПРОЖИВАННЯ У ЗВ’ЯЗКУ З COVID-19
Проект передбачає скасування чинного механізму продовження дії документів, які надають дозвіл на проживання іноземців, термін дії яких закінчився під час стану епідемічної загрози або стану епідемії, та продовження яких було запроваджено Законом «Про спеціальні заходи, спрямовані на запобігання та протидію поширенню COVID-19, інших інфекційних захворювань та спричинених ними надзвичайних ситуацій» («Закон про спеціальні заходи щодо COVID-19»). Перш за все, це стосується національних віз і шенгенських віз (включаючи візи, видані іншими країнами Шенгенської угоди), посвідок на проживання та тимчасових посвідчень особи іноземця.
Звертаємо увагу на те, що з набранням чинності вищезгаданих змін припиняються також існуючі права щодо продовження терміну дії документів, які включають не лише право легального перебування в Польщі, але в деяких випадках також, наприклад, доступ до ринку праці (звільнення від обов’язку отримання дозволу на працю) або право вести підприємницьку діяльністьв Польщі в певній формі (наприклад, у формі фізичної особи-підприємця).
Стосовно громадян України та їх подружжя продовження строку дії посвідки на проживання передбачено також іншим нормативно-правовим актом – Законом «Про допомогу громадянам України у зв’язку зі збройним конфліктом на території цієї країни» («Спеціальний закон»). Проект передбачає зміну засад продовження перебування громадян України та їх подружжя підставі Спеціального закону, про що йдеться нижче.
ВИЗНАЧЕННЯ СТРОКУ ПРОДОВЖЕННЯ ДОКУМЕНТІВ НА ПРОЖИВАННЯ ЗГІДНО ЗІ СПЕЦІАЛЬНИМ ЗАКОНОМ
Виключно стосовно громадян України та їх подружжя Спеціальний закон детально регулює продовження строку дії посвідок на проживання, термін дії яких закінчився після 24 лютого 2022 року.
Законопроект передбачає продовження терміну дії національних або шенгенських віз (у тому числі виданих іншими державами Шенгенської зони) і дозволів на тимчасове перебування (включаючи видані на їх основі посвідки на проживання) до 24 серпня 2023 року.
ДОЗВОЛІВ НА ТИМЧАСОВЕ ПРОЖИВАННЯ ДЛЯ ГРОМАДЯН УКРАЇНИ СПЕЦІАЛЬНИМ ЗАКОНОМ НЕ ПЕРЕДБАЧЕНО
Спеціальний закон у чинній редакції надає право громадянам України та їхнім подружжям, які прибули до Польщі починаючи з 24 лютого 2022 року, подати заяву на отримання окремого виду дозволу на тимчасове проживання строком на 3 роки. Право подати заяву на отримання дозволу на тимчасове проживання відповідно до Спеціального закону набувається не раніше ніж через 9 місяців з дати в’їзду та не пізніше 24 серпня 2023 року.
Проект передбачає відкликання можливості подання заяви на отримання вищезазначеного дозволу на проживання в спеціальному режимі на підставі Спеціального закону. Обґрунтуванням запропонованих змін є надання електронному документу (доступному за допомогою diia.pl) характеру дозволу на перебування в розумінні ст. 2 п. 16 літ. b розпорядження Європейського Парламенту та Ради (ЄС) 2016/399 від 9 березня 2016 року щодо уніфікованого кодексу правил, що регулюють пересування осіб через кордони (прикордонний кодекс Шенгену). Зважаючи на вищезазначене, не буде необхідності подавати заяву на отримання посвідки на тимчасове проживання за спеціальною процедурою відповідно до Спеціального закону.
ПРОПОНОВАНА ДАТА НАБРАННЯ ЧИННОСТІ ЛЕГАЛІЗАЦІЙНИХ ЗМІН
Законопроект передбачає набуття чинності положеннями про продовження терміну дії документів, що надають дозвіл на проживання на підставі Закону про спеціальні заходи щодо COVID-19 зі спливом 30 днів з дня опублікування акта у Віснику Законів.
Стосовно продовження терміну дії документів, які надають дозвіл на проживання та відкликання можливості подання заяви про тимчасове перебування на підставі Спеціального закону, проектом передбачено набрання чинності змінами з дня опублікування закону у Віснику законів.
ЗМІНИ В ПРАВИЛАХ ПРАЦЕВЛАШТУВАННЯ ГРОМАДЯН РОСІЙСЬКОЇ ФЕДЕРАЦІЇ
На підставі Розпорядження Міністра у справах сім’ї та соціальної політики від 25 жовтня 2022 року, про внесення змін до Розпорядження стосовно країн, до громадян яких підлягають застосуванню деякі положення про дозвіл на сезонну роботу та положення щодо декларації про доручення роботи іноземцю («Розпорядження»), з каталогу громадян країн, яким дозволено працювати в Польщі в спрощеному порядку, на підставі декларації про доручення роботи, вилучено громадян Російської Федерації.
Вказані зміни набули чинності 28 жовтня 2022 року. Їх запровадження по суті означає необхідність отримати дозвіл на працю перед тим, як довірити роботу громадянину Росії в Польщі.
Також інформуємо, що декларації про доручення роботи іноземцю, внесені до реєстру декларацій до 28 жовтня 2022 року, залишаються в силі. Доручення роботи громадянину Росії на підставі декларації про доручення роботи буде можливе виключно протягом строку і на умовах, зазначених у декларації. Подальша зміна умов працевлаштування вимагатиме отримання дозволу на працю.
Внаслідок запроваджених змін наразі право працювати в Польщі на підставі декларації про доручення мають лише громадяни п’яти країн, що не входять до ЄС, а саме громадяни Вірменії, Білорусі, Грузії, Молдови та України (громадяни України додатково мають окремий режим працевлаштування, передбачений Спеціальним законом).
У разі виникнення питань, пов’язаних з освітленою проблематикою, будь ласка, зв’яжіться з Анною Матієвською з команди M&A.
Running a business in the pandemic era, including switching to remote working, has opened multiple doors for cyberattacks. Cybercriminals become more skilful in using new technologies and social engineering to their advantage. They know that human error is the key to success. A cyberattack may cause severe losses, including financial ones, for the company. To minimise potential losses, cybersecurity guidelines adopted by organisations should be given a closer examination.
Cybersecurity in the pandemic era
Since the beginning of the pandemic, the number of cybercrimes has increased significantly, including:
hacks into security systems, data breaches and confidential information theft;
blackmail through ransomware, i.e. computer software programmes that block access to data owned by the blackmailed company or disable the company’s usual operation. The latest example of such an attack is the case of the highly digitized Colonial Pipeline, USA;
money transfer fraud, pursued by rerouting a payment originally intended for the business partner to the fraudster’s bank account in another bank.
The latter category of incidents employs cyberspace and IT tools, in particular those used to interfere with electronic communication (business e-mail compromise), combined with social engineering, resulting in the impersonation of e.g. a contractor or an insider (e.g. director of the organization).
Caution is often not paramount during the pandemic. With the attention of entrepreneurs focused elsewhere: on maintaining business profitability, compensating for losses, and maintaining good relationships with the clients, criminals can get the upper hand. Ending pandemic restrictions and the accompanying enthusiasm can also be a critical moment facilitating cyberattacks. In such circumstances, the entrepreneur should pay special attention to cyber-security issues in its organization.
Disregarding the company’s current guidelines (procedures) or the lack thereof may result in detrimental financial, legal (e.g. due to a personal data breach) and reputational consequences. These may in turn be borne by individuals within the organization.
For these reasons, let us have a closer look at how cyber-compliance guidelines are used in practice to eliminate the risk of payments for the benefit of cybercriminals. We present a typical scenario below.
