Webinar: New instruments to boost financial liquidity of Polish companies – the 20 bln EUR Financial Shield and amendment to the Anti-Crisis Shield


Dear Sirs and Madams,

In the last couple of weeks, Polish government announced new instruments aimed at supporting Polish business i.a. presented a package worth over 20 bln EUR to boost liquidity of companies suffering liquidity problems due to COVID-19. Moreover, the amendment to the Anti-Crisis Shield was introduced.   

We invite you to a free webinar, which will take place on 28th April at 11:00 am, where we will guide you through a structured knowledge of the available support mechanisms under the recently announced aid programmes. This time we will put special emphasis on new possibilities of obtaining financing, which are or will soon be available for entrepreneurs.

In particular, we bring closer the following topics:

  1. Wrap-up of tools available under Anti-Crisis Shield  – we will present a “map” of key tools and their beneficiaries (large companies, SMEs, employees, B2B)
  2. Talk about new funding opportunities during COVID-19 – explaining in particular the assumptions of the Financial Shield
  3. Address the question “what kind of financing can a large, medium and small entrepreneur count on under the so-called Financial Shield”, i.e. to explain the financing mechanisms introduced by the Polish Development Fund, the Industrial Development Agency and BGK loan guarantees
  4. “Beyond the Anti-Crisis Shields” – what else is worth noting in the context of improving financial liquidity

Participation in the webinar is free of charge but number of participants is limited. Before the webinar, you will receive link by e-mail which is necessary to properly join the event.

With regards,
CRIDO Team

REGISTRATE

Half a Million for Hospitals from SWISS KRONO


SWISS KRONO, a manufacturer of wood-based panels and other wood-based products located in Żary, has assigned 500,000 złoty (PLN) to help hospitals

in the Lubuskie Voivodeship fight the SARS-CoV-2 pandemic. These funds will be appropriated for the purchase of furnishings, medical equipment and personal protective equipment for hospital staff.

The local company has decided to support hospitals and their physicians acting on the front line in the battle against the coronavirus.  

  • “From the very beginning, we have actively engaged in the fight against the coronavirus epidemic, hence our support for hospitals in the region. Under the circumstances, we deem such an action quite natural and extremely important. This is also our way to express respect for all the medical services fighting the epidemic,” explains Maciej Karnicki, President of SWISS KRONO Sp. z o.o.

 
The company has been involved in helping local hospitals many times, but never on such a large scale.

  • “Our pro-social activities are always focused on the local community. We have been operating here since beginning, we owe a lot to our employees who live here with their families, hence this quite natural decision to help regional hospitals,” adds Jarosław Masina, SWISS KRONO spokesperson.

 
Which hospitals are to be supported?

Hospitals in Żary: the Borderlands Military Hospital no. 105 and the Island Hospital will receive 100 thousand złoty each for specialised medical devices and furnishings.

“Of this amount, 25 thousand złoty will go to the Żagań-Żary Association for Respiratory Care. We are in the process of finalizing this donation. Żary City Hall has also declared support in the amount of 100 thousand złoty. We plan to spend the received funds on: diffusers for disinfection, portable resuscitators, disinfectants, personal protection packs, HEPA filter masks,” states Deniz Mrozik, spokesperson for the military hospital.

The Multispecialist Provincial Hospital in Gorzów Wielkopolski will receive 15 beds from SWISS KRONO, worth a total of 214 thousand złoty, intended for the neurology ward.

The company has also assigned 100 thousand złoty for specialised medical devices and furnishings for the University Hospital in Zielona Góra.

Armed for the battle against the virus

At present, there are over 2,550 people infected with coronavirus in Poland (as of 1 April 2020), including 47 in the Lubuskie Voivodeship. It is here where the first case in Poland was registered. Today, the ‘patient zero’ feels good; after a 16-day-long stay at the hospital in Zielona Góra he left the ward on 17 March with a negative test result. 43 people have died so far in our country due to the coronavirus, most of them having co-existing diseases. To date, there have been no fatal victims in our region.

