What does this mean for entrepreneurs?
Until now, the provisions arising from the covid shield of 2 March 2020, said that if the ground for declaring a debtor insolvent arose during the period in which a state of epidemic emergency or a state of epidemic declared on account of COVID-19 was in force, and the state of insolvency arose on account of COVID-19, the period for filing a bankruptcy petition does not commence and the one already commenced is interrupted, after which the period runs anew. If a state of insolvency has arisen during an epidemic emergency or a state of epidemics declared due to COVID-19, it is presumed to have arisen due to COVID-19.
From 1 July this year, companies that have become insolvent due to COVID-19 will have 30 days to file a bankruptcy petition or take other action to exclude liability for failure to file such a petition.
The 30-day deadline has long been binding on entities whose insolvency occurred for reasons other than covid reasons. The only change, therefore, applies to those companies in which insolvency is caused by COVID-19. This is a perfectly reasonable move, as it is almost three years since the peak of the COVID-19 pandemic in Poland. Moreover, if a company had problems resulting in insolvency already more than 3 years ago and has not dealt with them so far, wronged creditors cannot wait indefinitely for their claims to be satisfied - says Tomasz Sadurski, partner at JP Weber, attorney-at-law and restructuring adviser.