A (common?) case study
Two business partners (for the study, we assume that they are foreign business partners) maintain long-lasting business relationships under which Business Partner 1 purchases from Business Partner 2 goods necessary for production purposes. Payments for the delivery of goods are based on invoices forwarded in electronic form, via bank transfer to the bank account indicated on the invoices. The bank account has remained unchanged for years. Correspondence regarding payments is exchanged by e-mail. Persons who are responsible for financial matters on both sides stay in touch on an ongoing basis and their communication has a friendly tone.
Due to a significant order, a high-amount invoice is issued. The due date is near and Business Partner 1 receives a message from what seems Contractor 2’ legitimate email address. The alleged Contractor 2 wants to know when the payment will be made and requests that it be made to a different bank account. The reason is an audit which the usual bank account is currently undergoing.
The indicated bank account is maintained (again for the study) by a bank based in Poland, a country unrelated to the economic relationship between the Business Partners. The style and linguistic correctness of the email informing about the change of the bank account do not raise doubts as the latest correspondence is not different from previous emails. The e-mail address from which the messages are sent is seemingly legitimate and does not raise any doubts, either.
Once the number of new bank account has been sent, Business Partner 1 receives a series of enquiry messages requesting information on when the transfer will be made as well as asking for confirmation of the transfer.
Business Partner 1’s bank receives an order of payment and the transaction is made.
Whether Business Partner 1 sustains damage depends on how quickly they will become aware that they have fallen victim to fraud, as well as on the reaction of the bank keeping the account to which the money has been transferred.
The scenario may occur in many variants. How credible and genuine the misleading narrative has been may result from i.a. to what extent and for how long the company’s IT system has been compromised.
Diagnosis: how did that happen?
Common as it may seem, the implementation of the above scenario is a result of an array of mechanisms that lead to decisions harmful to the company.
First of all, cybercriminals break into the security software of the IT system. It enables them to monitor the organization’s activity from the inside, learning how it operates and obtaining data about its crucial transactions. Criminals can also obtain sensitive information about critical moments of the organization’s activities, such as the regional CEO’s visit or closing of the financial year. Such events may exert pressure, which may, in turn, result in lower vigilance concerning other spheres of the company’s operations. A security breach also enables cybercriminals to monitor the communication between the company and its contractor in terms of transactions settlements.
Such knowledge allows fraudsters to interfere at the right moment with the email correspondence on payments. They take control of business communication, including email forgery and interfere with the content of the correspondence.
Manipulation of e-mail correspondence is often carried out using e-mail addresses created for fraud, confusingly similar to those used by real contractors. Differences in e-mail addresses can be difficult to notice. For example, a capital “i” is replaced with the letter “L” written with a minuscule; a dash between two elements of the e-mail domain may be removed; one character may be added to the last element of thee-mail domain; and “.com” may be replaced with another TLD, e.g. “.eu” or “.pl”, depending on the context.
These changes are hardly discernible, especially in fast-paced business relationships. Quite often, as a result of interference with the IT system, cybercriminals take control of the e-mail address used by the contractor.
Cybercriminals are also capable of circumventing the requirements that may result from e.g. internal accounting procedures such as the issue of an invoice including information of a new bank account or confirmation by the contractor’s management that the bank account has been changed. Practice shows that such documents can be easily forged in the digital era, especially if cybercriminals have been carefully monitoring the company’s activities.
In addition to new technologies, fraudsters skillfully use social engineering techniques, knowing that their success depends on human error. Insider knowledge of the organization enables them to impose pressure on the decision-maker responsible for financial settlements or taking advantage of friendly communication between persons responsible for settlements on the part of the contractors. The pandemic itself creates fertile ground for manipulating reality.
Thus, features of communication such as style or language are important. In one case, the fraudster impersonating a contractor’s financial director called the financial director of a company obliged to make a payment to “confirm” the change of the bank account. According to the director who was the victim of the fraud, the person’s voice on the phone sounded like the actual voice of the financial director employed by the contractor.
All these measures aim to render the narrative about changing a bank account credible, even if the new bank account is maintained by a bank in an “exotic” country from the perspective of the business relations between the contractors. Internal payment processing procedures are also often breached (e.g. although paper invoices are required, the payment is made based on an invoice sent in electronic form).
Preventative measures
Often companies that have been attacked realize that the attack occurred only after a long period, whilst the more time passes from the unauthorized interference, the more harm it can cause.
In today’s world, the question of whether you might be subject to a cyberattack is rhetorical. The key question is when and how you will be attacked. To minimize the effects of cyberattacks, it is vital to implement and rigorously follow a few basic principles:
cyber-compliance, including training,
verification of the effectiveness of IT security systems,
crisis management in the event of a cyberattack.
If a transfer is made, the money is blocked by the bank and law enforcement authorities are notified, the authorities may decide to initiate criminal proceedings. It is advisable to join the proceedings as an aggrieved party. Joining the proceedings and starting a dialogue with the law enforcement authority may contribute to the faster release of funds and their return to the company. However, it should be taken into account that the funds may return to the victim only after a few months; in the same cases, it may take a year or longer.
Thus, following cyber-compliance guidelines and common sense, we should remember the golden rule: if something seems suspicious, it probably is and needs to be checked.
If you have any questions, please contact the co-head of the compliance department Aleksandra Stepniewska.
As in the previous year, due to the ongoing Covid-19 pandemic and in response to proposals put forward by non-government organisations and economic operators, deadlines for the preparation of financial statements for 2020 have been extended.
This three-month extension concerns reporting obligations of
commercial companies,
civil-law partnerships,
other legal persons (except for the State Treasury and the National Bank of Poland),
unincorporated organisational units,
branches and representative offices of foreign enterprises,
non-profit organisations,
EXCEPTION: for publicly financed corporations, the statutory deadlines have been extended by a month.
According to the principles set out in the Accounting Act, the above-mentioned entities prepare financial statements for a financial year within three months after it ends.
If the financial year corresponds to the calendar year, the financial statements are prepared by 31 March (electronically, in the required logical structure and layout) and approved no later than within six months after the financial year ends, that is by 30 June. If an entity is entered in the National Court Register, the statements are then submitted to the Repository of Financial Documents within 15 days following their approval, hence by 15 July. If entities do not carry on business activity and are not entered in the National Court Register, financial statements are submitted electronically to the head of the National Fiscal Administration within 10 days following their approval, that is by 10 July.
What are the deadlines?
The extension of deadlines by three months means that for commercial companies, civil-law partnerships and other legal persons (except for the State Treasury and the National Bank of Poland), unincorporated organisational units, branches and representative offices of foreign enterprises, and non-profit organisations whose balance-sheet date was 31 December 2020, deadlines for preparation of financial statements for 2020 are as follows:
the final date for preparing financial statements is 30 June 2021;
financial statements shall be approved by relevant authorities by 30 September 2021;
for entities, which are entered in the National Court Register, financial statements shall be submitted to the Repository of Financial Documents within 15 days following their approval, that is by 15 October 2021, at the latest;
for entities, which do not carry on business activity and are not entered in the National Court Register, financial statements shall be submitted to the head of the National Fiscal Administration within 10 days following their approval, that is by 10 July 2021, at the latest.
The one-month extension for publicly financed corporations or entities
The aforementioned extension does not, however, concern publicly financed corporations or entities, which carry out the business activity, to which the provisions of Article 1.2 of the Act of 21 July 2006 on Supervision Over the Financial Market apply.
What are the deadlines?
Due to the extension of reporting deadlines for publicly financed corporations by a month, reporting deadlines under the Accounting Act are as follows:
the final date for preparing financial statements is 30 April 2021;
financial statements shall be approved by relevant authorities by 31 July 2021.
The changes laid out above are applicable to reporting obligations concerning the financial year ended after 29 September 2020, but no later than 30 April 2021, the deadline for the performance of which does not elapse before 31 March 2021.
