On 25 December 2015 the Bankruptcy (Amendment) Act 2015 (the “2015 Act”) was signed into Irish law. Its purpose is to create a more rehabilitative regime for bankrupt individuals while simultaneously deterring and penalising those who refuse to cooperate with the bankruptcy or who try to conceal income or assets from creditors.
The Croatian Consumer Bankruptcy Act (Zakon o stečaju potrošača; "ZSP")[1], which entered into force on 1 January 2016, for the first time introduces the legal concept of consumer bankruptcy into the legal system.
The Hungarian Ministry of Justice acknowledged the recent criticism aimed at the difficulties regarding the enforcement of monetary claims in the country and plans to amend the relevant laws to make creditors' lives easier. As currently envisaged, these amendments will in the near future change such fundamental laws as the Civil Code, the act on court enforcement, and the act on insolvency and bankruptcy proceedings. This article provides a summary of the envisaged amendments.
Civil Code
Legal Status
The recently adopted Croatian Bankruptcy Act ("SZ")[1] sets out a new integrated pre-bankruptcy and bankruptcy regime. SZ has entirely replaced the previous bankruptcy act that was in force for 18 years, as well as provisions regulating pre-bankruptcy settlement proceedings prescribed under the Act on Financial Operations and Pre-bankruptcy Settlement
Our latest Financial Services Regulatory Group bulletin contains new updates on significant developments in financial services regulation, including the Personal Insolvency (Amendment) Act 2015, financial services remuneration, cyber-security, the Capital Markets Union, and recent Supreme Court case law regarding the Code of Conduct on Mortgage Arrears and appeals from the Financial Services Ombudsman.
The Hungarian Parliament has adopted a new legal regime setting out debt settlement procedures for private individuals. The act will enter into force on 1 September 2015, and will have a huge impact on the business of banks and financial undertakings in Hungary.
The Bulgarian Corporate Commercial Bank ("CCB")’s insolvency has resulted in a variety of changes to the Bulgarian banking legislation. Lifting of bank secrecy in cases of bank insolvency is the newest addition to the pile of governmental attempts at accountability and transparency stemming from the CCB affair.
Poland's parliament recently adopted a new restructuring law (the “Bill”) which will substantially change the country’s economic environment.
After lengthy works, the draft of new restructuring law was finally adopted by the Polish parliament on 9 April 2015. The Bill now requires only the signature of the President.
The Bill provides for its entering into force on 1 June 2015, except for certain regulations that are to enter into force on 1 September 2015.
Current Polish bankruptcy and insolvency environment