The article deals with limitation of claims in Poland, Ukraine and Germany. The authors made a conclusion that the most liberal solution in the area of contractual regulation of limitation is provided in the German Civil Code, which allows shortening and prolonging the statutory limitation period, whereas the most severe is provided for in the Polish Civil Code, prohibiting it altogether. An indirect solution has been adopted by the Ukrainian Civil Code, which allows only the extension of the statutory limitation period. These different legislative solutions demonstrate that the national legislators are partially different in their view of the reasons justifying the statute of limitations. Newer prescription regulations, to which the German and Ukrainian ones belong, are largely similar to each other. The same can be said about the Polish academic project of the general section of the civil code. The Principles of European Contract Law have had a significant impact on teaching of civil law, as well as on national legislators.
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1. Court of Appeal Timişoara, civil decision no. 465/27 June 2017, file no. 6802/30/2016/a1
2. According to art. 1673 Civil Code of 1864, „The fidejussor, without having paid, may claim indemnification from the debtor: 1. when he is sued in Court to pay;
2. when the debtor is bankrupt or in a state of insolvency;;
3. when the debtor has indebted itself in order to release him from
The interface between securitization law and insolvency law is the central legal concern in designing securitization transactions. The complex structure of these transactions under the Securitization Act of 2004 should be understood within a specific legal context: the possible bankruptcy, insolvency, or liquidation of the “originator” (i.e. the entity requiring securitization financing), which may jeopardize the claims of asset-backed security investors. It is a solution to the risk that security holders with claim to specific assets may end up being subordinated to the interest of preferred creditors and ranked pari passu with, or even lower than, unsecured creditors in a rehabilitation or liquidation proceeding. Under present law, this risk may arise through the “substantive consolidation” and “clawback” provisions of the Financial Rehabilitation and Insolvency Act (FRIA) of 2010. This risk is mitigated through the creation of a bankruptcy remote vehicle and true sale of receivables, and it is the lawyer’s principal role in the securitization process to isolate or ring-fence assets beyond the reach of creditors, and making them an exclusive claim of investors. How this works in theory and practice is the subject of this paper.
Sara Qayum, Sughra Farid, Suhail Shehzad and Weidong Zhu
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This paper’s concern is focused on amajor amendment of the Tax Ordinance Act – article 2a enforced by the Act of the August 5th 2015 (Dz.U. 2015 r. poz. 1197). According to the Act’s substation, it was designed to be an introduction of a new “principle of the polish tax law” through incarnating as a part of legal system the directive of law interpretation widely known as in dubio pro tributario. The amendment aimed to strengthen the legal covers which protect tax bearers from vagueness of the tax law. Paper confronts these assumptions with theoretical achievements concerning principles of law. It points out that, contradictory to the Legislator’s claims, the new article 2a cannot be recognised as a principle of law; moreover, it raises several doubts in the other fields which together may result in its malfunctioning.
Rita Remeikiene, Ligita Gaspareniene and Gintare Grigaliune
Constant changes in business environment determine the significance of receivables to business. The analysis of the current situation in Lithuania has revealed that a substantial part of business enterprises are facing the problem of overdue receivables. This issue emerged as extremely topical after the beginning of the economic crisis in 2008. A number of scientific studies confirmed that the level of receivables has a significant impact not only on smooth business operation but also on operational results and serves as the cause of numerous economic and social problems, faced by both business enterprises and the state. Rising level of receivables determines slower recovery of total economics because it has a negative impact on the sustainability of the public sector of the country. In addition, the scientists highlight economic problems such as production capacity losses, general decrease in competitiveness and failure to satisfy the debt claims. The social problems include the increase in unemployment rate, fall of living standards, dissatisfaction with poor economics of the country and uncertainty about the future. The aim of this article is to analyse the impact of receivables on business in Lithuania. The methods of the research include scientific literature analysis and statistical data analysis.
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