Extension of deadlines for approving financial statements for housing cooperatives and some other entities
Moreover, the regulation includes a separate provision concerning the extension of deadlines for approval of financial statements for:
housing cooperatives – by six weeks following the end of the state of epidemiological risk or state of an epidemic; and
certain entities (which are not a company, limited joint-stock partnership, registered partnership or limited partnership whose all partners or shareholders having unlimited liability are companies, limited joint-stock partnerships, or foreign partnerships with a similar form) in which:
due to the number of members of approving bodies and lack of possibility
of convening them due to epidemiological restrictions,
it is impossible to adopt resolutions with the use of means of direct remote communication,
it is impossible to perform this activity within the timeframe specified in the Accounting Act – by six weeks after the above-mentioned conditions cease to exist.
Notably, the change described above shall be applicable to the approval of financial statements for fiscal years ended after 29 September 2020, hence the provision is not limited to FY2020, and shall also apply to the following financial years, if the state of epidemiological risk or state of an epidemic and related restrictions are still in effect.
Extension of deadlines for submitting the CIT-8 return and tax payment
Additionally, works are currently carried out to extend the deadline for submitting the CIT-8 return and tax payment. According to the proposed regulation of the Minister of Finance, Funds and Regional Policy concerning the extension of the deadline for submitting a return on the amount of profit (loss) and payment of due corporate income tax, it is proposed to extend the deadline for submitting the return on the amount of profit (loss) in the fiscal year ended between 1 December 2020 and 28 February 2021 and paying the relevant tax for corporate income taxpayers until 30 June 2021. This deadline would also concern taxpayers who have selected flat-rate tax on the profit generated by companies, in respect of which the first fiscal year begins between 1 January 2021 and 31 March 2021.
Regulation of the Minister of Finance, Funds and Regional Policy amending the regulation of 26 March 2021 on defining other deadlines for performing obligations concerning recording as well as preparing, approving, disclosing and submitting statements of information to relevant register, entity or body.
Regulation of the Minister of Finance, Funds and Regional Policy on the extension of the deadline for submitting a return on the amount of income earned (loss incurred) and payment of the tax due by taxpayers of corporate income tax of March 25, 2021.
Im Rahmen des sog. „Anti-Krisen-Schutzschildes 4.0” sind am 24. Juli 2020 neue Regelungen über die Kontrolle direkter ausländischer Investitionen in Kraft getreten. Mit den neuen Rechtsvorschriften wird die staatliche Kontrolle über M&A Transaktionen in manchen strategischen Wirtschaftssektoren erweitert.
Es kann davon ausgegangen werden, dass die neuen Rechtsvorschriften auch auf laufende (bis zum 24. Juli 2020 nicht beendete) Transaktionen zur Anwendung kommen. Am 21. Juli 2020 veröffentlichte der Präsident des Amtes für Wettbewerbs- und Verbraucherschutz (UOKiK) Richtlinien zu den neuen Rechtsvorschriften. Obwohl die Richtlinien keine verbindliche Rechtsquelle darstellen, zeigen sie doch, wie die neuen Regeln interpretiert und umgesetzt werden.
Auswirkungen auf M&A Transaktionen
Mit den neuen Regelungen soll die polnische Industrie vor “feindlichen Übernahmen” seitens Investoren von außerhalb (1) der Europäischen Union, (2) des Europäischen Wirtschaftsraums (EWR) oder (3) der Organisation für wirtschaftliche Zusammenarbeit und Entwicklung (OECD) geschützt werden. Die Freistellung der OECD-Investoren wurde in der Schlussphase der Gesetzgebungsarbeit hinzugefügt und mildert die Auswirkungen der neuen Regeln erheblich, da nicht nur Investoren aus der EU, sondern auch die aus den USA, Kanada, Australien, Israel sowie Japan und Südkorea davon profitieren können.
Das neue Gesetz wirkt sich erheblich auf M&A Transaktionen aus, und zwar aus folgenden Gründen:
Es gilt für Unternehmer, die in zahlreichen Wirtschaftssektoren tätig sind.
Es wurde eine niedrige Wesentlichkeitsschwelle festgesetzt (Transaktionen, die Unternehmer mit einem in Polen erzielten Jahresumsatz von mehr als 10.000.000 EUR betreffen, sind anzeigepflichtig).
Die zuständige Behörde, also UOKiK, wird mit weitreichenden Kompetenzen ausgestattet (eine Zustimmung kann auch dann verweigert werden, wenn zumindest potenzielle Gefahr für die öffentliche Ordnung oder die öffentliche Sicherheit der Republik Polen oder die öffentliche Gesundheit in der Republik Polen vorliegt).
Bei Verstößen sieht das Gesetz rigide Geldstrafen sowie Gefängnisstrafen für natürliche Personen vor.
Geschützte Wirtschaftssektoren
Als sog. geschützte Rechtsträger sind relativ viele Unternehmen aufgelistet. Hier zählen u.a.:
börsennotierte Gesellschaften,
Unternehmen, die im Besitz von Vermögensgegenständen sind, die als “kritische Infrastrukturen” gelten, sowie
Unternehmen, die in ausgewählten Wirtschaftssektoren tätig sind: IT (Hersteller von Software für bestimmte Sektoren), Stromerzeuger und -verteiler (sowohl konventionelle als auch erneuerbare Energien), Unternehmen, die Treibstoffe transportieren und lagern, Telekommunikationsunternehmen sowie medizinische Industrie und Pharmaindustrie (Herstellung von medizinischen Geräten, Instrumenten und Apparaten sowie von Arzneimitteln und anderen pharmazeutischen Produkten usw.), Erzeugung, Übertragung und Verteilung von Wärme sowie Verarbeitung von Fleisch, Milch, Getreide, Obst und Gemüse.
Kontrollpflichtige Geschäfte
Kontrollpflichtig sind ausschließlich Geschäfte, die durch Unternehmen von außerhalb der EU, des EWR und der OECD abgewickelt werden (dies gilt auch dann, wenn die Muttergesellschaft der Kapitalgruppe des Erwerbers außerhalb der EU, des EWR und der OECD ist).
Das Gesetz betrifft Maßnahmen, die zum Erwerb oder zur Erlangung eines Beherrschungsverhältnisses oder einer “bedeutenden Beteiligung” (d.h. Halten, Erreichen oder Überschreiten der Beteiligungsschwelle von 20% oder 40% der Anteile) führen können. Die Bestimmungen gelten nicht nur für den direkten Erwerb von Anteilen, sondern auch für Transaktionen des indirekten Erwerbs über eine Tochtergesellschaft, Transaktionen mit Vermögenswerten und alle Arten indirekter Möglichkeiten der Kontrollübernahme oder der Einflussnahme auf ein anderes Unternehmen (z.B. Fusionen, Spaltungen, Satzungsänderungen, Einziehung von Anteilen sowie alle anderen Transaktionen oder Aktivitäten, die zum indirekten Erwerb oder zur Erlangung einer bedeutenden Beteiligung oder eines Beherrschungsverhältnisses führen, auch auf der Grundlage von ausländischen Transaktionen, die ausländischem Recht unterliegen).
Das neue Gesetz gilt nur für den Fall, dass der übernommene Unternehmer in mindestens einem der letzten beiden Geschäftsjahre einen Umsatz von mehr als 10 Millionen Euro in der Republik Polen erzielt hat.
Kompetenzen des UOKiK-Präsidenten
Ausländische Investitionen sollen durch UOKiK kontrolliert werden.
Es sei darauf hingewiesen, dass diese Behörde auch die Konzentrationskontrolle nach den Bestimmungen des Gesetzes über den Wettbewerbs- und Verbraucherschutz ausübt.
Wir sind also mit einer Situation konfrontiert, in der bei bestimmten Transaktionen praktisch zwei Genehmigungen von derselben Staatsbehörde erforderlich sind, die auf unterschiedlichen Rechtsgrundlagen erteilt werden.
Kriterien für die Bewertung angezeigter Transaktionen
UOKiK kann einer Transaktion widersprechen, wenn „zumindest potenzielle Gefahr für die öffentliche Ordnung oder die öffentliche Sicherheit der Republik Polen oder die öffentliche Gesundheit in der Republik Polen“ vorliegt.
