El proceso concursal de liquidación está regulado en la Ley 12 del 19 de mayo de 2016, cuya vigencia inició el pasado enero.

Al igual que el proceso concursal de reestructuración, este tipo de procesos puede iniciarse a solicitud del deudor, de los acreedores o a requerimiento de un representante de un proceso de insolvencia en el extranjero. En cualquiera de los supuestos, la finalidad del proceso es la liquidación pronta y ordenada de la empresa que ha resultado ineficiente.

Before Polish insolvency law was significantly amended in January 2016, restructurings were extremely rare, with corporate insolvencies ending in liquidation in more than 90% of all cases. At that point, the number of insolvencies ending in the liquidation of the debtor’s assets significantly exceeded successful restructurings – the focus had been mainly on satisfying the creditors – and allowing the debtor to continue his business was not a major priority for the legislator and the courts.

Tax treatment in the hands of the creditor

Polish tax regulations provide three major methods for obtaining a tax deduction for irrecoverable debt: waiver or forgiveness of debt, debt write-off and revaluation write-off.

I ARTICLE 233(5) OF THE CODE OF INSOLVENCY AND RECOVERY OF COMPANIES

Several questions immediately come to mind when your client cannot pay. One question in regard to Romanian debtors is what happens with the debtor’s ongoing contracts when the insolvency starts?

One of the main principles governing Romanian insolvency proceedings is that steps should be taken to re-organise the debtor affairs before the step of bankruptcy.

Second stage of the tax amnesty in Russia

A Law extending the tax amnesty of capital and the tax-free liquidation of foreign companies entered into force in Russia on 1 March 2018. The tax amnesty has been extended until the end of February 2019.

There has been a significant increase in insolvencies in the construction, real estate, retail and wholesale sectors of the Russian economy, according to the statistics in the Competition Development Bulletin “Concentration on the Russian Markets: Trends in the Period of Recession” published in December 2015 by the Analytical Centre of the Government of the Russian Federation.

Intoduction

With the credit crunch impacting the Russian banking sector and Russian banks facing their gravest crisis since 1998 (as evidenced by Bank Globex freezing deposits), it is in our view timely to revisit the regulations affecting the insolvency of Russian credit organisations.

The Russian insolvency legislation mainly consists of the Civil Code of the Russian Federation (the Civil Code) and the Federal Law No. 127-FZ on insolvency (bankruptcy) dated 26 October 2002 (the Insolvency Law), the principal legislation on insolvency in the Russian Federation.

On 9 August 2011, the Ministry of Economic Development and Trade of the Russian Federation published a draft law aimed at increasing the effectiveness of protecting first and second priority creditor rights (the "Draft Law").

Specifically, the Draft Law: