Interim attachment is a provisional remedy under the Enforcement and Bankruptcy Law No. 2004 [the “EBL”] which individuals or legal entities can request for their monetary claims. Thanks to this institution, the debtor’s assets could be frozen to secure due yet unsecured debts, and as a result, the debtor would be forced to pay its debt.
Amendments to the Execution and Bankruptcy Law: It is Now Possible to Sell Businesses as a Whole
On June 19, 2021, the Law No. 7327 Amending the Execution and Bankruptcy Law and Some Other Laws [“Amendment Law”] was published in the Official Gazette, and accordingly, significant amendments have been introduced to the Execution and Bankruptcy Law [“EBL”]. This client alert aims to outline these amendments.
Stricter Liability of Statutory Body Members (and Others) in Case of Company Insolvency
The amendment to the Business Corporations Act effective from 1 January of this year (the "Amendment") brings, among other things, a significant change in the liability of members of a statutory body, which will affect the current topic of insolvency.
Serbian Corporate Restructuring
Under Serbian law, insolvency proceedings for companies facing financial difficulties may be conducted as a bankruptcy or a restructuring.
The Restructuring Framework in Poland
On January 1, 2016, Poland revamped its legal framework related to the restructuring of financially distressed businesses with a brand-new Restructuring Law and significantly-amended Bankruptcy Law. The Polish restructuring (and broadly speaking insolvency) framework is now governed by two separate legal acts: the Restructuring Law, which deals with the financial restructuring of indebted companies and businesses, and the Bankruptcy Law, which focuses on the orderly liquidation of the assets of companies and businesses without feasible options to restructure their debts and continue their operations.
Reviewing the Polish Restructuring Law
Almost a year and a half after Poland’s Restructuring Law entered into force, introducing a clear separation between restructuring and bankruptcy, now is a good time to review its affects.