A consumer bankruptcy petition can be filed as early as the day after the deregistration of the business. However, the court may dismiss it if, within a period of ten years prior to the date of its filing, the debtor has not filed a bankruptcy petition for the business he manages, although he was obliged to do so.
It is not easy to fulfil, especially for companies that ceased operations before the amendments to the insolvency law in force since the beginning of 2016.
- explains Małgorzata Anisimowicz, President of PMR Restructuring S.A.
Few individuals who were previously entrepreneurs meet the condition filing for bankruptcy at the right time from the moment the payment problems arose. If she had done so, she would probably have needed debt relief. However, first of all, the company could have been too poor to go bankrupt, meaning its assets were not sufficient to cover the legal proceedings.
In such a situation, there is still a chance of bankruptcy in the process consumer bankruptcySecondly, even despite failure to comply with the obligation to submit an application for bankruptcy the court does not have to dismiss the application for consumer bankruptcy.
In such a situation, they are jointly and severally liable for the company's debts, and the courts seem to assume that when they are unable to pay on their own those debts for which they have guaranteed, this means that they have caused their bankruptcy intentionally or through gross negligence. A former board member in such a situation will have to prove that, as at the date of the suretyship, his personal assets alone were sufficient to pay all the debts guaranteed, which with large sums is rarely possible
- points out Malgorzata Anisimowicz.
11 November 2017:
" Consumer bankruptcy puts business owners in debt
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