Die Zustimmung kann ferner verweigert werden, wenn der Antragsteller nicht alle erforderlichen Informationen übermittelt hat und wenn nicht feststellbar ist, ob das in der EU ansässige Unternehmen, das die Kontrolle oder die maßgebliche Beteiligung übernimmt, diese Ansässigkeitsvoraussetzung zumindest in den letzten zwei Jahren erfüllt hat.
Die Bewertung wird daher auf sehr allgemeinen Überlegungen beruhen. Dadurch werden UOKiK weitgehende Zuständigkeiten eingeräumt.
Meldetermin
Eine Transaktion ist grundsätzlich vor deren Abwicklung anzuzeigen.
Bedauerlicherweise ist das Gesetz auch in diesem Punkt unpräzise, weil es an einer anderen Stelle vorschreibt, dass die Anzeige vor dem Abschluss „eines jeden Vertrages, der eine Erwerbsverpflichtung begründet”, und im Falle börsennotierter Gesellschaften vor dem öffentlichen Erwerbsangebot zu erfolgen hat (was darauf hinweisen kann, dass das öffentliche Erwerbsangebot vorbehaltlich einer Zustimmung nicht zulässig ist – dies kann gewisse Probleme in der Praxis bereiten, z.B. Informationsleck zum geplanten öffentlichen Erwerbsangebot noch vor der Veröffentlichung). In den Richtlinien wird diese Frage nicht im Detail erörtert oder eine Lösung angegeben.
Eine Transaktion sollte nicht beendet werden, bevor die einschlägige Zustimmung vorliegt bzw. die gesetzliche Frist für die Erteilung eines Zustimmungsbescheids abgelaufen ist.
Verfahrensdauer
Die Freigabe einer Transaktion, die keine Zweifel erweckt, oder die Bestätigung, dass eine Transaktion nicht kontrollpflichtig ist, erfolgt binnen 30 Werktagen.
In Fällen, in denen ein Kontrollverfahren wegen der öffentlichen Sicherheit oder der öffentlichen Ordnung einzuleiten ist, werden binnen 120 Kalendertagen beendet (die Wartezeit für die Beantwortung zusätzlicher Fragen des UOKIK wird nicht mitgerechnet).
Sanktionen bei Verletzung der Anzeigepflicht
Jede Transaktion, die ohne vorgeschriebene Anzeige erfolgt, ist nichtig. Lt. Gesetz sind ferner für Verstöße gegen die neuen Regelungen sehr rigide Strafen vorgesehen, und zwar sowohl finanzielle (Geldstrafen bis 50.000.000 PLN) als auch strafrechtliche Sanktionen (bis 5 Jahre Freiheitsstrafe) (die Strafen können sowohl dem Unternehmen, das Beteiligungen ohne Anzeige erwirbt, als auch natürlichen Personen, die in seinem Namen handeln, auferlegt werden).
Für alle Fragen bezüglich der angesprochenen Punkte stehen Ihnen Rechtsanwälte aus unserem German Desk und unserem Beratungsteam für Wettbewerb und M&A zur Verfügung: Anna Wojciechowska (Rechtsanwältin, Partner), Aleksander Stawicki (Rechtsanwalt, Partner), Jakub Jędrzejak (Rechtsanwalt, Partner) und Anna Fennig (Rechtsanwältin).
In case of any further questions please contact Aleksander Stawicki, head of the Competition Law Practice, and Jakub Jędrzejak, co-head of the M&A Team.
Our experts continue to monitor and analyse all new legislative proposals in Poland which can affect business during the pandemic.
In connection with the adoption of amendments to the Anti-Crisis Shield framework 4.0 (24 June 2020), we present materials, including a set of analyses on the law as of 1 July 2020.
The changes introduced by the Shield 4.0 concern in particular:
operation of commercial companies,
labour law,
taxes,
restructuring,
foreign investments,
commercial and consumer loans,
real estate,
new powers granted to the President of the OCCP (UOKiK), and
functioning of cooperatives, associations and foundations.
We invite you to read on.
___
Operation of commercial companies
New rules for remote participation and the adoption of resolutions at shareholders’ meetings and meetings of other company bodies;
Extension of the deadline to draft and approve financial statements for entities required to prepare them;
Extension of the deadline for the first registration of beneficial owners in the Central Register of Beneficial Owners (CRBR) for companies registered before 13.10.2019;
Extension of the deadlines for fulfilling obligations related to shareholders’ register and obligatory dematerialisation of shares in non – public joint-stock companies and limited joint-stock partnerships;
New regulations concerning adoption of resolutions by supervisory boards on matters for which the articles of association or statute of the company provide for secret ballot;
Change in the method of subscription for shares in joint-stock companies;
Modification of liability of members of the company’s organs;
Modification of terms related to the dematerialization of shares for companies in bankruptcy.
The deadline to submit transfer pricing information (or draw up local documentation) and a statement on the drawing up of local transfer pricing documentation are extended until 31 December 2020;
Contractual penalties and damages paid on account of defects in goods supplied (or work and services performed) and delays in the delivery of goods free of such defects (or delays in the removal of defects in goods supplied or work and services performed) may be included in tax costs, if such defects or delays occurred in connection with COVID-19;
Subsidies to interest on bank loans will not be considered as tax revenue for entrepreneurs.
Shield 4.0 grants debtors the ability to make use of simplified restructuring procedures until 30 June 2021;
Simplified restructuring proceedings are opened by publishing a notice in the Court and Commercial Gazette (Monitor Sądowy i Gospodarczy) once an agreement is concluded with a restructuring advisor, who will act to supervise the arrangement, and the debtor draws-up the list of claims, the list of disputed claims and prepares arrangement proposals;
The arrangement must be approved within 4 months of the publication of a notice in the Court and Commercial Gazette;
Debtors have been granted broad protections by, among others, the suspension of enforcement proceedings, and a prohibition on terminating key agreements (such as tenancies, loans and leases, among others).
Ability to change the terms and conditions or repayment date of credit (loans) granted before 8 March;
Banks may extend or modify financing already granted notwithstanding the loss of creditworthiness (e.g. Article 70 of the Banking Law) while retaining the ability to terminate credit (loan) agreements;
The KNF has recommended that financing not be renewed on terms as of 31.12.2019 for a period of more than 1 year;
KNF has allowed banks to take simplified positive liquidity forecasts into account if they increase the amount of financing to existing customers above the level available on 31.12.2019.
Possibility to grant interest rate subsidies on credits to entrepreneur in a difficult financial situation as a result of COVID-19, in order to ensure financial liquidity;
The subsidies shall represent all or part of the interest due to the bank up to a maximum of 2 percentage points (depending on the size of the enterprise);
Subsidies shall apply to credit agreements concluded from 24.06.2020 as well as previously concluded and adjusted to statutory conditions;
Subsidies are paid for a period up to 12 months from the date of conclusion of the credit agreement with subsidy;
Credits with a subsidy are granted until the end of 2020.
Consumer loans
The maximum value set for non-interest costs for consumer loans limited to 365 days applies only to new agreements concluded during the period covered by the Anti-Crisis Shield;
For loans with a repayment term of less than 30 days – non-interest costs are capped at up to 5% of the total loan amount (calculation formula in the Shield), with a cap of up to 45% of the total loan amount for longer loans;
Impact of the Shield’s provisions on new loans from the same entity, granted within 120 days of the previous disbursement;
Infringements of the Shield may be treated as practices violating consumers’ collective interests.
Possibility to suspend for up to 3 months the repayment of the loan (the principal as well as interest), without charging interest or other charges (excluding insurance fees) (Credit Holidays).
“Statutory” credit holidays
Shield 4.0 introduces, so-called, credit holidays, meaning the ability to suspend loan repayments for up to three months, without accruing interest or other fees, for persons who lost their employment or other main source of income after 13 March 2020.
The Polish Competition Authority – the President of UOKiK (Prezes Urzędu Ochrony Konkurencji i Konsumentów) has found that the banking sector’s current practices regarding assisting clients in repaying loans, in light of the gradual economic lockdown, may threaten the borrowers’ rights as consumers. Thanks to the President’s proposal, credit holidays have been included in Shield 4.0 and have thus become “statutory” in nature.
