AKTUELLES

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Musioł & Partners wins a leading case against The Bank of New York Mellon

On the 20th of January 2010, the Supreme Court passed a resolution which states that the range of subjects entitled to put forward a motion of launching a secondary bankruptcy proceedings in Poland is limited to the subjects that have their registered offices in Poland.

Six cases in which The Bank of New York Mellon put forward a motion of launching a secondary bankruptcy proceedings towards Polish partnerships are one of the first of such cases in Polish courts.

Precedential nature of the case and Supreme Court’s resolution resulted from the introduction of the European legal regulations concerning international bankruptcy proceedings – explains Mr Marek Musioł, leader of the lawyers team which acted in front of the Supreme Court. These regulations allow to launch bankruptcy proceedings in Poland – secondary towards main proceedings which are in progress in other countries of European Union. One of the goals of those regulations is not only to protect businesses of local creditors and companies but also the economic businesses of the state in which the secondary bankruptcy proceedings are to be launched.

Majority of Polish courts agreed with the views of our law office represented by Mr Marek Musioł. However, the Regional Court in Rzeszów examined the BoNYM appeal on the decision concerning dismissal of the motion on the bankruptcy of Vodka Factory „Polmos Łańcut“ issued by the District Court in Rzeszow, and exercised its right to inquire the Supreme Court. The Supreme Court’s resolution confirmed the position of  our lawyers.

A legal expert opinion of Marek Musioł Law Office and acquired legal expert opinions which have been prepared by the international authorities in the field of reorganisation law, and in the end the determination of the whole team of the law office, were crucial in supporting Sobieski Group in the court battle that was declared on us – said Krzysztof Tryliński, the CEO of Belvedere Group. The defense strategy turned out to be right which is clearly reflected in the Supreme Court’s resolution.