Chapter

24 Poland

Ewa Butkiewicz and Michał Barłowski

in Set-Off Law and Practice

Third edition

Published in print February 2018 | ISBN: 9780198808589
| DOI: https://dx.doi.org/10.1093/law/9780198808589.003.0024
24 Poland

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This chapter provides an overview of the law of set-off in Poland, both outside and within the context of insolvency. Under Polish civil law, set-off is recognised as a means of meeting liabilities. It fulfils a number of functions in law, including payment and guarantee (collateral) functions. Aside from statutory set-off, a contractual set-off in trade, known as compensation (netting), exists in Poland. The chapter first considers set-off between solvent parties, focusing on statutory set-off, bank set-off, and provisions in the Act on Certain Financial Collateral Instruments that are relevant to compensation. It then examines set-off against insolvent parties, with discussions on standard provisions on set-off after a declaration of insolvency, netting provisions in the Insolvency Act, set-off under bankruptcy with possible settlement, set-off under insolvency with the liquidation of an insolvent estate, and netting under a restructuring proceeding. The chapter concludes with an analysis of issues arising in cross-border set-off.

Chapter.  18 pages.  7585 words. 

Subjects: Law

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