Shield 4.0 provides for the ability to suspend the repayment of credit for up to 3 months, without accruing interest or other fees (other than premiums for insurance related to these agreements). The solution included in the Act will affect loan agreements concluded 13 March 2020, if the loan’s repayment term, as specified in such agreements, falls at least 6 months after 13 March 2020.
Credit holidays result in the obligation to repay consumer loans, mortgage loans, and credits as understood by Art. 69 of the Act of 29 August 1997 – the Banking Law (where the borrower is a consumer), with regards to both the principal and interest, being suspended.
The loan term, as well as all other terms provided for in the loan agreement, shall be extended accordingly by the length of the suspension. If a borrower has multiple loans of the same type with a given lender, they will only be entitled to enjoy a credit holiday for one of them.
New powers granted to the President of the OCCP – access to information on taxpayers
The Anti-Crisis Shield 4.0 extends the powers of the President of the OCCP regarding their access
to data held by tax offices and customs and tax offices.
The President of the OCCP has been given access to information on, among others, bank, savings and cash accounts, securities accounts, credit and loan agreements, deposit agreements as well as Treasury shares and bonds.
The information received will be used not only in competition and consumer protection proceedings, but also in proceedings regarding payment gridlocks, contractual advantage, and the control
of certain investments.
The Act significantly expands State control over M&A transactions undertaken by entities from outside of the European Union, European Economic Area and the Organization for Economic Cooperation and Development (OECD) in certain strategic sectors of the economy;
Foreign investment controls will be performed by the President of the Office of Competition and Consumer Protection, who has been granted broad competences. Transactions are subject to prior notification, and any acquisition made without the required notification shall be invalid;
The Act provides for strict financial and criminal penalties for failing to comply with the new regulations;
These provisions will come into force on 24 July 2020, and will also apply to ongoing transactions which have not completed by that date.
The deadline for the payment of annual fees for the perpetual usufruct of property for 2020 is deferred until 31 January 2021;
Possibility to reduce annual fees for the perpetual usufruct of property used for business purposes by entrepreneurs, non-governmental organizations, public benefit organizations and state legal persons which reported a decline in revenue as a result of the COVID-19 outbreak;
Owners and holder of perpetual usufruct of property exempt from stamp duty for the issue of decisions on land use and development conditions concerning their property;
the stamp duty for the issue of decisions on land use and development conditions has gone up, from PLN 107, to PLN 598;
Shield 4.0 introduces a definition of the term “commercial space” used in Art. 15ze of the Shield Act, which concerns the possibility of lowering rent for space in large commercial facilities.
Functioning of cooperatives, associations, foundations and other entities
New regulations concerning participation in meetings and adoption of resolutions by governing bodies of cooperatives, associations and foundations by using electronic means of communication during the pandemic;
Adoption of resolutions by collegial bodies of professional self-governments by using electronic means of communication during the pandemic;
New regulations concerning remote participation in meetings of members or delegates of polish sports associations and the possibility of supplementing the composition of general meetings of the members (delegates) during the pandemic;
Extension of the deadline for cooperatives, associations, foundations and other legal persons obliged to prepare and approve financial statements for 2019, as well as to publish these documents by public benefit organizations on the relevant page of the National Institute;
Planned extension of the obligation to register information with the Central Register of Beneficial Owners to foundations, associations registered in the KRS and cooperatives – in legislative process;
Extension of the term of office of foundation bodies and association authorities during the pandemic.
Poland adopted a new law on foreign direct investment controls as part of the so-called “Anti-Crisis Shield 4.0”. The law expands the State’s control over M&A transactions in some strategic sectors of the economy. Below you can read about the most important consequencesof the new regulation.
In case of any further questions please contact Aleksander Stawicki, head of the Competition Law Practice, and Jakub Jędrzejak, co-head of the M&A Team.
In case of any further questions please contact Aleksander Stawicki, head of the Competition Law Practice, and Jakub Jędrzejak, co-head of the M&A Team.
WKB’s lawyers have analysed the most important provisions of the Anti-Crisis Shield Act in Poland. The Anti-Crisis Shield is a special law which implements a range of various solutions aimed at combatting the epidemic crisis, amending or supplementing many other acts and regulations, which will affect many areas of companies’ business activities.
In connection with the adoption of amendments to the Anti-Crisis Shield framework (15 May 2020), we provide you with expanded and verified materials regarding various areas, including a set of analyses on the law as of 21 May 2020.
Therefore, we provide a collection of materials consisting of short summaries of the most important changes in a number of fields, followed by expert studies. We also draw your attention to certain aspects which were not included in the Shield’s provisions, often against the recommendations of entrepreneurs, and which at the same time may create risks for business activities.
OPERATION OF COMMERCIAL COMPANIES
New rules for remote participation and the adoption of resolutions at shareholders’ meetings and meetings of other company bodies;
Extension of the deadline to draft and approve financial statements for entities required to prepare them;
Extension of the deadline for the first registration of beneficial owners in the Central Register of Beneficial Owners (CRBR) for companies registered before 13.10.2019;
Extension of the deadlines for fulfilling obligations related to shareholders’ register and obligatory dematerialisation of shares in non – public joint-stock companies and limited joint-stock partnerships [Shield 3.0 – new];
New regulations concerning adoption of resolutions by supervisory boards on matters for which the articles of association or statute of the company provide for secret ballot;
Change in the method of subscription for shares in joint-stock companies;
Modification of liability of members of the company’s organs.
Reduced working hours and lower remuneration for furloughed employees;
Subsidies are available to micro, small and medium-sized entrepreneurs from district governors;
Deferred payment of social security contributions (ZUS) / payment of contributions in instalments through prolongation fee exemptions;
Partial exemption from social security contributions for entrepreneurs employing up to 49 people and exemption for sole entrepreneurs [Shield 3.0 – change];
Changes to the conditions for employees’ working time reduction;
Changes regarding the possibility to change the organisation of working time by strategic sectors employers.
Extension of the deadline to draft and approve annual financial statements by 3 months (where the financial year is concurred with the calendar year, these statements should be drafted by the end of June 2020 and approved by the end of September 2020);
Deferral of the obligation to pay PIT advances on remuneration collected in March and April 2020 until 1 June 2020;
(Procedural) tax deadlines will resume or commence to run from 23 May 2020 [Shield 3.0 – new];
Taxpayers who will suffer a tax loss in 2020 due to COVID-19 and who obtain total revenues in 2020 at least 50% lower than in 2019 will be able to makea one-time reduction in the earned income for 2019 by the amount of this loss, but no more than PLN 5,000,000;
Other changes concerning taxes: including VAT, PIT and CIT, tax audits and accounting.