Spokesperson

Jarosław Masina

email: jaroslaw.masina@swisskrono.com

How to Run Business in a World of COVID-19

Dear All,

 
KPMG in Poland supports companies during the crisis caused by the SARS CoV-2 pandemic (COVID-19) by preparing publications and factual materials that help to manage the business in the current market situation. The dedicated page home.kpmg/pl/COVID-19 has been created, it aggregates all available materials prepared by KPMG experts.

We would like to invite you to contact KPMG experts directly or through our special recently launched alarm box:MamPytanie@kpmg.pl


KPMG presents new publications in SARS CoV-2 area such as:?

Tax Alert: The deadline for submitting CIT-8 for 2019 will be extended to all taxpayers
Tax Alert: Abolition of customs duties and VAT on imports of medical equipment and protection measures against COVID-19
Tax Alert: Community and City Business aid packages – Local taxes and fees
Legal Alert: Mandatory dematerialization of the action and so-called Anti-Crisis Shield
Legal Alert: The Assembly of shareholders and capital companies in the pandemic – what “Anti-Crisis Shield” is changing?
Legal Alert: Compensation of employees – package of legal services
Legal Alert: The deadline for the application for bankruptcy and the so-called anti-crisis shield 2.0
Legal Alert: Employers’ demands and government announcements of changes to the so-called Anti-Crisis Shield
For more information and publications please visit kpmg.pl

KMPG provides solutions which are developed for the current pandemic situation:

 

KPMG solutions for labor law in time of COVID-19

 

Emergency Financial Plan

 

Three steps to application for salary subsidization

 

Know your market – Legal advice for e-commerce and stationary stores

 

Check KPMG Spot

The KPMG Foundation, prepared several versions of postcards for various occasions, which were placed on www.facebook.com/FundacjaKPMG. Those actions are made to supporting the #stayhome #staysafe campaign. Remember, when you stay at home, you not only protect yourself, but also others.

Also, we would like to invite you to visit our Library for a variety of interesting content on industry and sector-specific information, an archive of our webcasts and podcasts.

Stay informed

KPMG experts remain at your disposal to maintain the highest standards of work, providing advice and assistance. We are constantly monitoring the economic situation and implementing internal procedures that allow KPMG to fully meet its commitments to customers regardless of market conditions.
Please don not hesitate to contact us

Join KPMG knowledge subscribers

Remember, ‘MamPytanie’ is a new contact box, to which companies and entrepreneurs can submit an urgent question to KPMG experts. 

mampytanie@kmpg.pl

Let’s keep in touch!

Coronavirus and business

Ladies and Gentlemen,

We are witness to an extremely rapid leigslative process, justified by extrardinary circumstances in the country and across the world

The outbreak of SARS-Cov-2 coronavirus is an unprecedented issue which all enterpreneurs have to struggle with. The course of event is extremely dynamic and companies face a difficult challenge posed by this new reality.

We invite all SwissChamb members to our dedicated website „Coronavirus and Business”. One place where you can find comprehensive coverage, and constant updates prepared by our lawyers.

http://sadkowskiiwspolnicy.pl/koronawirus-a-biznes/ 

We are at your disposal!

Sadkowski & Partners team ensures immediate support for the business fields affected by the Covid-19 pandemic. Key areas include:
– Labour law;
– Taxation;
– GDPR;
– Public procurement;
– Restructuring;
– Commercial agreements.

We encourage you to send all your questions and queries to the address alert@siw.pl .

Our dedicated legal team is at your disposal 24/7.

Anti-crisis Shield

On March 31, 2020 entered into force the acts of law, which create the “Anti-crisis shield”, whose aim is to mitigate the effects of the economic crisis in Poland caused by the coronavirus epidemic, enabling entrepreneurs, who will the most suffer from the epidemic to continue its business activity, the best escaping in the results of the epidemic, as well as workplaces’ protection.

