Polish insolvency legislation has undergone a significant round of amendments, with changes taking effect in early 2025. International companies with receivables against Polish debtors, or with Polish subsidiaries operating under financial distress, face altered rules for creditor participation. Acting without a current understanding of these changes risks losing procedural rights that cannot be recovered after the relevant deadlines pass.
The 2025 amendments to Poland's insolvency legislation strengthen the role of the wierzyciel (creditor) in restructuring proceedings while tightening deadlines for submitting a proof of debt and participating in a creditors meeting. Creditors who miss the revised submission windows may find their claims subordinated or excluded from voting on a restructuring plan. International businesses should treat compliance with the new timelines as an immediate operational priority.
This alert sets out what changed, which businesses are directly affected, and the concrete steps required now.
What changed and when it took effect
Poland's insolvency legislation has long drawn on both domestic restructuring law and the EU Restructuring Directive. The 2025 amendments bring Polish rules into closer alignment with that Directive's requirements for early intervention and creditor engagement.
Three changes carry the most immediate practical weight for foreign creditors.
Shorter deadlines for proof of debt. The window for submitting a formal proof of debt in liquidation-track insolvency proceedings has been reduced. Under the amended rules, creditors must file within a tighter period after publication of the court order opening insolvency proceedings. The syndyk (liquidator) is required to notify known creditors directly, but publication in the official court register remains the formal trigger. International creditors who rely solely on direct notification – rather than monitoring the register – frequently miss this deadline in practice.
Restructuring plan voting thresholds revised. Amendments to the restructuring track modify the majority requirements for approving a restructuring plan at a creditors meeting. Creditors holding secured claims and unsecured claims are now treated through separate voting classes in a broader range of proceedings. A creditor whose proof of debt is filed late may be excluded from voting entirely, even where the underlying claim is valid.
Administrator powers extended. The role of the zarządca (administrator) in accelerated restructuring proceedings has been widened. The administrator may now challenge certain transactions concluded in the period before proceedings opened, on grounds that were previously available only to the liquidator in full bankruptcy. This extends the look-back period for potentially voidable transactions and increases exposure for counterparties who transacted with the debtor in the months before filing.
The effective date for these provisions is 1 January 2025. Proceedings opened on or after that date are governed by the amended rules in full.
Who is affected – thresholds and business categories
The amendments apply to all insolvency proceedings opened under Polish insolvency legislation on or after 1 January 2025. There is no minimum claim threshold below which a creditor is exempt from the new rules.
The following categories of international business face the most direct exposure.
- Trade creditors with Polish customers. Suppliers who extended credit to Polish entities are now subject to the shorter proof of debt window. Missing it forfeits the right to vote on a restructuring plan and may reduce recovery in liquidation.
- Financial institutions and bond holders. Lenders holding secured or unsecured debt against Polish obligors must map their claims to the correct voting class under the new classification rules. Incorrect classification at the creditors meeting can affect approval or rejection of a restructuring plan.
- Foreign parent companies of Polish subsidiaries. A parent with intercompany receivables against a Polish subsidiary in distress is treated as an ordinary creditor. The administrator's expanded powers to challenge pre-insolvency transactions create additional risk for intercompany transfers made within the look-back period.
- Counterparties to supply or service contracts. Any business that contracted with a now-insolvent Polish entity in the period before the proceedings opened should assess whether that transaction falls within the administrator's expanded challenge window.
For a structured assessment of your exposure under Polish insolvency proceedings, contact our team at info@ferrazwhitmore.com.
Immediate actions for international companies
Companies with any of the exposures described above should take the following steps without delay.
1. Monitor the Polish court register actively. The Krajowy Rejestr Zadłużonych (National Debt Register) is the primary publication vehicle for insolvency orders in Poland. Formal deadlines run from publication there, not from receipt of direct notification. Set up monitoring for any Polish counterparty whose financial position gives cause for concern.
2. File proof of debt promptly. Once insolvency proceedings are opened against a Polish debtor, instruct Polish counsel to prepare and file the proof of debt as early as possible within the statutory window. Do not wait for the administrator to contact you. Late filing under the amended rules carries consequences that cannot be reversed after the deadline.
3. Audit intercompany transactions within the look-back period. If a Polish group entity has entered insolvency proceedings, review all intercompany payments, asset transfers, and security arrangements made during the period before proceedings opened. Identify any that the administrator could challenge under the extended powers now in force.
4. Verify claim classification before the creditors meeting. Under the revised voting class rules, the classification of a claim – secured, unsecured, or subordinated – determines which creditors meeting vote applies to your claim. Verify this classification with Polish counsel before the meeting. An incorrectly classified claim may be counted in the wrong class, affecting the overall outcome of the restructuring plan vote.
5. Engage cross-border insolvency counsel early. Where a Polish debtor has assets or operations in other EU member states, the interplay between Polish insolvency proceedings and the EU Insolvency Regulation becomes relevant. Practitioners advising on insolvency and restructuring matters in Poland can map the jurisdictional reach of the Polish proceedings and identify where parallel action in other jurisdictions may be required. For disputes arising from claims rejected or contested by the administrator, the corporate disputes practice in Poland covers challenge proceedings before the competent court.
International businesses should also note that the Polish amendments follow a pattern of reform visible across the EU. For comparison with how similar changes have been implemented in other member states, our alert on insolvency amendments in Portugal sets out the Portuguese legislative trajectory.
About Ferraz & Whitmore
Ferraz & Whitmore is an international law firm based in Lisbon, advising business clients across 46 jurisdictions. Our insolvency and restructuring practice supports international creditors, administrators, and corporate groups navigating insolvency proceedings in Poland and across Europe. We combine Portuguese civil law expertise with English common law tradition to deliver cross-border solutions where multiple legal systems are in play. Our attorneys have advised on restructuring and creditor-rights matters in both civil law and common law systems, and the firm participates in cross-border practice groups focused on EU restructuring and insolvency. Engaging a lawyer in Poland or across the EU with cross-border experience significantly reduces the risk of procedural loss through missed deadlines or incorrect claim classification. As an international law firm in Poland and across Europe, Ferraz & Whitmore provides the coordinated counsel international businesses need when Polish insolvency proceedings intersect with obligations in other jurisdictions. To discuss your specific situation, contact us at info@ferrazwhitmore.com.
Disclaimer: This publication is provided for informational purposes only and does not constitute legal advice. The information herein should not be relied upon as a substitute for professional legal counsel tailored to your specific circumstances. Ferraz & Whitmore assumes no liability for actions taken or not taken based on the contents of this material. For advice regarding your particular situation, please contact info@ferrazwhitmore.com.