From March 31 2020, the course of the procedural and judicial deadlines in court proceedings (including administrative court proceedings), as well as deadlines for enforcement, criminal, criminal fiscal, petty offence, administrative, tax, customs and fiscal audits and other proceedings conducted under separate/relevant laws and also deadlines of substantive administrative law, has not started or was suspended [Shield 3.0 – change];
From 23 May 2020, procedural and judicial deadlines and also of substantive administrative law, that have not started will start running and suspended deadlines will start running further [Shield 3.0 – new];
New procedural and judicial deadlines, and also deadlines of substantial administrative law, starting after the introduction of the statute amending the Covid-19 law, i.e. after 18 May 2020, shall run in general grounds without applying the Covid-19 laws [Shield 3.0 – new];
During a state of emergency or an epidemic declared due to COVID-19 and within one year of the appeal of the last one, hearings and public hearings in civil and administrative matters will be carried out using technical equipment enabling them to be conducted at a distance with simultaneous transmission of video and sound [Shield 3.0 – new];
Granting the President the right to order a proceedings in camera in civil and administrative court proceedings if certain conditions are met [Shield 3.0 – new];
If the proceedings to take evidence in the case have been carried out in its entirety, the court may, after receiving written statements from the parties or participants in the proceedings, close the hearing and give its decision in the proceedings in camera [Shield 3.0 – new];
The possibility to consider an appeal brought before 7 November 2019 in a proceedings in camera if certain conditions are met [Shield 3.0 – new];
Motions to grant or change securityare to be considered by a single judge in a closed session – without holding a hearing;
No presumption of the delivery of correspondence during the state of epidemic threat or state of epidemic and within 14 days of their revocation. This regulation does not apply to correspondence sent by the Courts and Tribunals, the prosecutor’s office and other law enforcement agencies and court bailiffs;
During the state of epidemic threat or state of epidemic and within 14 days of the revocation of those states – extension of the time limit to collect registered mail, even if more than 14 days after its second notification. This regulation does not apply to correspondence sent by the Courts and Tribunals, the prosecutor’s office and other law enforcement agencies and court bailiffs;
The possibility of delivering correspondence by email to persons holding a trusted profile, in the form of scans, with the addressee’s prior consent to such a form of deliver
Suspension of the deadline to file an application for bankruptcy during the states of epidemic threat or epidemic;
Changes regarding the deadline to file for bankruptcy apply only to debtors who are insolvent due to COVID-19;
Applications for the opening of restructuring proceedings, matters following the opening of restructuring proceedings, cases for the declaration of bankruptcy, and matters following a declaration of bankruptcy are included in the catalogue of urgent cases which the courts may consider during the states of epidemic threat or epidemic.
Possibility for the Bank Gospodarstwa Krajowego (BGK) to grant sureties and guarantees under state aid provisions to medium and large businesses up to the maximum amount of 80% of the loan amount;
This facility will be used to improve the liquidity of existing bank borrowers when disbursing additional working capital loans rather than to grant loans to new customers;
The BGK may treat guarantees or sureties granted by it as “special loan collateral” within the meaning of Art. 70(2) pt. 1 of the Banking Law.
SUPPORT TO ENTERPRENEURS FROM THE INDUSTRIAL DEVELOPMENT AGENCY (ARP)
Ability to change the terms and conditions or repayment date of credit (loans) granted before 8 March, applicable to only small and medium-sized businesses;
Available to all businesses in difficult financial situations as a result of COVID-19;
Not available to companies which have been declared bankrupt or in respect of which restructuring proceedings have been opened, or for which applications to open such proceedings have been filed (more details in the section on restructuring and bankruptcy);
Various forms of reimbursable support – among others, loans, guarantees, sureties;
Goal – to ensure financial liquidity for the duration of the state of epidemic threat or state of epidemic; for a period of 12 months following the revocation of this state; until the negative economic effects are resolved;
Amount and type of support – varies depending on the actual financial consequences incurred by the business in connection with the declaration of a state of epidemic threat or state of epidemic, as well as the scale of the business activity undertaken;
Prohibition on the use of support granted to repay liabilities to, among others, parent companies and subsidiaries;
Applications processed without delay – within 14 days.
RULES FOR GRANTING SUPPORT BY THE POLISH DEVELOPMENT FUND
Possibility to apply for support from thePFR available to all enterprises (micro-, small and medium-sized, and large), with some exceptions (among others, enterprises subject to bankruptcy, liquidation or restructuring proceedings);
In the case of micro- and small and medium-sized enterprises, support is in the form of a subsidy, repayable within 24 months (if certain conditions are met, up to 75% of the subsidy may be redeemed;
Support may be allocated to cover business operating costs (including the repayment of loans), with the exception of acquiring other enterprises and making settlements with affiliates;
For large enterprises, the following forms of financing are available: liquidity financing (loans and bonds), preferential financing (partially non-repayable preferential loans) and investment financing (taking up shares or stock);
Aid to micro and small and medium-sized enterprises has been provided since the end of April 2020 (aid for large enterprises will be granted following European Commission approval) [ Shield 3.0 – change].
Ability to change the terms and conditions or repayment date of credit (loans) granted before 8 March, applicable to only small and medium-sized businesses;
Banks may extend or modify financing already granted notwithstanding the loss of creditworthiness (e.g. Article 70 of the Banking Law) while retaining the ability to terminate credit (loan) agreements;
The KNF has recommended that financing not be renewed on terms as of 31.12.2019 for a period of more than 1 year.
KNF has allowed banks to take simplified positive liquidity forecasts into account if they increase the amount of financing to existing customers above the level available on 31.12.2019.
The maximum value set for non-interest costs for consumer loans limited to 365 days applies only to new agreements concluded during the period covered by the Anti-Crisis Shield;
For loans with a repayment term of less than 30 days – non-interest costs are capped at up to 5% of the total loan amount (calculation formula in the Shield), with a cap of up to 45% of the total loan amount for longer loans;
Impact of the Shield’s provisions on new loans from the same entity, granted within 120 days of the previous disbursement;
Infringements of the Shield may be treated as practices violating consumers’ collective interests.
OPERATION OF SELECTED BODIES IN CAPITAL MARKET ENTITIES AND THE SUPERVISORY AUTHORITY
Introducing the possibility to remotely participate and adopt resolutions at meetings and boards held by the participants of investment funds;
Permitting the remote participation and adoption of resolutions at bondholders’ meetings (the exclusion of the possibility to remotely participate must be explicitly stated in the terms and conditions of the bond issue);
Permission for the issuer to attach financial statements “older” than 15 months to a bond purchaseproposal – if the Minister of Finance issues the relevant regulation;
Introducing the possibility for the Financial Supervision Authority (KNF) to issue administrative decisions adopted by way of resolutions in the form of electronic documents;
Shorteningthe period within which a company operating a regulated market should inform its participants of changes in the rules of the regulated market or other regulations applicable on the market operated by that company, for the duration of a state of epidemic threat or state of epidemic.
NEW OBLIGATIONS FOR TELECOMS OPERATORS AND INTERNET SERVICE PROVIDERS
Obligations of telecoms operators:
> provision of the location data of persons under quarantine – to the Minister of Digital Affairs, at the request of the supervisory authority;
> provision of anonymised location data on all persons – at the request of the supervisory authority.
Extension of the deadline to fulfil information and reporting obligations to the Office of Electronic Communications;
Uncollected letters are presumed undelivered during a state of epidemic threat or state of epidemic.
Support and relief in the form of state aid, aimed at remedying serious disturbances in the economy, and de minimis aid, granted from national budgets – including, among others, sureties and guarantees, loan repayments and tax exemptions;
Broad potential for state interference in companies’ pricing policies. The minister competent for the economy can issue a regulation setting maximum prices, or maximum wholesale and retail margins, for a wide range of goods. High fines may be imposed for prices or margins higher than those set;
Repeal of regulations regarding the suspension of time limits provided for in administrative law – application of general rules for administrative matters resumes [Shield 3.0 – change];
Delay in the commencement of legislation granting quasi-consumer protections to sole proprietors.
Procedural, judicial and administrative time limits (including those related to decisions in the construction process) start to commence even if suspended [Shield 3.0 – change];
Property tax exemptions for part of 2020 may be granted by municipal councils;
Payment date for the annual fee for perpetual usufruct deferred until 30 June 2020;
Temporary expiry of parties’ obligations under lease agreements for premises in commercial facilities with sales areas exceeding 2000 m2;
Extension of lease terms until 30 June 2020 and limitation of the ability to terminate lease agreements or agreements on the amount of rent;
Exclusion of the principle of deadline suspension for planning procedures relating to zoning and the issue of land development decisions;
Suspension of the obligation to obtain an operating permit during the state of epidemic threat or state of epidemic;
Expanding the possibility for authorities to issue letters in administrative proceedings in electronic form;
Extension of the deadline for the payment of the transformation fee and annual perpetual usufruct fees and expansion of the catalogue of entities to which property tax exemptions or deferrals apply.
