The New Polish Consumer Insolvency Law
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The New Polish Consumer Insolvency Law (Upadłość Konsumencka) Luigi Lai. Author's research is supported by the Autonomic Region of Sardinia PO Sardegna FSE 2007-2013. L.R.7/2007 “Scientific research and innovation technology promotion in Sardinia”.

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The New Polish Consumer Insolvency Law

(Upadłość Konsumencka)

Luigi Lai

Author's research is supported by the Autonomic Region of Sardinia

PO Sardegna FSE 2007-2013. L.R.7/2007

“Scientific research

and innovation technology promotion

in Sardinia”


  • If we try to find a game in which we could present some analogies of consumers behavior.

  • We would discover that such a game could be Monopoly.





A first Consumer Insolvency Law.New Chapter (Nr. 5) has been added:

Postępowanie upadłościowe wobec osób fizycznych nieprowadzących działalności gospodarczej.

Insolvency procedures for natural persons

not running an economic activity.


Polish Consumer Insolvency Law is based on first Consumer Insolvency Law.

4 Main Principles:

  • Writing off debts has to be an exception.

  • Debtors should repay debts to the maximum of their abilities.

  • Insolvency procedures should be

    as cheap as possible.

  • Creditors should participate

    in the procedure.


The Procedure consists of three parts first Consumer Insolvency Law.

  • A preliminary phase of formal control.

  • A decision procedure phase.

  • Execution of the repayment plan.


Phase one – Bankruptcy petition first Consumer Insolvency Law.

The sole debtor may file a petition for bankruptcy.

The possibility to file for bankruptcy can happen only once in ten years.

Only natural persons not running a działalność gospodarcza (economic activity).


It’s b first Consumer Insolvency Law.etter to understand działalność gospodarcza as Sole Proprietorship.

This interpretation derives from the assumption that the Lawmaker intended to avoid a commixture between debtor's and an eventual company's assets


  • The debtor has to provide first Consumer Insolvency Law.a declarationof his personal assets and financial situation, simultaneously the court has to contact the debtor's urząd skarbowy (tax office) in order to double check debtor’s declaration.


  • The typical consumer has first Consumer Insolvency Law.no cash or account book to refer to; for this reason the court has to order the publication (in a main local newspaper and in the court building) of a notice concerning the petition for bankruptcy; so that unknown creditors will be informed.


Bankrupt's estate liquidation and repayment plan first Consumer Insolvency Law.

  • The bankrupt subjectloses all his possessions and if he has a real estate property, also the real estate property will become part of bankrupt's estate.

    From the amount of money obtained by the real estate property sale, the debtor receives a sum of money allowing them to rent a small (as small as possible) apartment for one year.

  • Sums derived from alimony and child support do not enter into the liquidation process.


Repayment Plan first Consumer Insolvency Law.

  • The repayment plan has to be designed in such way to ensure the debtor an amount of money sufficientlyadequate as not to suffer indigence.

  • The repayment plan can not last more than 5 years and the consumer may file for bankruptcy only once in ten years


Repayment Plan first Consumer Insolvency Law.

Debtors during this time lose the power to carry out acts which could exceed the normal administration and they are obliged to present to the court an annual report on his repayment plan execution.



Practical result of Consumer's petition, may fr

According to The Conference of Financial Companies in Poland (KPF) data

  • Until 2010 less than 1400 people petitioned for bankruptcy, in the whole of Poland.

    A little alarming is that:

  • ¾of petitions for bankruptcy were rejected due to errors in form or in payment.

  • Until September 2010 only 19 petitions were accepted, in the whole of Poland.


  • Possible Reasons of Consumer's petition, may fr

  • Typical insolvent consumers are poorly educated with unstable jobs.

  • The petition forms appear to be too complicated for the average insolvent consumer.

  • As they say: when it rains, it pours!


Main Conclusion of Consumer's petition, may frBe informed in order to make a fresh start.

Thankyouforyourkindattention.


Author’s research is supported by the Autonomic Region of Sardinia

PO Sardegna FSE 2007-2013. L.R.7/2007

“Scientific research and innovation technology promotion in Sardinia”

Contact:

Luigi Lai

Project page

www.euroinsolvency.eu

[email protected]

Personal page

www.luigilai.it


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