The project is billed as an epic story of Juraj Janosik, a historical Slovak figure whose legend is often compared to that of Robin Hood.
Production was halted in 2003 when financing ran into complications.
Apple Film Production now holds all rights to the film, which Holland will resume filming on location in Poland with her daughter Kasia Adamik sharing directing responsibilities.
Polish public broadcaster TVP and the Polish Film Institute are supporting the production.
Speaking to Screen at Cannes, producer Violetta Kaminska said that more than half the film remains to be shot but that almost all the $10.5m (22.7m Polish zloty) budget is in place.
The script and casting have not been changed and the original Czech, Polish and Slovak actors have been recalled to resume their roles. Main roles are held by Vaclav Jiracek, Michal Zebrowski, Ivan Martinka and Sarah Zoe Canner.
Kaminska said the film should be completed by autumn 2009.