Directions of Change in the Regulation of the Notion of Insolvency under the Polish Bankruptcy Law

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Directions of Change in the Regulation of the Notion of Insolvency under the Polish Bankruptcy Law

Journal Title: Roczniki Nauk Prawnych - Year 2018, Vol 0, Issue 3

Abstract

The study outlines three concepts of legal regulation of the concept of insolvency based on the pre-war bankruptcy law, the bankruptcy and reorganization law and the new bankruptcy law in force today. The aim is to capture the overall direction of the optimal model of regulation. The concept of insolvency, which determines the possibility of opening bankruptcy proceedings, is of key importance here. Bankruptcy, which typically entails stigmatisation of an undertaking to a lesser or greater degree, has a negative impact on its social and economic environment. A declaration of bankruptcy is, albeit imperfect, an alternative to a singular enforcement, which leads to the satisfaction of one creditor at the expense of the others. The legal regulation of insolvency should weigh up the interests of the debtor and his creditors. The new “philosophy” of understanding the notion of insolvency can be partly reconciled with the achievements of the pre-war bankruptcy law. At the same time, the legislator should be open to new solutions, which are in step with the practice of law enforcement.

Authors and Affiliations

Adam Zarzycki

Keywords

EP ID EP668751
DOI 10.18290/rnp.2018.28.3-8en
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