End of the Line?
Polish State Railways (PKP) are facing a tragic situation. PKP Regional Railway Services, which for many Polish people is their only connection with civilisation, will soon cease to exist. The Supervisory Board wants the Management Board to declare bankruptcy within a week. As a consequence, only small railway companies and Intercity will be left. The Supervisory Board wants the Management Board to declare the bankruptcy no later than on 6th November 2009. According to the monthly Rynek Kolejowy (Railway Market), the aim of the bankruptcy is to facilitate reaching an agreement with the obligees and the future re-establishment of the company from scratch. However, there is only one problem, i.e. pursuant to provisions of the Bankruptcy and Recovery Act as of the 8th September 2000, every company that was established on the basis of this Law cannot declare bankruptcy. Due to the fact that PKP Regional Railway Services was set up pursuant to this Act, attorneys of the company have a tough row to hoe because they have to declare insolvency of a company which cannot legally go bankrupt. If PKP Regional Railway Services collapses, this will be a tragedy for numerous passengers because many trains will cease to shuttle to and from small towns cutting them off entirely from the outside world.
Dziennik
