The bankruptcy process in the Polish legal system is a procedure aimed at satisfying the claims of creditors and organizing the financial situation of the debtor. Liquidation of the bankruptcy estate is one of the key elements of this process, as we mentioned in one of the previous articles. The course of the bankruptcy estate liquidation depends to a large extent on the activity of the creditors and the role of the Judge-Commissioner. In this article, we will discuss how these two parties affect the implementation of the asset liquidation process...

A family foundation is a legal entity created to protect family assets and ensure their smooth transfer to future generations. In Poland, family foundations are taxpayers of corporate income tax (CIT) and, as a rule, benefit from the entity exemption. However, in certain situations, such as the payment of so-called hidden profits, the foundation is obliged to pay 15% CIT. What benefits are considered hidden profits and what tax obligations accompany their transfer?...

Declaring bankruptcy is one of the most serious solutions in a situation where an entrepreneur, consumer or company is unable to meet financial obligations. This process allows for the organization of the financial situation from the perspective of both the debtor and the creditors. However, making the decision to declare bankruptcy and going through the entire process requires understanding the rules, regulations and procedures that govern this legal institution. In this article, we will discuss in detail what bankruptcy is,...

PIT tax in a family foundation – what you need to know? A family foundation is a relatively new solution in the Polish legal system, which has gained popularity as a way to secure assets and their succession. In the previous article, we pointed out the preferential rules for CIT taxation, it is worth paying attention to the issues of personal income tax (PIT) on the side of the foundation's beneficiaries. What tax obligations are incumbent on people receiving benefits from a family foundation? We answer...

You do not have to be an entrepreneur to enter into an arrangement with creditors. A private debtor (consumer) who has become insolvent and is unable to repay their due debts may apply to the bankruptcy court to open proceedings to conclude an arrangement at a meeting of creditors. Many people associate consumer bankruptcy with the complete liquidation of assets, including, for example, an apartment or a house where they live with their family. Meanwhile, the law also provides for an alternative solution...

Bankruptcy proceedings are a complex and multi-stage process, the main purpose of which is to satisfy creditors from the debtor's assets in the event of their insolvency. During these proceedings, the debtor's assets become the so-called bankruptcy estate, which is subject to the management of the trustee and serves to cover liabilities. However, this does not mean that all of the debtor's assets automatically enter the bankruptcy estate. Polish law provides for a number of cases in which certain assets...

In the previous article entitled: "Bankruptcy estate - basic information" basic information on the bankruptcy estate was presented - what it is, what it consists of and what is its role in bankruptcy proceedings. This article will be a continuation and development of the topic of the bankruptcy estate, and specifically will focus on the methods of liquidation of the bankruptcy estate, i.e. it will answer the question of how the trustee can sell the assets of the bankrupt debtor to satisfy the creditors...

Bankruptcy proceedings are a judicial process aimed at solving the problem of the debtor's insolvency. In the Polish legal system, one of the key entities of this procedure is the judge commissioner. His role is extremely important, because he performs a supervisory, decision-making and coordination function in the process of implementing bankruptcy proceedings. This article discusses in detail the tasks, competences and importance of the judge commissioner in the Polish bankruptcy law system, with particular emphasis on...

Consumer bankruptcy is one of the ways to settle the debtor's financial obligations and sort out their financial situation. However, it is worth remembering that this procedure is associated with consequences that concern both the debtor and their creditors. Therefore, a person considering using this solution should carefully familiarize themselves with all the effects of consumer bankruptcy and be aware of all the consequences resulting from such proceedings. Table of Contents: Several...

The private creditor test is a document prepared as part of restructuring proceedings, which is mandatory in a situation where, during the proceedings or during the implementation of the arrangement, the entrepreneur may be provided with support by the state or using public resources in any form. Although this document is primarily dedicated to public-law creditors, it is also a valuable source of information for other creditors, especially in the context of making...