A foreign buyer or lender examining a Polish asset before restructuring proceedings begin faces a specific problem: the collateral position changes the moment insolvency machinery starts. What registers show before that point, and what they stop showing afterward, determines whether the security is worth holding.
- What the sources show
- Mortgage entries, pledge registrations, and enforcement notices on Polish real property and movable assets. Source: Księgi Wieczyste (land and mortgage register), Rejestr Zastawów (pledge register) · verified 21.08.2026
- Restructuring filings
- Court-opened restructuring proceedings are published in Monitor Sądowy i Gospodarczy and the Krajowy Rejestr Zadłużonych. Source: KRZ · verified 21.08.2026
- Access condition
- Księgi Wieczyste is publicly searchable by land register number. KRZ requires the debtor's NIP or KRS number to retrieve relevant entries.
- What the sources do not show
- Contractual subordination agreements, inter-creditor arrangements, and side pledges not registered in a public register are not visible from any official source.
What restructuring proceedings do to collateral
Polish restructuring law operates under the Prawo restrukturyzacyjne of 2015. Once proceedings open, an automatic stay applies to enforcement against assets covered by the arrangement. The stay does not extinguish the security interest. It suspends the creditor's ability to enforce it independently. The distinction matters: the collateral remains registered, but the enforcement path is blocked for the duration of the proceeding.
The type of proceeding determines how far the stay reaches. Postępowanie o zatwierdzenie układu (PZU) — the out-of-court arrangement approval — imposes a limited stay only after the court approves the supervisor's appointment. Przyspieszone postępowanie układowe and postępowanie układowe impose a broader stay upon opening. Postępowanie sanacyjne is the most restrictive: it transfers asset management to an administrator and can suspend contracts.
A lender verifying collateral value before proceedings open needs to know which type is likely, because each type produces a different residual enforcement right during the moratorium.
| Proceeding type | Stay on enforcement | Asset management | Secured creditor vote in arrangement |
|---|---|---|---|
| PZU (arrangement approval) | Limited; triggered by court order | Debtor retains control | Separate creditor group required |
| Przyspieszone postępowanie układowe | Broad; from opening | Debtor with supervisor oversight | Separate creditor group required |
| Postępowanie układowe | Broad; from opening | Debtor with supervisor oversight | Separate creditor group required |
| Postępowanie sanacyjne | Full; administrator takes over | Court-appointed administrator | Separate creditor group; administrator may challenge contracts |
Reading the registers before proceedings open
Three registers carry the most weight for collateral verification on Polish assets.
Księgi Wieczyste is the land and mortgage register. It records hypotheki — Polish mortgage charges — by rank. The rank at the time of registration governs priority. A foreign lender needs the land register number (numer KW) to retrieve the relevant folio. Without it, search by address is not available through the public portal. Each folio shows the property description, the owner of record, encumbrances in order of rank, and any enforcement notices (wzmianki). The register does not show the outstanding balance on a mortgage; it shows the registered maximum amount (suma hipoteczna).
Rejestr Zastawów is the pledge register for registered pledges on movable assets and receivables. A registered pledge (zastaw rejestrowy) gives the pledgee priority over unsecured creditors and, in certain conditions, over later-registered pledges. The register shows the pledgee, the pledgor, the asset description, and the maximum secured amount. It does not show whether the underlying obligation has been partially repaid.
Krajowy Rejestr Zadłużonych (KRZ) is the national insolvency and restructuring register, operational since December 2021. It shows filed and opened proceedings, including restructuring. A search before proceedings open may return no results — but a negative result is not proof that no filing has been made. A filing enters KRZ only after the court processes it. The gap between filing and entry can be material in a time-sensitive transaction.
Where the sources disagree
The registered mortgage amount in Księgi Wieczyste frequently differs from the outstanding loan balance. The register records the maximum secured sum at the time of registration. Partial repayments are not reflected until the parties formally reduce or release the charge and the court enters the change. A folio showing a large hypotheka does not confirm that the full amount is still owed.
Similarly, a pledge in Rejestr Zastawów may remain registered after the secured obligation has been discharged. Removal requires a formal application. Until it is processed, the register shows an encumbrance that may no longer exist in economic terms.