Public procurement law does not apply to purchases related to counteracting COVID-19 (where there is a risk of the disease spreading rapidly or if warranted to protect public health);
Public procurement contracts may be amended due to the occurrence of circumstances related to the virus, regardless of whether the conditions set in public procurement law are met; possibility to waive the application of contractual penalties;
The National Appeals Chamber resumes delivering judgements after 2 months of being inactive [Shield 3.0 – changes].
ENVIRONMENTAL PROTECTION
Extension of deadlines for the submission of annual reports (formerly 30 June 2020):
until 11 September 2020 – for entities obliged to prepare reports on products, packaging and the management of waste arising from them and for electrical and electronic equipment recovery organizations for the year 2019;
until 31 October 2020 – for entities obliged to prepare reports on waste generated and waste management for the year 2019 (with several exceptions);
Removing the obligation to enter information in the Waste Database;
Extension of the validity of waste management decisions pending the resolution of the case – if a decision’s validity expires during the state of epidemic threat and an application was filed for the amendment of the decision obtained or for the issue of a subsequent decision;
Deferral of the obligation to audit electrical and electronic equipment recovery organizations, packaging recovery organizations and processing plant operators for the year 2019 – until 30 September 2020 (normally by 30 April). A copy of the report must be forwarded to the competent authorities (the Regional Inspectorate for Environmental Protection (WIOŚ) & the Marshal’s Office) by 15 November 2020 (normally by 30 May) [Shield 3.0 – new];
Water Law – extending the period for the performance of a risk analysis and the submission of an application to establish protection zones covering direct protection areas and indirect protection areas from 3 years to 5 years [Shield 3.0 – new].
FUNCTIONING OF COOPERATIVES, ASSOCIATIONS, ASSOCIATIONS, FOUNDATIONS AND OTHER ENTITIES
New regulations concerning participation in meetings and adoption of resolutions by governing bodies of cooperatives, associations and foundations by using electronic means of communication during the pandemic;
Adoption of resolutions by collegial bodies of professional self-governments by using electronic means of communication during the pandemic;
New regulations concerning remote participation in meetings of members or delegates of polish sports associations and the possibility of supplementing the composition of general meetings of the members (delegates) during the pandemic;
Extension of the deadline for cooperatives, associations, foundations and other legal persons obliged to prepare and approve financial statements for 2019;
Planned extension of the obligation to register information with the Central Register of Beneficial Owners to foundations, associations registered in the KRS and cooperatives – in legislative process.
The published law amending the law on special arrangements for preventing, counteracting and combating COVID-19 (Ant-Crisic Shield Acts) introduced some changes in bankruptcy and restructuring law – please find below the most important of them.
If you have any further questions please contact Jakub Jędrzejak, leader of the Restructuring&Insolvency team.
Please find below the most important changes for telecommunication operators and providers rendering services by electronic means introduced by Anti-Crisis Shield Act.
In case of any further questions please contact Agnieszka Wiercińska-Krużewska, managing the practice of New Technologies, Media & Telecommunication
In connection with the coronavirus pandemic, the legislature has introduced a number of new regulations concerning loan market. We note the most important of them below.
In case of any further questions, please contact Marcin Smolarek – Head of the Banking and Finance practice (marcin.smolarek@wkb.pl)
WKB’s lawyers have analysed the most important provisions of the Anti-Crisis Shield Act in Poland. The Anti-Crisis Shield is a special law which implements a range of various solutions aimed at combatting the epidemic crisis, amending or supplementing many other acts and regulations, which will affect many areas of companies’ business activities.
Therefore, we provide a collection of materials consisting of short summaries of the most important changes in a number of fields, followed by expert studies. We also draw your attention to certain aspects which were not included in the Shield’s provisions, often against the recommendations of entrepreneurs, and which at the same time may create risks for business activities.
We hope that the format adopted will allow you to quickly identify and select the and analyses which you are most interested in.
OPERATION OF COMMERCIAL COMPANIES
New rules for remote participation and the adoption of resolutions at shareholders’ meetings and meetings of other company bodies;
Extension of the deadline to draft and approve financial statements for entities required to prepare them;
Extension of the deadline for the first registration of beneficial owners in the Central Register of Beneficial Owners (CRBR) for companies registered before 13.10.2019.
Extension of the deadline to draft and approve annual financial statements by 3 months (where the financial year is concurred with the calendar year, these statements should be drafted by the end of June 2020 and approved by the end of September 2020);
Deferral of the obligation to pay PIT advances on remuneration collected in March and April 2020 until 1 June 2020;
Taxpayers who will suffer a tax loss in 2020 due to COVID-19 and who obtain total revenues in 2020 at least 50% lower than in 2019 will be able to makea one-time reduction in the earned income for 2019 by the amount of this loss, but no more than PLN 5,000,000;
Other changes concerning taxes: including VAT, PIT and CIT, tax audits and accounting.
Ability to change the terms and conditions or repayment date of credit (loans) granted before 8 March, applicable to only small and medium-sized businesses;
Banks may extend or modify financing already granted notwithstanding the loss of creditworthiness (e.g. Article 70 of the Banking Law) while retaining the ability to terminate credit (loan) agreements;
The KNF has recommended that financing not be renewed on terms as of 31.12.2019 for a period of more than 1 year.
KNF has allowed banks to take simplified positive liquidity forecasts into account if they increase the amount of financing to existing customers above the level available on 31.12.2019.
CONSUMER LOANS
The maximum value set for non-interest costs for consumer loans limited to 365 days applies only to new agreements concluded during the period covered by the Anti-Crisis Shield;
For loans with a repayment term of less than 30 days – non-interest costs are capped at up to 5% of the total loan amount (calculation formula in the Shield), with a cap of up to 45% of the total loan amount for longer loans;
Impact of the Shield’s provisions on new loans from the same entity, granted within 120 days of the previous disbursement;
Infringements of the Shield may be treated as practices violating consumers’ collective interests.
THE RULES AND THE CATALOGUE OF SANCTIONS
Severe administrative fines for the violation of orders and prohibitions issued during the epidemic;
These penalties also apply to entrepreneurs subject to restrictions on their business operations;
From March 31, suspension of the procedural and judicial deadlines in court proceedings (including administrative court proceedings), as well as deadlines for enforcement, criminal, criminal fiscal, petty offence, administrative, tax, customs and fiscal audits and other proceedings conducted under separate/relevant laws;
The suspension of deadlines does not apply to urgent cases – which is decided by the court or the party itself (due to a threat to life or health of people or animals, serious harm to the public interest, or a threat of irreparable material loss, as well as if it is required by the interests of justice);
As regards substantive administrative law periods of limitation, mandatory fixed deadlines and certain others deadlines have been suspended.
The limitation period for civil law claims continues to run.
Support and relief in the form of state aid, aimed at remedying serious disturbances in the economy, and de minimis aid, granted from national budgets – including, among others, sureties and guarantees, loan repayments and tax exemptions;
Broad potential for state interference in companies’ pricing policies. The minister competent for the economy can issue a regulation setting maximum prices, or maximum wholesale and retail margins, for a wide range of goods. High fines may be imposed for prices or margins higher than those set;
Suspension of time limits provided for in administrative law, which may, together with other factors, resultin the extension of proceedings for the approval of a concentration;
Delay in the commencement of legislation granting quasi-consumer protections to sole proprietors.
Public procurement law does not apply to purchases related to counteracting COVID-19 (where there is a risk of the disease spreading rapidly or if warranted to protect public health);
Public procurement contracts may be amended due to the occurrence of circumstances related to the virus, regardless of whether the conditions set in public procurement law are met; possibility to waive the application of contractual penalties;
Hearings before the National Appeals Chamber (KIO) are suspended; rules for the submission of appeals remain unchanged.
REAL ESTATE AND CONSTRUCTION PROCESS
Procedural, judicial and administrative time limits (including those related to decisions in the construction process) do not commence or, if begun, are suspended;
Property tax exemptions for part of 2020 may be granted by municipal councils;
Payment date for the annual fee for perpetual usufruct deferred until 30 June 2020;
Temporary expiry of parties’ obligations under lease agreements for premises in commercial facilities with sales areas exceeding 2000 m2;
Extension of lease terms until 30 June 2020 and limitation of the ability to terminate lease agreements or agreements on the amount of rent.
