Factors will find it easier to verify the solvency of the recipient/factor, or at least at a basic level. First, the Ministry of Justice made a gift to entrepreneurs as part of the KRS reform by providing a "Financial Document Viewer" tab on https://ekrs.ms.gov.pl/. This site allows you to access the financial statements of companies published in the KRS. Factoring companies have gained a simple, free and issue tool for enforcing factoring companies - and even recipients - to access financial statements and know if they are filed on a current basis. A small thing but a happy thing, especially since it gives access for free and at any time (aside from the annoyance of the 'captcha' mechanism).
This is not the end of positive surprises for factoring companies. The government adopted on May 29, 2018. A draft law on the National Register of Debtors (NCR). Legislative work on the project is still in progress. The NCR will disclose information on entities that are insolvent, at risk of insolvency or entities against which ineffective enforcement has been discontinued. This means that the NCR will be able to include the data of the following entities, among others:
- against whom restructuring or bankruptcy proceedings are/were being conducted or a ban on business has been declared;
- who are partners in commercial partnerships who are liable for the company's obligations with all their assets (without limitation) if the company is declared bankrupt or the petition is dismissed for lack of assets;
- Against whom enforcement proceedings have been discontinued due to ineffectiveness of enforcement
- defaulting on alimony obligations, if enforcement is ineffective and the person is in arrears for more than 3 months.
Data will be deleted from the NCR after either 7 or 10 years, depending on the type of data. The data contained in the Register will be public and open to the public, this means that any person via the Internet will be able to access the information contained therein.
The explanatory note to the bill states that one of its goals is to increase the security of economic transactions. The law has not yet been enacted. Its scheduled effective date is 1.02.2019 r.
To sum up - it is likely that it will not be until 1/12/2020 that factoring companies will have free means of verification not only of factors and recipients (especially those who are companies) but even guarantors or members of bodies and partners of companies. And all this for free, online and without the need for a power of attorney. This will make it possible to verify payment capacity to an absolutely basic extent, however in a fast, efficient and free way. The changes will undoubtedly have a positive impact on the ability to respond dynamically to the situation of debtors and, above all, to enforce contractual provisions.
In addition, the volume began to be published on the Ministry of Finance website data from the returns of corporate income taxpayers whose value of income earned in the tax year exceeded the equivalent of EUR 50 million, as well as taxpayers of this tax who are tax capital groups (PGKs).
I am sure that the industry will evaluate the above-mentioned changes positively.
