Search results for "repayment plan"

Debt relief through creditors' repayment plan in Poland

2019

Consumer bankruptcy is a relatively new institution in Poland. It has been functioning in the Polish legal system since 2008. The serious amendment to the provisions on consumer bankruptcy made by the Act of 30 August 2019 amending the Act – Bankruptcy Law and some other acts (Journal of Laws 2019 item 1802) will certainly have a significant impact on the remarkable increase in the number of bankruptcy cases. The debt relief of an insolvent natural person non conducting business activity is possible by canceling the debtor's obligations by court order in a separate procedure after the repayment plan has been completed. The debt relief mode discussed in this paper can be described as "classi…