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Set-Off Law and Practice - An International Handbook, 3rd Edition edited by Johnston, William; Werlen, Thomas; Link, Frederick (22nd February 2018)

24 Poland

Ewa Butkiewicz, Michał Barłowski

From: Set-Off Law and Practice: An International Handbook (3rd Edition)

Edited By: William Johnston, Thomas Werlen, Frederick Link

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 22 November 2019

Subject(s):
Banks and cross-border issues — Liquidated and unliquidated monetary obligations — Contractual set-off — Insolvency set-off — Judicial set-off

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.

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