MATTERS NOT COVERED BY THE ANTI-CRISIS SHIELD – WHAT NEEDS PARTICULAR ATTENTION?
COMPETITION LAW
All competition authorities, including the President of the Office for Competition and Consumer Protection (UOKIK), emphasise that the state of epidemic does not justify engaging in market collusion. Therefore, competitors still need to be particularly careful when entering into cooperation, even if such cooperation would currently be desirable and beneficial, under the conditions of the deepening crisis.
RESTRUCTURING AND BANCRUPTCY
No draft law has yet been published providing for the amendment of Polish bankruptcy and restructuring law. Taking the interests of entrepreneurs into account, we foresee the need to introduce new regulations, such as extending the deadline to file an application for bankruptcy to 3 months, once the state
of epidemic has ended.
In connection with the coronavirus pandemic, the legislature has introduced a number of new regulations concerning judicial proceedings. We note the most important of them below.
If you have any further questions, please contact Jordan Zafirow (jordan.zafirow@wkb.pl).
Please find an article on the impact of the COVID-19 pandemic on the legal situation of the construction industry, taking into account the solutions presented in the so-called Anti-Crisis Shield.
If you have any further questions, please contact Anna Wyrzykowska, head of Real Estate and Property Development pratice (anna.wyrzykowska@wkb.pl).
Practical guidance for employment related solutions reflecting the solutions presented in the Act on specific solutions for the prevention, counteracting and eradication of COVID-19, other infectious diseases and the resulting emergencies (the ‘Anti-Crisis Shield’).
In case of any further questions, please contact Wioleta Polak, head of the employment practice.
We would like to inform you that our multi-disciplined team of WKB lawyers remains at your disposal to address any legal questions and queries, including, but not limited to, those relating to the existing epidemiological threat.
We have also convened the Coronavirus Response Team. To discuss concerns about how the coronavirus is impacting your business, please reach out to one of the team members listed below:
Practical guidlance reflecting the solutions presented in the Act on specific solutions for the prevention, counteracting and eradication of COVID-19, other infectious diseases and the resulting emergencies (Anti-Crisis Shield), which entered into force on 1 April, 2020.
The progressive global spread of the SARS-CoV-2 virus is causing disruptions to many realms of life and their respective participants, including commercial companies.
In this challenging situation, we remain at your disposal. Below you will find some hands-on tips aimed at supporting companies in efficient operations.
If you have any further questions, please contact Anna Wojciechowska head of the Company Law & Corporate Governance Team (anna.wojciechowska@wkb.pl).
The SARS-CoV-2 virus pandemic which causes the COVID-19 illness is negatively impacting the global economy, including the Polish market. The question which needs to be answered now is not whether the pandemic will affect the mergers and acquisitions market in Poland, but to what extent and for how long will these negative consequences influence the health of businesses, and likewise their ability to continue ongoing transactions and investments as well as to carry out new ones.
At the current stage it is difficult to clearly foresee whether mergers and acquisitions will be suspended entirely for some time, however, it is already visible that parties to transactions approach them with more caution and must take new factors and risks into account when trying to adapt to new means of managing them. In the last two weeks a number of transactions got simply suspended or the pace at which they are progressing was significantly slowed-down.
Consequences of the pandemic are already visible at every stage of currently pending transactions. Starting with due diligence processes, given the current lock-down and the recommendation to stay at home, entities planning sale of their companies or enterprises encounter significant problems in collating documents for the purposes of disclosure within VDR. Within already pending DD processes, lawyers and other advisors will need to bear in mind the impact of the SARS-CoV-2 pandemic itself, as well as its effects on the ability of businesses to perform their obligations, and thus their financial situation, protection of their supply chain, availability of markets, etc.
Changes in the approach taken towards ongoing and future negotiations should be expected, especially in transactions where the signing and closing do not happen concurrently. Parties with concerns about the pandemic’s influence on their financial results and their expected return on investment may attempt to apply a variety of legal solutions. It can certainly be expected that MAC (Material Adverse Change) clauses, enabling the purchaser to withdraw the transaction in case material adverse change occurs, will come to be used much more often than was the case recently.
We also expect that the current pandemic will influence wording of other provisions in the SPAs such as the parties’ representations and warranties and the interim period covenants to the extent applicable to the company’s operations in the ordinary course of business (and how these are protected against the impact of limitations imposed in connection with the pandemic), or the conditions precedent to closing (e.g. implementation of certain solutions enabling to soften the impact of the pandemic on the business). It should be also expected that parties will move away from applying a Locked-Box price formula (which in recent years was gaining popularity in Poland) and that transactions will be settled based on Closing Accounts formula, most likely coupled with Earn-Out formulas set for a number of years such that the sellers could participate in the potential increase of target’s value in future years, once the effects of COVID-19 are overcome.
One may also not exclude that for those entities that have accumulated and will retain financial resources that they could use for investment purposes, opportunities will arise on the market to take over interesting assets at preferential prices (whether as part of ordinary M&A processes, where companies will be selling their non-core assets to maintain liquidity, or within insolvency or restructuring proceedings).
All in all, the M&A market is likely to look very different in the coming months comparing to what we were all used to in the recent years.
Following the entry into force of the so-called “Anti-Crisis Shield” Bill, aimed at supporting entrepreneurs during the COVID-19 pandemic crisis, please find below our proposals for changes to Polish bankruptcy and restructuring law.
In case of any further questions, please contact Jakub Jędrzejak, managing the practice of Restructuring & Insolvency Law
Below please will find an article on the impact of the COVID-19 pandemic on the legal situation of the construction industry, taking into account the solutions presented in the draft amendments to the so-called Anti-Crisis Shield
If you have any further questions, please contact Anna Wyrzykowska, head of Real Estate and Property Development pratice (anna.wyrzykowska@wkb.pl).
In the view of the threat of COVID-19, one of the measures to control and prevent its spread is to limit contact with other people, including co-workers, as much as possible. Therefore, if the nature of the work permits, remote working is acceptable and advisable. When working remotely, however, we must remember to protect personal data. Please read our practical guidebook.
In case of any further questions, please contact Agnieszka Wiercińska-Krużewska, managing the practice of personal data protection.
Practical guidance reflecting the solutions presented in the draft revision of the Act on specific solutions for the prevention, counteracting and eradication of COVID-19, other infectious diseases and the resulting emergencies (the ‘crisis shield’), announced on 21 March 2020.
The progressive global spread of the SARS-CoV-2 virus is causing disruptions to many realms of life and their respective participants, including commercial companies.
In this challenging situation, we remain at your disposal. Below you will find some hands-on tips aimed at supporting companies in efficient operations.
In case of any further questions, please contact Wioleta Polak, head of the employment practice
There are a lot of questions in connection with the COVID-19 pandemic, including in particular regarding the GDPR. We invite you to read the answers to frequently asked questions related to personal data processing.
In case of any further questions, please contact Agnieszka Wiercińska-Krużewska, managing the practice of personal data protection.
Due to the current situation related to the coronavirus (COVID-19) pandemic, we are taking every precaution to ensure the health and safety of you and our employees.
In light of the above, we have introduced the following changes to our firm’s working methods:
Our expert team has adopted remote-working solutions to remain at your full disposal;
Meetings may be organized as teleconferences or videoconferences (i.e. via MS Teams);
In the case of matters requiring face-to face meetings, please let us know;
Our reception desks remain open if you need to leave documents for us or want to be put through to any of our staff.
Operation of government offices and courts:
We are assessing the impact of changes to the operation of government offices and courts on your cases on an ongoing basis. We will promptly report on any consequences of such changes.
The entire WKB legal team remains at your disposal in case you have any questions or legal problems related to the risks of this epidemic.
We have also convened a special coronavirus legal advisory team, consisting of:
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