On 9 October 2009, a three-judge panel of the Supreme Court issued a judgment (file no. IV CSK 145/09), in which it ruled that the Polish legal system provides for the possibility to secure claims under a parallel debt (created under foreign law).
Facts of the case
Poland, Banking, Insolvency & Restructuring, Litigation, Norton Rose Fulbright, Bankruptcy, Debtor, Accounts receivable, Limited liability company, Debt, Deed, Deed of trust (real estate), Supreme Court of the United States
In November 2008, the European Commission (EC) found state aid granted by the Polish government to two Polish state-controlled shipyards (Stocznia Szczecinska Nowa and Stocznia Gdynia), illegal under EU single market rules and requested its return to the government with accrued interest. The EC decided however to postpone the enforcement of the return of state aid for seven months until 6 June 2009 to allow for the prior public sale of the shipyards’ assets at market price.
European Union, Poland, Insolvency & Restructuring, Shipping & Transport, Trade & Customs, Norton Rose Fulbright, Bankruptcy, Internal market, Liquidation, Subsidy, State aid, European Commission