A foreign buyer or lender evaluating a Polish asset before restructuring proceedings must answer one question before anything else: what is the collateral actually worth, and what already encumbers it. Polish restructuring law creates a defined sequence of creditor priorities. That sequence can render a security interest materially less valuable than the face value of the underlying asset. This report establishes what the official registers show, where the chain of evidence stops, and what that stopping point means for the transaction.
- What the registers show
- Ownership, mortgage entries, enforcement notices, insolvency filings, and registered pledges — each from a separate Polish register, each with its own access conditions. Sources verified August 2026.
- Collateral risk
- Polish restructuring proceedings (sanacja, przyspieszone postępowanie układowe, and related tracks) impose an automatic stay on enforcement of security once proceedings are opened. The stay is a statutory mechanism, not a court discretion.
- Access condition
- Land register (KW) is publicly searchable by number. The Insolvency and Restructuring Register (KRZ) is publicly searchable by entity name or NIP/KRS. The Pledge Register (Rejestr Zastawów) requires the pledged item identifier or debtor data.
- What the registers do not show
- Informal encumbrances, undisclosed assignment agreements, and contractual subordination arrangements do not appear in any public register.
Why collateral valuation matters before restructuring opens
Polish restructuring proceedings under the Restructuring Law of 2016 (Prawo restrukturyzacyjne) treat secured creditors differently from unsecured ones. A creditor holding a registered mortgage or registered pledge retains a priority claim against the specific asset. However, the automatic stay prevents enforcement during the proceedings. The practical effect is that a lender entering a transaction immediately before proceedings open may hold valid security that cannot be enforced for months or longer.
The collateral angle therefore requires two parallel inquiries: what the asset is worth as a standalone item, and whether the security interest will survive the proceeding intact. The registers address the second inquiry directly. They do not address the first.
Register-by-register breakdown for Polish assets
Five registers are relevant to collateral verification on a Polish asset. Each is maintained by a separate authority. Each has different search logic and different coverage gaps.
| Register | What it covers | Search input required | Public access | Key gap |
|---|---|---|---|---|
| Księgi Wieczyste (EKW) | Real property ownership, mortgages, easements, enforcement notices | KW number | Yes — ekw.ms.gov.pl | Search requires KW number; no name-based search in public portal |
| Krajowy Rejestr Zadłużonych (KRZ) | Restructuring and insolvency filings, court orders, creditor lists | Entity name, NIP, or KRS number | Yes — krz.ms.gov.pl | Filings appear after court acceptance, not at application stage |
| Rejestr Zastawów | Registered pledges over movable assets and rights | Debtor data or pledged item identifier | Yes — rzastawow.ms.gov.pl | Coverage limited to registered pledges; financial collateral arrangements are outside this register |
| Krajowy Rejestr Sądowy (KRS) | Company structure, directors, share capital, filed financial statements | Entity name or KRS number | Yes — rejestr.io / krs.ms.gov.pl | Filed financials may be delayed; UBO data in CRBR is a separate register |
| CRBR (Centralny Rejestr Beneficjentów Rzeczywistych) | Declared ultimate beneficial owners | Entity NIP or KRS number | Yes — crbr.podatki.gov.pl | Data is self-declared; discrepancies between CRBR and KRS shareholding records are common |
The restructuring timeline and what it does to security
Polish restructuring proceedings can be opened on the debtor's own application. The court issues an opening order. From that moment, the automatic stay on enforcement of security over assets included in the restructuring mass takes effect. A creditor who acquired a mortgage or pledge shortly before the opening order cannot enforce during the proceedings without court permission.
The KRZ shows the opening order. It does not show the application. The gap between application and order — which can span several weeks — is a window during which a transaction can close without any public register entry reflecting the pending proceeding. This is the primary timing risk for a foreign buyer or lender transacting on a Polish asset.
Verification of KRZ on the date of signing is necessary but not sufficient. A clean KRZ result on signing date does not exclude a pending application filed the same morning.
Registered pledge: what the Rejestr Zastawów shows and does not show
A registered pledge (zastaw rejestrowy) over movable assets or rights is enforceable outside ordinary court proceedings if the pledge agreement provides for it. The Rejestr Zastawów shows the existence of the pledge, the parties, and the pledged item. It does not show whether the secured obligation has been partially or fully discharged. Discharge of the debt does not automatically remove the pledge entry; the parties must file a deletion request.
A pledge entry in the register is therefore not proof of a live obligation. Equally, absence of a pledge entry does not exclude a financial collateral arrangement (zabezpieczenie finansowe) over the same asset, because financial collateral arrangements are not registered.
Real property mortgage: the KW structure
Each Polish real property parcel has a land register book (Księga Wieczysta) identified by a KW number. The book has four sections. Section IV records mortgages. A mortgage entry shows the creditor, the secured amount, the currency, and any enforcement notices (wzmianki o wszczęciu egzekucji).
A wzmianki entry in Section IV or Section III means enforcement proceedings have been initiated. This entry predates any restructuring filing and may coexist with a restructuring proceeding. The interaction between an active enforcement and a newly opened restructuring proceeding requires legal analysis; the registers show both facts but do not resolve the interaction.
