New Consumer Bankruptcy in Poland – a New Start not only for the Consumer?

Dorota  Wiśniewska

doi:10.26354/bb.5.4.73.2018

Published : 2019-02-25

Vol. 73 No. 4 (2018)

New Consumer Bankruptcy in Poland – a New Start not only for the Consumer?

Dorota Wiśniewska

https://orcid.org/0000-0002-2584-9495

DOI: https://doi.org/10.26354/bb.5.4.73.2018

Abstract

In Poland, over the past four years, we have been witnessing liberalization of the laws on consumer bankruptcy which results in an increased number of declared bankruptcies and there are many indications that both the phenomena will only grow. This paper deals with some major manifestations of such a process and shows that a very significant effect of liberalizing the law and bankruptcy regime adopted in Poland is the fact that natural persons conducting business activity increasingly perceive consumer bankruptcy as a chance to get out of financial trouble. Taking advantage of such a solution is, among other things, hindered by the entrepreneur’s failing to file a petition for bankruptcy declaration within 30 days of becoming „insolvent”. As the findings of the conducted interviews show, entrepreneurs are not at all aware of the obligation to lodge petitions in a timely manner. In the light of the experience gained, it seems indispensable to stress the importance of educating natural persons about financial issues and insolvency procedures. The results obtained indicate the need to equalize bankruptcy proceedings for all natural persons, regardless of whether they are or are not entrepreneurs, and play an important role in the current discussion on the government’s draft act of 18 April 2018 on further liberalization of the bankruptcy law.

Keywords:

consumer bankruptcy, business bankruptcy, indebtedness and insolvency of households, household behavior, discharge of debts, bankruptcy law

JEL Codes

K35, D12, D14, G33

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Wiśniewska, D. . (2019). New Consumer Bankruptcy in Poland – a New Start not only for the Consumer?. Safe Bank, 73(4), 80–109. https://doi.org/10.26354/bb.5.4.73.2018

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