Legal position of the bondholder in bankruptcy and restructuring proceedings

Research problem:

Determining the specific impact that is exerted by the fact that in the restructuring and bankruptcy proceedings, claims from bonds on the course of these proceedings and the manner of using legal institutions specific to these proceedings in these proceedings.

Justification for undertaking the research:

The research project is located at the interface between the capital market law and civil law norms in the context of the security paper, which is the bond, and the state of insolvency in the context of legal relations regulated under the restructuring and bankruptcy law.

The notion of the legal position of a bondholder in restructuring and bankruptcy proceedings should be understood as a way of shaping the legal situation of a bond holder acting as a participant in the aforementioned proceedings, in particular in the context of special shaping of his rights and obligations in the proceedings in relation to the bankrupt issuer itself, and entities that remain parties to an accessory relationship with respect to the bond relationship.

The research will be important in the context of theory, but also in the practical application of law.

The main scientific objective:

The scientific objective of the project is to perform a detailed analysis and describe the process and specifics of restructuring and bankruptcy proceedings under which there are claims from bonds, both in the proceedings carried out in relation to issuers of bonds as debtors, and entities that are parties to legal relations that are accessory to the bond relationship.

Applied research method / methodology:

Bearing in mind the project's objective, the research will be carried out by analyzing Polish legal acts, case law, opinions of supervisory and settlement institutions and participants of the Polish capital market, as well as the legacy of legal doctrine, in particular by means of formal dogmatic method. This method will be completed:

1) using the legal comparative method in the analysis of selected European legal orders,

2) axiological method in the scope of assessing values ​​protected by legal regulations,

3) the sociological method in the scope of assessing the impact of the analyzed legal regulations on the actual situation of entities applying them.


PhD student Piotr Antonowicz, mail:

under direction PhD Anna Hrycaj, Prof. of the Łazarski University

The effects of the research tasks:

  • published article:

"Obligatory dematerialization of bonds, covered bonds and investment certificates – the amendment to the regulations that enters into force on 1st July 2019"

  • conferences:

1) "Material collateral in restructuring and bankruptcy" - 4 June 2019, Poznań;

2) "Prosecution of the debtor's legal action against the detriment of the creditors" - 30 November 2018, Warsaw;

3) "Ineffectiveness of legal actions in bankruptcy and restructuring law" - 18 May 2018, Poznań.

Piotr Antonowicz

Lawyer, graduate of the Law Faculty of the Cardinal Stefan Wyszyński University in Warsaw. Earlier, an employee of the Polish Financial Supervision Authority. Currently, he is the President of the Management Board of BPS Towarzystwo Funduszy Inwestycyjnych S.A., where he previously held the position of Vice President, Proxy and Director of the Legal Department. A specialist in the broadly understood market and the environment of investment funds. As part of his professional activity, he took part in numerous vindication and debt restructuring processes, in particular issuers of securities, and supervised these processes. He held functions in management boards and supervisory boards of many entities, including those providing services on the financial, medical and glasswork markets, as well as providing services in the field of security administration of securities issues. He participated in the structuring and issuing debt securities. Piotr Antonowicz's scientific interests include, in particular, debt restructuring and bankruptcy law as well as capital market law and securities law.