Entry into force of corporate resolutions of commercial companies

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In case of adoption of resolutions by bodies of commercial companies, the resolution may provide for an effective date of the resolution later than the date of its adoption.

This way of adopting resolutions can be helpful when the effect of the resolution, such as personal changes in the company’s bodies, should take place on a certain date (e.g. on the 1st day of the month) and the resolution itself is adopted earlier.

#PolishLegalTips #Corporate #Law #Companies #Limited #Liability #Company #Management #Board #Shareholders’ #Meeting #Resolution #Poland #WisniewskiLegal

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MAC clause in Polish M&A transactions

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In Polish mergers and acquisitions (M&A) transactions it is common to use a material adverse change (MAC) clause.

The MAC clause usually allows the purchaser to withdraw from the transaction in case of events that have a negative impact on the business, assets, or financials of a target entity.

#PolishLegalTips #M&A #Transactions #Mergers #Acquisitions #MAC #Material #Adverse #Change #Clause #Corporate #Share #Purchase #Agreement #SPA #Law #Poland #WisniewskiLegal

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Incoming changes for the non-bank consumer lenders in Poland

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Based on the recent changes to the Consumer Credit Act, the non-bank lenders (NBLs) in Poland will not be able to finance their lending activity by issuing bonds (obligacje).

The Polish Financial Supervision Authority KNF will also start supervising NBLs.

#consumer #credit #nonbanklenders #loaninstitutions #fintech #lendtech #finacing #bonds #Poland #WisniewskiLegal #KNF #PFSA #supervision

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Crowdfunding activities in Poland require a license and are supervised by the Polish Financial Supervision Authority (KNF) #PolishLegalTips

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Crowdfunding is regulated in Poland based on the Regulation on European crowdfunding service providers for business of 2020 (ECSP), and the local Act on crowdfunding for economic ventures and assistance to borrowers of 2022.

New crowdfunding providers require a license, and the market is supervised by the Polish Financial Supervision Authority (KNF).

#PolishLegalTips #Crowdfunding #Fintech #License #EquityCrowdfunding #PFSA #KNF #Supervision #Law #Poland #WisniewskiLegal

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Management board’s resolutions in Polish LLCs to be minuted in a specific way #PolishLegalTips

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Based on recent amendments of the Polish Commercial Companies Code (KSH) resolutions of the management board (MB) of a limited liability company must be minuted in a specific way so the minutes include the agenda, the names and surnames of the members of the MB present, and the number of votes cast for relevant resolutions.

A dissenting opinion submitted by a member of the MB shall also be marked, along with its motivation, if any.

#PolishLegalTips #Corporate #Law #Companies #Limited #Liability #Company #Management #Board #Minutes #LLC #Poland #WisniewskiLegal

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Seller’s Liability in Polish M&A Transactions #PolishLegalTips

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In Polish M&A transactions seller’s liability for representations and warranties included in the share purchase agreement (SPA) is usually based on a guarantee agreement legal concept.

This way the parties to the transaction can set the rules and terms of liability freely and exclude statutory warranty for defects rules.

#PolishLegalTips #M&A #Transactions #Mergers #Acquisitions #Corporate #Share #Purchase #Agreement #SPA #Representations #Warranties #Guarantee #Liability #Law #Poland #WisniewskiLegal

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Interim Injunction in Cross-border Litigation #PolishLegalTips

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Holding companies law is introduced to the Polish Commercial Companies Code on 13 October 2022 #PolishLegalTips

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Warsaw Bar Association Helpline for Ukrainian Refugees +48 887 830 950

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From 4 March 2022 a helpline for Ukrainian refugees has been launched by the Warsaw Bar Association.

It provides information on the most relevant procedures and rights of refugees in Poland.

Lawyers involved in pro bono legal help for refugees are on the line each week from Monday to Friday from 13.00 to 17.00 hours, at the telephone number +48 887 830 950.

Help is provided in Ukrainian, Russian, English, and Polish.

Телефонні години проводитимуть юристи, які беруть участь у проекті надання безоплатної правової допомоги громадянам України.

Гаряча лінія працюватиме з понеділка по п’ятницю з 13:00 до 17:00 за номером +48 887 830 950.

Юристи нададуть інформацію польською, англійською, українською та російською мовами.

Source: https://www.oirpwarszawa.pl/telefoniczna-pomoc-prawna-pro-bono-dla-uchodzcow-z-ukrainy-izba-warszawska-uruchamia-specjalna-linie/

Information for Ukrainian Refugees in Poland

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Poland and its citizens stay firm supporting Ukraine and its people.

Everyone we know, both personally and professionally, in Poland is now involved in helping Ukraine and its people. The Polish-Ukrainian border is crowded now both with refugees and Poles helping them with finding food, transport, and accommodation in Poland. We have never seen such mobilization around any cause in our lives.

As to pro bono legal advice in Poland, apart from the pro bono help already offered by certain individual attorneys, our Warsaw Bar Association (Okręgowa Izba Radców Prawnych w Warszawie) is just now in the process of organizing continuous pro bono help for Ukrainians and other people affected by the Putin’s invasion in Ukraine.

As soon as we have full information on the process we will publish relevant information.

Any help will be provided anonymously and pro bono (free of charge), with no PR or similar association to specific law firms’ practices.

There are already available short legal guides

in Ukrainian https://www.oirpwarszawa.pl/wp-content/uploads/2022/03/wersja-po-ukrainsku.pdf

in Russian https://www.oirpwarszawa.pl/wp-content/uploads/2022/03/wersja-po-rosyjsku.pdf

in English https://www.oirpwarszawa.pl/wp-content/uploads/2022/03/wersja-po-angielsku.pdf

in Polish https://www.oirpwarszawa.pl/wp-content/uploads/2022/03/wersja-po-polsku.pdf.

Slava Ukraini.