We are pleased to announce that our Corporate Team has secured a family foundation registration for yet another client.
However, this time there were certain surprises in store for us. It turned out that, when we were waiting for our registration application to be dealt with, the court in Piotrków Trybunalski registered a different family foundation under the same name.
Proceeding in smooth cooperation with the founder and the notary, we were able to quickly apply for registration of the amended foundation deed and charter. After a few day the foundation was registered under a new name.
Unfortunately, situations such as this are bound to happen. There are already more than 500 family foundations on the register and the registration time has increased to about five months. This a long enough time for many other foundations that filed before us getting registered. It is also important to remember that the family foundations register is not electronic so you cannot easily check whether a given name is already taken. We thus encourage founders to currently avoid very simple names, especially with fancy but generic meanings (likely to have already been selected by other founders). Sometimes adding initials to your foundation name is enough to minimise the risk of duplication.
If you are thinking of setting up a family foundation or have questions, do not hesitate to contact us.