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Daniel Kaczorowski Promoted to Shareholder at Greenberg Traurig

Daniel Kaczorowski, in Warsaw, is the only CEE representative among the 44 Greenberg Traurig lawyers promoted to Shareholder at the firm as part of its global round.

13 April 2020 is the final deadline for registering UBOs for the vast majority of Polish companies (UBO = Ultimate Beneficial Owner). Fines for non-compliance can be as high as PLN 1m. The exceptions to this are professional partnerships and listed joint-stock companies.

Wolf Theiss and Allen & Overy Advised on LaSalle Investment Management Acquisition of Polish Properties

Wolf Theiss Warsaw has advised Marvipol Development and PG Dutch Holding I on the sale by their joint venture special purpose vehicles of development plots in Warsaw and Michalowice to LaSalle Investment Management KVG. Allen & Overy advised the buyer on the deal, which is valued at approximately EUR 29.6 million.

DLA Piper Advises Allegro on Acquisition of FinAi

The Warsaw office of DLA Piper has advised Allegro, the sixth-largest trading platform in Europe, on its acquisition of FinAi from its founders and from the Fidiasz FIZ investment fund. Olesinski & Wspolnicy reportedly advised Fidiasz on the deal.

DLA Piper and Dentons Advise on Financing of HB Reavis Green Project in Poland

DLA Piper has advised Santander Bank Polska, BNP Paribas Bank Polska, PKO Bank Polski, and Bank Pekao on a EUR 162 million loan granted to HB Reavis for the development of the Forest office campus in Warsaw. Dentons advised HB Reavis on the deal.

Jacek Kosinski Adwokaci i Radcowie Prawni Advises Shibumi International on Investment in Sustonable

Jacek Kosinski Adwokaci i Radcowie Prawni, working with the Netherlands' Benvalor law firm, has advised Shibumi, a Dubai-based venture capital company, on an unspecified investment in Sustonable, a sustainable building materials company which produces composite stone surfaces. Sustonable was advised by LXA.

The Deal: In July, CEE Legal Matters reported that Norton Rose Fulbright had advised Grupa Lotos SA on the USD 500 million refinancing of loan facilities contracted by the company in connection with its “Program 10+” financing. Clifford Chance advised a consortium of domestic and international banks including Bank Polska Kasa Opieki S.A., Caixabank S.A., Erste Group Bank AG, Industrial and Commercial Bank of China (Europe) S.A., ING Bank Slaski S.A., Intesa Sanpaolo S.p.A, Powszechna Kasa Oszczednosci Bank Polski S.A., and Sumitomo Mitsui Banking Corporation Bank EU AG on the deal, with Credit Agricole, CIB, and BNP Paribas SA serving as agents.

Polish lawyer Anna Wawrzynczak spent 14 years in private practice with two highly-regarded international law firms before moving in-house with the Coast2Coast investment fund, where she was Regional Counsel CEE for almost three years. In October 2019 she accepted an offer to become the Legal Manager, Head of the Corporate Division at the Polish Development Fund in Warsaw. 

Poland, which still produces 80% of power and 75% of district heating by coal-fired generation, is about to face an unavoidable and profound transformation of its energy market. The Best Available Techniques (BAT) conclusions for large combustion plants that will enter into force in 2021, the derogation mechanism that will end in 2023, and the medium combustion plant emission limits that will become effective in 2026 all require that enormous and economically questionable investments be made in new filters for coal generation units.

The key Polish legal act governing dispute resolution, the Civil Procedure Code of 1964, underwent major reform this year, again. The amended version, with almost 300 changes, including many revolutionary ones, became effective on November 7, 2019.

On January 1, 2016, Poland revamped its legal framework related to the restructuring of financially distressed businesses with a brand-new Restructuring Law and significantly-amended Bankruptcy Law. The Polish restructuring (and broadly speaking insolvency) framework is now governed by two separate legal acts: the Restructuring Law, which deals with the financial restructuring of indebted companies and businesses, and the Bankruptcy Law, which focuses on the orderly liquidation of the assets of companies and businesses without feasible options to restructure their debts and continue their operations.

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