The paper presents the development of bankruptcy legislation with special attention to how deep it is embedded in the tradition of Polish bankruptcy law. The author also describes the tendencies in current Polish bankruptcy law, which mainly focus on increasing its effectiveness to the benefit of the creditors who pursue their claims from the bankrupt. The author pays particular attention to such issues as flexibility and efficiency of proceedings, and imposing discipline on the bankrupt. The paper also points out the changes that the legislator believes need to be introduced in order to reinforce the indicated tendencies for adjusting bankruptcy law to the requirements oftrade and commerce, also on a European scale.