Proceedings / Effects of Registration
Can judicial decisions opening insolvency proceedings be registered in the Land registry in accordance with your legislation?
If affirmative, what effects do these registrations produce?
Judicial decision opening insolvency proceedings may be registered according to Polish law on Land Books and Mortgage in the 3rd chapter on motion of applicant (a practitioner, a debtor, a creditor) according to art. 81 of Insolvency Law.
The entry is of declarative nature, it has strong effect , according to art. 77 i 79 on Insolvency Law legal acts taken by buncrupt are not valid, if the decision on insolvency is taken (then enetered in land book), buncrupt cannot establish mortgage (art. 82 on Insolvency Law).
Whenever if it has been established decision of a judge to remove the entrance is taken according art. 82 on Insolvency Law and this decision is a base for removal mortgage out of land book.
There isn’t any interconnection to Insolvency Register in Poland or to National Business Register (there is piece of information about insolvency of businesses in NBR).
