SIP LEX has published a practical commentary by Katarzyna Kostępska, attorney-at-law, a partner at KKG Legal, and Grzegorz Pokrzywka, attorney-at-law, LL.M., senior counsel at KKG Legal, titled “The Situation of Secured Creditors Following the Amendment to the Restructuring Law.”
This publication discusses some of the most significant changes introduced by the amendment to the Restructuring Law, which took effect on August 23, 2025, and implements the Second Chance Directive.
The authors discuss the following in particular:
- the automatic inclusion of secured creditors in a composition agreement by operation of law and the consequences of this change
- new categories of creditors and the rules governing their satisfaction,
- preferential requirements regarding settlement proposals for certain creditors,
- the satisfaction test and its role in the context of the satisfaction rules,
- new rules for the adoption of the arrangement, including the cross-class cram-down mechanism.
The commentary is practical in nature—it also includes examples and simulations of voting results, illustrating how the new regulations affect the position of secured creditors in restructuring proceedings.
The publication is available in the LEX Legal Information System through the following link.