The adopted package of acts of law includes, among others “The Act of 31 March 2020 amending the Act on special solutions related to the prevention and eradication of COVID-19, other infectious diseases and crisis situations caused by them, as well as certain other acts” (hereinafter referred to as: “COVID-19 Act “), which includes suspension of procedural and judicial time limits in court proceedings, enforcement proceedings, criminal and administrative proceedings

Deadlines. In the COVID-19 Act were rescheduled:

  1. the time limits for payment of annual charges for perpetual use until 30.06.2020,
  2. the time limits for  registration in the Central Register of Beneficial Owners for companies registered in the Register of Entrepreneurs before 13.10.2019 for 3 months, i.e.until 13.07.2020, 
  3. the deadline for providing information to the Head of the National Tax Administration on the tax schemes (MDR).

Labour law. A number of changes in labour law have been introduced, to make it more flexible, i.e. the possibility of limiting uninterrupted daily rest (Article 132 § 1 of the Labor Code) to not less than 8 hours, and uninterrupted weekly rest (Article 133 § 1 of the Labor Code), to not less than 32 hours, covering at least 8 hours of uninterrupted daily rest; the possibility of concluding an agreement on the introduction of an equivalent working time system; the possibility of concluding an agreement on the use of less favourable employment conditions for employees than those resulting from employment contracts concluded with those employees, to the extent and for the time agreed in the agreement; exemption from the obligation to work an adolescent employee without the right to remuneration (however, the employer retains the right to reimbursement).

Commercial law. The COVID-19 Act also provides for the possibility of taking place of assemblies of shareholders and meetings of the management board and supervisory board by using means of direct remote communication, e.g. tele- or video conferences in each company (not only in limited liability companies). The management boards and supervisory boards of capital companies, in the lack of different regulations in the commercial contract or the statute, may adopt resolutions in writing. Declarations of will of a member of the organs of a legal person may be submitted in documentary form (e.g. e-mail, scans of signed documents). Similar solutions have also been introduced, among others for housing associations.

Financial support. Particularly to protect employment, reduce financial burdens and maintain financial liquidity in enterprises, it was adopted, among others:

  1. co-financing employee salaries up to 40% average salary if the company reduces working hours by at least 20% (to max. half-time);
  2. temporary abolition of the extension fee when postponing or dividing into instalments of taxes and social insurance payments (ZUS);
  3. exemption from the obligation to pay social insurance payments by the end of May 2020 for companies with employees up to 9 (for self-employed workers, the exemption depends on income, which should be no more than 15,681 PLN);
  4. the so-called “standstill fee” for people employed on commission contracts, contracts for specific work and self-employed people in the amount of 80 per cent of the minimum salary, i.e. 2,080 PLN gross;
  5. the possibility for self-employed persons to apply by the local government officer for co-financing of part of the costs of conducting business activity(for a maximum of 3 months) in the event of a decrease in turnover caused by COVID-19;
  6. micro-loans for enterprises up to PLN 5,000 (if, for a period of 3 months from the date of granting the loan, the micro-entrepreneur does not reduce the employment level calculated as a full-time employee in relation to the employment level as at 29 February 2020, the loan with interest at his request subject to redemption).

More information: If you have additional questions regarding the provisions of the COVID-19 Act, please contact us.

Marek Kacprzak

Attorney-at-law | Managing Partner

m.kacprzak@kacprzak.com.pl

www.kacprzak.com.pl

 

Representation of capital companies in a time of crisis

In the face of the epidemic hazard and restrictions of the movement of people, a practical question arises how to ensure proper representation of capital companies (limited liability companies and joint?stock companies; collectively: company).

Companies are represented by a management board. Usually, the rules of representation are set forth in company’s articles of association; in practice companies choose joint representation which requires two board members to act together or one board member to act together with a commercial proxy.


Do the two board members or the board member and the commercial proxy have to sign an agreement or its termination or withdrawal statement at the same time?

