By virtue of the Regulation of the Minister of Health dated March 21, 2020 on Declaring the State of Epidemic within the Republic of Poland following COVID-19 infections, a number of restrictions have been enacted which have a bearing on the functioning of certain companies. The raging epidemic and the associated interaction and mobility restrictions have significantly hampered company functioning and decision making. We present the mechanisms enabling companies to function with as little interruption as possible, given the extraordinary circumstances. Continue Reading
Poland’s government has announced an economic stimulus package, valued at PLN212 billion, to assist entrepreneurs and employees amid the COVID-19 crisis. The package consists of five pillars:
• Employee safety
• Enterprise financing
• Financial system strengthening
• Healthcare protection
• Public investment
On March 13, 2020, the Minister of Health issued the Regulation on Declaring the State of Epidemic Threat within the Republic of Poland whereby, as of March 14, 2020, the following business operations (at commercial facilities with a sales area of more than 2,000 square meters) were temporarily prohibited:
The coronavirus pandemic poses new risks and challenges for business at a scale unknown before. In order to assist businesses, the Polish government has announced that a PLN 212 bn ($53bn) stimulus package will be put in place. For a summary see our previous post. Start up of the aid package will take time, and the shape of further aid to come is as yet unknown. Thus entrepreneurs should consider what options are on the table at this moment.
Poland’s government has announced an economic stimulus package it values at PLN 212 billion to assist entrepreneurs and employees during the COVID-19 crisis. The package consists of 5 pillars: employee safety, company financing, health protection, strengthening the financial system and a public investment program.
According to one of the largest power producers and suppliers in Poland, Polska Grupa Energetyczna (PGE), Poland’s Baltic Sea has the capacity to generate 9 to 12GW of energy, ranking it second only to the North Sea, which already has about 13GW of offshore wind installed. Continue Reading
The Czech National Bank has increased the two-week repo rate from 2% to 2.25% with effect as of 7th February 2020. For commercial relationships governed by Czech law it means an increase in the statutory default interest rate from 10% to 10.25% per annum in relation to debts which will become overdue on or after 1st July 2020 if the central bank does not intervene again by then. The last increase in the statutory default interest rate happened on 3rd May 2019. While the Czech National Bank modified the two-week repo rate five times in 2018, there was only one change in 2019.
Despite the elections being held, the Polish legislator continues to work on a new bill defining collective entities’ liability for criminal acts committed by natural persons working for such entities. The purpose of this article is to summarise the concept of the new bill.
- The Changing Renewables Support Landscape
Over the last couple of years, a combination of subsidy erosion or removal, lower auction prices, reduction in embedded benefits and power market volatility has led to an absence of long-term revenue certainty and forced generators and developers to explore new models for their projects. Simultaneously, corporates are increasingly targeting a reduction of their energy costs at the same time as significantly reducing their environmental footprint, whilst all the while maintaining a continuous business operation. The high profile RE100 campaign, a global corporate leadership initiative bringing together influential businesses committed to sourcing 100% renewable electricity, has seen some of the world’s largest companies commit to this goal. In December 2019, the RE100 passed the 200-member milestone. Continue Reading
2019 saw a number of changes in corporate and commercial law, which may have a bearing on Polish operations and transactions. Further developments are anticipated in 2020. The beginning of the new year is a good opportunity to round up issues essential for business. Continue Reading