The concept of an insolvency officeholder “adopting” employment contracts—well-established in UK administration law—does not have a direct equivalent in Hungarian insolvency practice. Nonetheless, understanding when a court-appointed trustee or restructuring administrator assumes employment obligations is crucial for both practitioners and employees.
Hungarian Context
In Hungary, the key officeholders in insolvency or restructuring proceedings are:
The concept that a court- or insolvency-appointed director (such as a liquidator or administrator) may “adopt” employment contracts — well known under UK insolvency practice — has no direct equivalent under Hungarian law. Nevertheless, it is important in practice to understand when a managing director becomes the actual addressee of employer obligations.
Hungarian Context
The key actors in Hungarian insolvency and restructuring proceedings are:
Insolvency and liquidation proceedings inevitably raise the question of how competing creditor claims are ranked. One area of particular importance is the treatment of employee claims, as legislators typically grant them special protection to safeguard livelihoods. Hungarian insolvency law reflects this policy by granting priority status to certain employee entitlements.
When Do Employee Claims Rank Ahead of Other Creditors?
New Zealand’s unemployment rate rose to 5.2 percent in the June 2025 quarter, according to figures released this week. As the economy takes longer to recover from the recession, costs increase and profit margins tighten, more businesses are facing solvency issues - and it is likely the unemployment figures will be higher in the next quarter. Statistics for 2024 revealed the highest number of formal insolvency appointments for the past 10 years. As of 30 June 2025, that annual figure is on track for another increase.
The Protection of Employees (Employers’ Insolvency) (Amendment) Bill 2025 aims to provide greater protection to employees where their employer becomes insolvent. The Bill will allow greater access to a Social Insurance Fund to protect employee pay-related entitlements and claims for historic entitlements over the previous 40 years. The devil is in the detail, however, with very specific caps and limitations.
1 2 Capital Market 9 Dispute Resolution 14 Fintech 19 Media and Entertainment 24 RERA 27 Sports and Gaming 39 White Collar Crime 03 Competition Law 11 Employment Law 17 International Trade/ WTO 19 MCA 25 Restructuring and Insolvency 34 Technology 40 3 EXTENSION OF TIMELINE FOR FORMULATION OF IMPLEMENTATION STANDARDS PERTAINING TO SEBI CIRCULAR ON “SAFER PARTICIPATION OF RETAIL INVESTORS IN ALGORITHMIC TRADING”1 Securities Exchange Board of India (“SEBI”) issued a circular “Safer participation of retail investors in algorithmic trading” dated February 04, 2025, which aimed at ensuring safer
노동팀 뉴스레터 제11호 (03) 노동칼럼
1. 들어가며
저성장 위기 속에서 기업들은 다양한 방식으로 경영 악화를 타개하기 위해 노력한다. 근본적으로는 새로운 성장 동력 확보가 중요하겠지만, 비용 지출을 줄이기 위한 노력을 병행하는 경우가 많다. 그리고 인건비 절감 차원에서 저성과자를 중심으로 한 구조조정 방안은 언제나 빠지지 않고 논의되는 대책 중 하나다.
2. 저성과자 해고(통상해고)는 여전히 까다롭다
Il nuovo articolo di Angelo Zambelli pubblicato oggi nel supplemento: “Crisi d’Impresa, il correttivo” de Il Sole 24 Ore
Insolvency & Restructuring Bulletin
A recent court decision has provided clarity on the application of the Wage Earner Protection Program Act (“WEPPA”) to former employees of companies undergoing restructuring under the Companies’ Creditors Arrangement Act (“CCAA”). The central issue was whether WEPPA applies to employees who were terminated as a result of a reverse vesting order (“RVO”).
Background
Preparing a business for an exit can be a complex and time-consuming task.