Draft of New Revolutionary Holding Regulations in Poland
Poland is reforming its company law and wants to introduce more robust rules for holding companies / The proposed changes will be essentially important for all companies in a group of companies registered in Poland
(PresseBox) - Legislative work on this issue has picked up speed and the draft amendment to the Commercial Company Code was recently published. The groups of companies affected by the reform are listed there.
The New Holding Regulations
Under the proposed amendments, while pursuing its own specific interests, a subsidiary is also guided by the interests of its group of companies and is placed under an obligation not to act to the detriment of any minority shareholders or creditors, explain the Ecovis experts.
A decision on whether to participate in a group of companies is to be made by the shareholders? meeting/general meeting of a subsidiary, by a qualified majority of votes.
The decision must be disclosed in the relevant register of business entities, both by the subsidiary and the parent company. If the parent company is a foreign company, the relevant registration should be made only in the Polish register.
The most important implication of participating in a group of companies will be the parent company?s power to issue legally binding instructions to subsidiaries. The draft amendment specifies the minimum content of such binding instructions, along with the permissible grounds for the subsidiary refusing to comply.
Additionally, members of the corporate authorities of a subsidiary will be held harmless and indemnified against any loss that may result from their compliance with such binding instructions.
The management board of a subsidiary will be required to include a report on the relationship with the group in its annual report on the subsidiary?s operations.
All capital groups having subsidiaries in Poland should therefore consider the possible consequences of the new holding regulations being introduced. The experts from ECOVIS Legal Poland are monitoring the legislation process and will keep affected companies informed on the introduction of the new regulations.
For further information please contact:
Piotr Pru?, Attorney-at-law, Partner, ECOVIS Legal Poland Pru? and Partners Law Firm, Warszawa, Poland
Email: piotr.prus(at)ecovis.pl
Ecovis is a leading global consulting firm with its origins in Continental Europe. It has almost 8,500 people operating in nearly 80 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice.
The particular strength of Ecovis is the combination of personal advice at a local level with the general expertise of an international and interdisciplinary network of professionals. Every Ecovis office can rely on qualified specialists in the back offices as well as on the specific industrial or national know-how of all the Ecovis experts worldwide. This diversified expertise provides clients with effective support, especially in the fields of international transactions and investments ? from preparation in the client?s home country to support in the target country.
In its consulting work Ecovis concentrates mainly on mid-sized firms. Both nationally and internationally, its one-stop-shop concept ensures all-round support in legal, fiscal, managerial and administrative issues.
The name Ecovis, a combination of the terms economy and vision, expresses both its international character and its focus on the future and growth.
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Ecovis is a leading global consulting firm with its origins in Continental Europe. It has almost 8,500 people operating in nearly 80 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice.The particular strength of Ecovis is the combination of personal advice at a local level with the general expertise of an international and interdisciplinary network of professionals. Every Ecovis office can rely on qualified specialists in the back offices as well as on the specific industrial or national know-how of all the Ecovis experts worldwide. This diversified expertise provides clients with effective support, especially in the fields of international transactions and investments? from preparation in the client?s home country to support in the target country.In its consulting work Ecovis concentrates mainly on mid-sized firms. Both nationally and internationally, its one-stop-shop concept ensures all-round support in legal, fiscal, managerial and administrative issues.The name Ecovis, a combination of the terms economy and vision, expresses both its international character and its focus on the future and growth.
Datum: 15.03.2021 - 03:00 Uhr
Sprache: Deutsch
News-ID 1565596
Anzahl Zeichen: 3986
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