[b][i]The Security Principle of Business Trade in the Context of the Polish Commercial Companies Law[/i][/b]
Journal Title: Krytyka Prawa. Niezależne studia nad prawem - Year 2010, Vol 2, Issue 1
Abstract
The principle of protecting the security of business trade plays a significant role in the commercial companies law. The amendment of the Commercial Companies Code from of the 23rd of October 2008 can significantly decrease business trade security. The elements that influence the decrease in the level of trade security in the discussed amendment are: the annulment of the obligatory conversion from a civil law partnership to a general partnership, a significant decrease of the minimum nominal capital in limited companies as well as the annulment of the obligation to submit intentions by the stakeholders of one person companies in written form with a signature confirmed by a notary.In the Commercial Companies Law both the stakeholders and the creditors are protected. A higher level of security of trade positively influences the functioning of entrepreneurs, however it can collide with the speed and effectiveness of trade. A high level of the protection of trade security reduces the costs of entrepreneurial transactions and also minimizes the economic risk. Official regulations that increase security are particularly important for small and middle sized companies, which can guaran-tee security for themselves in commercial transactions only to a limited extend. The competition be-tween the EU member states in the field of company law does not have to imply a decrease in the security standards that are guaranteed by the national company laws.The annulment of the obligatory conversion from a civil law partnership to a general partnership actu-ally means accepting civil law partnerships as rightful participants of business trade, despite the fact that they do not have a legal personality or the status of entrepreneur. Because no simultaneous changes have been introduced in the construction of civil law partnerships, including changes con-cerning registering in the commercial registry, this form of entrepreneurship constitutes a threat to the business trade security. Currently, the nominal capital does not fulfill the function of a guarantee, but the amendment did not include measures that will protect the interests of creditors in any other way, for example by means of solvency tests. Also the regulations concerning the amount of nominal capi-tal remained unchanged. Making the requirements imposed on the only stakeholder of one person companies may lead to the need to pierce the corporate veil, in order to ensure a sufficient protection of the creditors. The changes that have been introduced with the October amendment of the Commer-cial Companies Code result in the need for more amendments.
Authors and Affiliations
Józef Okolski, Magdalena Szyszka
Keywords
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