On May 2, 2009, new provisions amending the Bankruptcy and Reorganization Law came into force which introduced a new definition of an insolvent debtor. In accordance with the act the debtor is perceived as insolvent if s/he does not fulfill her/his pecuniary obligations. Before the amendment appeared, the debtor was perceived as insolvent when s/he did not fulfill her/his any obligations, neither pecuniary, nor non-pecuniary.
The court may still declare bankruptcy only in case of an insolvent debtor.
Contact person: Małgorzata Lewandowska,

mlw@pnplaw.pl