Where the sources disagree
Discrepancies between registers are a routine finding, not an exceptional one. The most common patterns on Polish assets are listed below.
| Discrepancy type | Registers involved | Practical significance |
|---|---|---|
| CRBR UBO differs from KRS shareholding structure | CRBR vs. KRS | Self-declaration error or deliberate misdeclaration; requires document-level review |
| KW mortgage entry without corresponding KRS creditor disclosure | EKW vs. KRS filed financials | Off-balance-sheet exposure; the mortgage is valid regardless of financial statement treatment |
| KRZ shows restructuring order; KW shows no enforcement notice | KRZ vs. EKW | Automatic stay may apply; enforcement notice in KW is not a prerequisite for the stay |
| Pledge register shows active pledge; debtor states obligation discharged | Rejestr Zastawów vs. debtor representation | Pledge entry remains until deleted; deletion requires creditor cooperation |
The limit of what the sources allow
The ceiling of what the sources allow is stated before payment. Polish official registers establish the existence of registered encumbrances and filed proceedings. They do not establish: the current outstanding balance of any secured obligation; whether a pledge or mortgage has been contractually subordinated; whether a financial collateral arrangement exists over the same asset; whether a restructuring application has been filed but not yet accepted by the court; or the current market value of the asset.
The KRZ gap — application filed, order not yet issued — is structurally irreducible. No register bridges it. The report states this gap explicitly and identifies the date of the last KRZ check. A clean result is a result as of a specific date and time, not a guarantee of clean status.
CRBR data is self-declared. The register does not verify the declarations against KRS documents or notarial deeds. Where CRBR and KRS records diverge, the report flags the divergence and identifies the source of each figure. The report does not resolve which figure is correct; that determination requires legal analysis outside the scope of factual compilation.
What is included at each tier
| Tier | Price (EUR) | Included | Not included |
|---|---|---|---|
| Signal | €590 | KRZ check (restructuring and insolvency filings by entity name/NIP/KRS); KRS company structure and directorship extract; CRBR UBO declaration extract; Rejestr Zastawów pledge search by debtor data; Summary of findings with source badges and retrieval dates | KW land register search (requires KW number, not included at this tier); Cross-register discrepancy analysis; Financial statement review; Pledge register search by pledged item identifier |
| Standard | €990 | Everything in Signal, plus: KW land register extract for up to two KW numbers provided by client; Cross-register discrepancy table (CRBR vs. KRS; KW vs. KRZ; pledge register vs. debtor representation); KRS filed financial statements for the last two available years; Enforcement notice (wzmianki) status in KW Sections III and IV | KW searches beyond two books; Valuation of the underlying asset; Analysis of financial collateral arrangements (not registered); Legal qualification of findings |
| Extended | €2,200 | Everything in Standard, plus: KW extract for up to five KW numbers; Pledge register search by pledged item identifier for up to three items; Review of KRS filed financials for up to four years; CRBR-to-KRS reconciliation with document-level source identification; Structured findings memo with explicit statement of each register gap and retrieval timestamp; One round of follow-up queries within 14 days of delivery | KW searches beyond five books; Physical asset inspection or technical valuation; Legal advice or legal qualification of findings; Representation in proceedings |
Payment is by invoice. Scope is fixed at the time of order. Delivery timelines are confirmed at order stage and depend on register response times, which vary.
Frequently asked questions
Does a clean KRZ result mean there is no restructuring risk?
A clean KRZ result means no restructuring or insolvency order appears in the register as of the retrieval date and time. It does not mean no application has been filed. The KRZ records the court order, not the application. The gap between filing and order is a structural feature of the register, not a search error.
Is the land register (KW) publicly accessible without registration?
The EKW portal is publicly accessible without registration. Search requires the KW number. The report obtains the KW number through separate inquiry and retrieves the full extract. This register is public and free of charge. What the report provides is the removed path: identification of the correct KW number, retrieval in Polish, translation of material entries, and structured presentation with source badge and retrieval timestamp.
What if the asset has no KW number — for example, a movable asset or a right?
Movable assets and rights are not entered in the land register. Encumbrances over them appear in the Rejestr Zastawów (registered pledges) or in no public register at all (financial collateral arrangements). The report searches the Rejestr Zastawów using debtor data and, at Extended tier, using pledged item identifiers. Financial collateral arrangements are outside the scope of any Polish public register.
Can the report confirm the current outstanding balance of a mortgage?
No. The KW entry shows the maximum secured amount and the currency. It does not show the outstanding balance of the underlying obligation. Outstanding balance requires direct confirmation from the creditor or review of loan documentation. Neither is within the scope of a register-based report.
How are CRBR discrepancies handled in the report?
Where CRBR data and KRS shareholding records diverge, the report presents both figures with their respective sources and retrieval dates. The report identifies the nature of the discrepancy — for example, percentage difference, different named beneficial owner, or missing entry. The report does not resolve which figure is correct; that determination requires legal analysis.
Disclaimer: This report is a factual compilation from official registers and public sources. It is provided for informational purposes only, does not constitute legal advice, and contains no legal qualification of the facts established. KORDECKI & Partners assumes no liability for actions taken or not taken based on this material. For advice regarding your particular situation, please contact info@kordeckipartners.com.