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RESEARCH PRODUCT

Consumer arrangement under the bankruptcy law act in Poland

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description

the arrangement in consumer bankruptcy is an alternative solution to the liquidation of the bankruptcy estate and establishing a repayment plan. The consumer arrangement in bankruptcy proceedings can be contained in different formats. The regulation of the arrangement in consumer bankruptcy is based on Article 49122 and 49123 of Bankruptcy Law Act and a storied reference to the provisions on the arrangement in bankruptcy proceedings (Article 266a of Bankruptcy Law Act) and on the arrangement under the Restructuring Law. The legislator proposed one more way of debt relief by entering into an arrangement at a meeting of creditors. This solution provides that the debtor, with the help of a professional entity – court supervisor, will come to an arrangement with creditors with the appropriate application of the provisions of the Restructuring Law. This text presents the formal procedure for opening proceedings to approve the arrangement. The study presents the requirements for entering into an arrangement at a meeting of creditors, the effects of the arrangement, as well as issues related to the change in the arrangement.