The proposed company law legislative reforms concerning deregulation of the capital maintenance regime give rise to a question about the need for implementation of the alternative creditors protection instruments. However, in the current inter-reformation period it is worth to solve a fundamental issue, which is whether in the present normative and economic Polish environment the interference of commercial companies law in the area of creditor protection through normative tools remains legitimate, or perhaps creditors are able to take care of their interests based on contractual tools. The purpose of the article is to classify, characterize and assess the potential of individual groups of creditors to independently protect their bargain through the most common and most effective contractual instrument of creditors' protection - bond covenants. In order to achieve that, the article transplants the Anglo-Saxon doctrinal discussion into the Polish market realities.