KRZ and Monitor Sądowy i Gospodarczy can diverge on timing. Notices required by law appear in Monitor; KRZ aggregates them but with processing delay. Cross-referencing both sources is the standard procedure for a pre-transaction check.
The limit of what the sources allow
The ceiling of what the sources allow is stated before payment. Official Polish registers show what has been filed and processed. They do not show what has been agreed privately. A contractual pledge not registered in Rejestr Zastawów, a side letter subordinating one creditor to another, or an undisclosed assignment of receivables — none of these appear in any register. The report maps what is visible; it identifies where the visible record ends and states which categories of encumbrance fall outside register coverage.
KRS (the national court register for companies) shows the debtor's registered capital, management, and filed financial statements. Financial statements filed late or not at all are a gap in the record, not confirmation of financial health. KRZ shows proceedings that have been opened; it does not show creditor claims filed within those proceedings unless the court has published them. The claims register (spis wierzytelności) is a court file document, not a public database.
For real property, Księgi Wieczyste shows encumbrances on the title. It does not show easements agreed by private contract and not registered, nor does it show any pre-emption rights arising from statute unless separately noted. Agricultural land carries statutory pre-emption rights under KOWR rules; these apply regardless of what the folio shows.
What is verified at each stage of the report
The report proceeds in a defined sequence. The sequence does not change between tiers; the depth of each step does.
| Step | Source | Output |
|---|---|---|
| 1. Entity status | KRS | Registration status, management, filed accounts |
| 2. Insolvency and restructuring check | KRZ, Monitor Sądowy i Gospodarczy | Open or closed proceedings; filing dates |
| 3. Real property encumbrances | Księgi Wieczyste | Mortgage rank, registered amounts, enforcement notices |
| 4. Registered pledges | Rejestr Zastawów | Pledge entries, pledgee identity, asset description |
| 5. Source reconciliation | All above | Discrepancies noted; gaps in the record named |
What is included at each tier
| Tier | Price (EUR) | Included | Not included |
|---|---|---|---|
| Signal | 290 | KRS status check; KRZ and Monitor search for open or closed proceedings; confirmation of whether restructuring proceedings have been filed or opened; written summary of findings | Księgi Wieczyste folio retrieval; Rejestr Zastawów search; source reconciliation; gap analysis; financial statement review |
| Standard | 470 | All Signal items; Księgi Wieczyste folio retrieval for up to two folios; Rejestr Zastawów search; identification of registered encumbrances by rank and amount; source reconciliation note | More than two KW folios; review of court file documents; financial statement analysis; gap analysis beyond registered sources; agricultural pre-emption check |
| Extended | 960 | All Standard items; up to five KW folios; agricultural pre-emption status check (KOWR); financial statement review for filed accounts; full gap analysis naming categories of encumbrance outside register coverage; written statement of what each source does and does not confirm | Legal advice; qualification of findings; court file documents not published in KRZ or Monitor; private contractual arrangements not registered in any public register; enforcement strategy |
Frequently asked questions
Does a negative KRZ result mean no restructuring has been filed?
No. KRZ shows proceedings after the court processes the filing. A filing submitted but not yet entered does not appear. The report cross-references KRZ with Monitor Sądowy i Gospodarczy to narrow the gap, but neither source eliminates it entirely.
Can the report retrieve Księgi Wieczyste folios without the land register number?
Not through the public portal. The folio number (numer KW) is required for the online search. The report identifies the folio number from KRS filings, notarial deed references, or other documents provided by the client. If no folio number is available, the report states this as a gap.
What does the registered mortgage amount (suma hipoteczna) confirm?
It confirms the maximum amount the charge secures, as registered at the time of entry. It does not confirm the current outstanding balance. Repayments reduce the debt but do not automatically reduce the registered sum. The report records the registered figure and notes this distinction.
Does the report cover pledges on receivables?
The Standard and Extended tiers include a Rejestr Zastawów search. Registered pledges on receivables appear there if they have been registered. Assignments of receivables made by private contract without registration do not appear in any public register and are outside the scope of all tiers.
How is the report delivered?
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.