  • Joint representation does not require that two representatives appear physically at the same place. They may affix their signatures independently, it is important, however, that the documents signed by them have the same contents. For instance, an agreement may be signed by Mr Kowalski staying in Warsaw and Mr Schmidt staying in Berlin – both of them will sign “their own” copy of the agreement and thereby the representation requirements will be met.
  • The management board may appoint a commercial proxy – authorised to act alone, who may represent the company within very broad limits, or authorised to act only together with a board member or another commercial proxy.
  • Board members who are authorised to joint representation may grant a power of attorney to one another. In such situation the board member acting as an attorney-in-fact may represent the company alone within the limits of such power of attorney.
  • Board members may also empower another person, associated or not directly associated with the company. The power of attorney should precisely stipulate the limits of the representation (limited or special power of attorney).
  • In case of joint-stock companies it is possible to delegate members of the supervisory board for a period not longer than three months to temporarily fulfill the responsibilities of board members who have been dismissed, who resigned or for other reasons are unable to perform their function. In the latter case, such inability may result from a mandatory quarantine or isolation due to a disease.
  • Change of representation rules agreed in company’s articles of association requires a notarised amendment of the articles of association and registration of such change in the register of businesses. Such amendment may also be effected by an attorney-in-fact. That can take at least three weeks; nevertheless, in the current situation, since the applications must be sent by regular mail to the National Court Register, we can expect it will be longer. Additionally, the registration of an application lasts longer because the IT systems in courts are not adjusted to the possibility to work from home.
  • A special situation arises when a created company has not been entered into the register yet. Then such company is represented by the management board (limited liability company in formation), all founders together (joint-stock company in formation) or an attorney-in-fact appointed by a unanimous resolution of the shareholders or the founders. In light of the epidemic hazard, it will be easier to adopt such resolution in a limited liability company than in a joint-stock company. If all shareholders agree, an attorney-in-fact of a limited liability company in formation may be appointed even by circulation, without holding a shareholders’ meeting. It is also necessary to appoint an attorney-in-fact to represent the company in case of conclusion of an agreement or a dispute between a board member and the company. In such situation, however, unanimity is not required. Moreover, in such case also special representation of the company by the supervisory board is possible. However, since a supervisory board must take decisions collectively, its operation might be obstructed by the COVID-19 pandemic.
  • A situation when the actual number of board members is lower than the minimum number stipulated in the articles of association should be assessed separately. Should it be the case, the members of the so called “non-quorum” management board may represent the company as long as they meet the requirements regarding representation set out in the articles of associations, however they may not adopt resolutions. That means that if in a three-member management board one position becomes vacant, the two other board members cannot take actions that fall beyond the ordinary course of business, because doing so requires a resolution of the entire management board. However, on principle they may effectively represent the company towards business partners because they meet the standard requirements of joint representation by two board members together.

How to Run Business in a World of COVID-19

Dear All,
 

KPMG in Poland supports companies during the crisis caused by the SARS CoV-2 pandemic (COVID-19) by preparing publications and factual materials that help to manage the business in the current market situation. The dedicated page home.kpmg/pl/COVID-19 has been created, it aggregates all available materials prepared by KPMG experts.

We would like to invite you to contact KPMG experts directly or through our special recently launched alarm box: MamPytanie@kpmg.pl

News of the week

 

for one of Warsaw’s hospitals. Also, Foundation provided 5,000 protective masks for one of hospitals in Crocow.

  • Also, we would like to invite you to visit our Library for a variety of interesting content on industry and sector-specific information, an archive of our webcasts and podcasts.

 


Stay Informed

KPMG experts remain at your disposal to maintain the highest standards of work, providing advice and assistance. We are constantly monitoring the economic situation and implementing internal procedures that allow KPMG to fully meet its commitments to customers regardless of market conditions.
Please don not hesitate to contact us.

Remember, ‘MamPytanie’ is a new contact box, to which companies and entrepreneurs can submit an urgent question to KPMG experts.

Let’s keep in touch!

 

Webinar: Polish anti-corona-crisis economic package

Dear Sirs and Madams,

During this weekend, Polish Government submitted a draft of the so-called anti-crisis act to counteract the effects of the COVID-19 epidemic. Although the draft will still be discussed, it already contains a number of regulations that will affect the activities of enterprises over the coming months.

Based on the draft, we have selected the most important legal and tax tools which we will discuss during webinar that will take place on Thursday 26th March, 1 pm – 2 pm CET.

