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Home NEWS pegno registrato come strumento contro l'insolvenza

Registered pledge as an instrument against insolvency

In the current economic situation, it is important to limit contractual risk to be protected against insolvency risk on the part of counterparties.

In addition to traditional securities such as a suretyship, a blank bill, it is important to also pay attention to the securities that protect the creditor even if the debtor declares bankruptcy. 

One of the securities is registered pledge specified by Polish law which can be constituted on movable property or rights (e.g. shares of a company). The pledge contract may provide for satisfying the creditor who acquires ownership of the object of the registered pledge, inter alia if the object of the pledge are things commonly found in the exchange of goods, if the object of the pledge are things, credits and rights or sets of things or rights that form an economic unit and the parties to the pledge contract have precisely indicated the value of the object of the pledge or specified the method of determining its value to satisfy the creditor. 

In this case, the acquisition of ownership of the object of the registered pledge occurs after the deadline for the fulfillment of the obligation by the creditor who issues a written declaration on the acquisition of ownership of the object. If the value of the object of the registered pledge exceeds the amount of the credit guaranteed by the pledge, the pledgee is required to pay the excess amount within 14 days from the date of acquisition.

Polish bankruptcy and restructuring law generally favors the claims guaranteed by the registered pledge over the claims guaranteed by other types of pledge, leaving the creditor the possibility to satisfy his own credits also by acquiring ownership of the security object in accordance with the pledge contract .

However, it should be borne in mind that bankruptcy law prohibits the establishment of a credit guarantee after the bankruptcy. Furthermore, there is a possibility of considering certain bankruptcy activities that took place before filing for bankruptcy to be void, including the security of credits, via legal action initiated by an official receiver, a court executive supervisor or an administrative receiver, as appropriate. 

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