Company in crisis

On January 1, 2016, an amendment of the Commercial Code shall become effective which may have a significant impact on certain relationships between the company and its owners or other related parties. By a company in crisis the amended Commercial Code understands a company, which is in bankruptcy or in case there is a threat of bankruptcy. A company is threatened by bankruptcy if the ratio of its equity and liabilities is less than 4:100 in 2016, 6:100 in 2017 and 8:100 in 2018. If a company is in crisis, restrictions for the return of funds provided by its related parties shall apply to it. Fulfilments substituting own resources along with the appurtenances and the contractual penalty cannot be returned if a company is in crisis or in case if it would face the crisis as its result. Also, provision of a security to the company in crisis by its affiliate companies (e.g. guarantee, etc.) is subject to special legal regime.