In particular we will cover the following topics:

  1. PROVIDING ADDITIONAL LIQUIDITY ON THE MARKET: central’s bank actions and state guarantees for SMEs / low-interest loans
  2. KEY INSTRUMENT: co-financing of employee salary by the state and why it can be important to act fast
  3. TAXES: Tax deferrals – what may be deferred under the package and how to act in case of no automatic deferral?
  4. EMPLOYER VS EMPLOYEE: providing more flexibility in the area of labor law
  5. Deferral of certain administrative, legal and tax deadlines
  6. Other measures and state aid considerations
  7. What legal and tax measures should be taken by business to secure liquidity and stability of Polish enterprises?

The webinar will be hosted by CRIDO experts.

Participation in the webinar is free. The number of places is limited.
Before the webinar, you will receive by e-mail the link necessary to properly join the event.

<< click here to registrate >>

With regards,
CRIDO team

Guest of Professor Witold Orłowski – a new video series by PwC

Economy in the world and in Poland is in an extremely uncertain moment. The threat associated with the COVID-19 outbreak quickly changed the functioning of companies around the world. Businesses – especially their owners and managers – can’t stay suspended right now. On the contrary – it is necessary to respond efficiently and adapt the organization to new conditions. The basis of such activities is reliable information and exchange of experience.

PwC consulting company has started a new video series – Guest of Professor Witold Orłowski. Professor Orłowski, the main economic advisor to PwC, in the next episodes of the program talks with invited experts about the most important macroeconomic trends from Poland and the world, as well as practical ways to build enterprise resilience.

Video materials are available at https://www.pwc.pl/pl/artykuly/gosc-prof-witolda-orlowskiego.html

First episode: https://www.youtube.com/watch?v=Y8QWfccEzaw 

Please note that this series will be held in Polish.

GESSEL distinguished by Chambers Europe 2020


The Chambers Europe 2019 ranking yet again affirms the strong market standing of our firm, highlighting three of our departments and according seven individual recommendations to our lawyers. 

 

Chambers Europe 2019 distinguishes GESSEL in the categories of:

  • Capital Markets 
  • Corporate/M&A 
  • Private Equity 

 

 Dr Beata Gessel-Kalinowska vel Kalisz  is named in Dispute Resolution: Most in Demand Arbitrators, Leszek Koziorowski and  Krzysztof Marczuk – in Capital Markets,  Małgorzata BadowskaMaciej Kożuchowski and Marcin Macieszczak – in Corporate/M&A. Marcin Macieszczak has also been distinguished in the Private Equity category.

 

We are honoured by the commentary collated by Chambers Europe:

 

Beata Gessel-Kalinowska vel Kalisz is a regular panel appointee in arbitral proceedings. A source enthuses: “She acted for many years as a transactional lawyer, so has a good focus on the deals and how to settle them,” adding that “she is very much business-oriented. She helps to settle a dispute effectively.”

 

Leszek Koziorowski is an ECM lawyer assisting mid-sized companies with their preparation for domestic IPOs. Market commentators credit him for his long-standing practice and practical experience.

 

Marcin Macieszczak is a reputed practitioner with a clientele of domestic private equity funds for whom he acts on mid-market transactions. Clients appreciate him for his attentiveness, one calling him “highly responsive.”

 

Marcin Macieszczak ‘s remit stretches from acquisitions and sales to investments and management buyouts, acting for clients hailing from the healthcare, pharmaceutical and private equity sectors. One client reports that “he understands the business, but the focus on the customer is what we appreciated the most,” explaining that he is “interested in what we wanted to achieve.”

 

Maciej Kożuchowski is valued by market commentators for his co-operative manner, one observing how he makes it “easy to find common solutions and a common understanding.” He has been highly active of late for several financial services clients.

 

Małgorzata Badowska goes up in the rankings this year following strong client feedback and market visibility. As well as assisting with acquisitions and investments, she also advises clients on corporate structuring. Sources highlight her for her creative and out-of-the-box approach.

 

Krzysztof Marczuk enters the table this year following positive market feedback and visibility on the firm’s key deals. He handles ECM matters, including prospectus preparation and stock exchange listings as well as public tender offers. He acts for a clientele of mid-market companies in healthcare and real estate.