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New emergency rules: debtors can keep trading during insolvency
2023-02-07

Emergency legislation has introduced important changes to Hungarian insolvency laws that allow the debtor’s business to keep trading during insolvency.

The new rules apply to those debtors who are considered strategically important to the Hungarian economy and to those whose insolvency is declared under other emergency rules.

Filed under:
Hungary, Banking, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Insolvency
Authors:
Erika Papp , Szabina Soptei
Location:
Hungary
Firm:
CMS Cameron McKenna Nabarro Olswang LLP
View Original Article
COVID-19: International Restructuring & Insolvency update
2020-03-25

As the Novel coronavirus (COVID-19) pandemic continues to spread across the globe, people and businesses are facing unprecedented challenges, both immediate and strategic. Governments in various jurisdictions have announced various measures to try to alleviate the distress caused by the numerous issues that have arisen and continue to arise, particularly around cashflow and employees.

Filed under:
Australia, Belgium, China, Czech Republic, Denmark, France, Germany, Hungary, India, Italy, Netherlands, Poland, Singapore, Slovakia, Spain, Sweden, United Arab Emirates, United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, Tax, Bird & Bird LLP, Coronavirus, UK House of Commons
Authors:
Lucas Pitts
Location:
Australia, Belgium, China, Czech Republic, Denmark, Finland, France, Germany, Hungary, India, Italy, Netherlands, Poland, Singapore, Slovakia, Spain, Sweden, United Arab Emirates, United Kingdom
Firm:
Bird & Bird LLP
View Original Article
CMS Expert Guide to restructuring and insolvency law
2020-09-01

Restructurings, especially those involving multiple jurisdictions, are invariably complex matters. This CMS Expert Guide provides an overview of the various restructuring possibilities available in a large number of countries, allowing you to compare how the options are deployed in these jurisdictions.

We intend to update it periodically to reflect important changes as they happen.

If you need more information or have any questions, please do not hesitate to contact us.

Filed under:
Austria, Belgium, Bosnia and Herzegovina, Brazil, Bulgaria, China, Colombia, Croatia, Czech Republic, European Union, France, Germany, Global, Hungary, Italy, Luxembourg, Netherlands, Peru, Poland, Portugal, Romania, Serbia, Singapore, Slovakia, Slovenia, Spain, Switzerland, Ukraine, United Arab Emirates, United Kingdom, USA, Banking, Company & Commercial, Employment & Labor, Insolvency & Restructuring, Litigation, Public, Brexit, Due diligence, Coronavirus, Court of Justice of the European Union
Location:
Angola, Austria, Belgium, Bosnia and Herzegovina, Brazil, Bulgaria, China, Colombia, Croatia, Czech Republic, European Union, France, Germany, Global, Hungary, Italy, Kenya, Luxembourg, Netherlands, Peru, Poland, Portugal, Romania, Serbia, Singapore, Slovakia, Slovenia, Spain, Switzerland, Ukraine, United Arab Emirates, United Kingdom, USA
View Original Article
UPDATED: Emergency legislation and measures around the world (COVID-19)
2020-07-20

UPDATED 3 AUGUST 2020

Updates marked with *

Updated: Ireland, Israel

We take a look at some of the recent emergency legislation and measures implemented by various nations around the world in response to COVID-19. As this is a rapidly developing crisis, please ensure you keep a close eye on the Lexology Coronavirus hub page for the most up-to-date information.

Filed under:
Argentina, Australia, Brazil, Canada, Chile, China, Colombia, European Union, France, Germany, Global, Guernsey, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Netherlands, New Zealand, Portugal, Russia, Singapore, Slovakia, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Arab Emirates, United Kingdom, USA, Company & Commercial, Employment & Labor, Healthcare & Life Sciences, Insolvency & Restructuring, Insurance, Leisure & Tourism, Public, Tax, Coronavirus, Coronavirus compliance, European Commission, HM Revenue and Customs (UK)
Location:
Argentina, Australia, Brazil, Canada, Chile, China, Colombia, European Union, France, Germany, Global, Guernsey, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Netherlands, New Zealand, Portugal, Russia, Singapore, Slovakia, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Arab Emirates, United Kingdom, USA
View Original Article
A szerkezetátalakítási eljárás jelenthet kiutat a nehéz helyzetbe került, de még életképes cégeknek
2022-10-13

Már Magyarországon is elindítható a szerkezetátalakítási eljárás, amelynek célja az életképes vállalkozások nehézségeinek kezelése és a fizetésképtelenség megelőzése. A DLA Piper Hungary szakmai eseményén jogi és gazdasági oldalról egyaránt megvilágították a szakértők az új eljárás részleteit és előnyeit, valamint arra is kitértek, hogy a megváltozott külső körülmények milyen iparági szereplőket állítottak igazán komoly kihívások elé.

Filed under:
Hungary, Company & Commercial, Insolvency & Restructuring, DLA Piper
Authors:
Péter Györfi-Tóth , Gábor Borbély , Zoltan Fabok
Location:
Hungary
Firm:
DLA Piper
View Original Article
Bankruptcy Law revised
2010-04-09

The main aim of the revision of the Hungarian Bankruptcy Law, effective September 2009, was to make the bankruptcy proceeding more attractive for creditors as well as debtors, to make clearing debt in the course of a bankrutpcy proceeding more effective and, with the increasing number of bankruptcy agreements, to decrease the number of liquidators.  

Filed under:
Hungary, Insolvency & Restructuring, Squire Patton Boggs, Bankruptcy, Debtor, Debt, Liquidator (law)
Location:
Hungary
Firm:
Squire Patton Boggs
View Original Article
Hungary passes new law on preventative restructuring frameworks
2021-06-16

Hungary has passed an Act that implements EU Directive 2019/1023 on preventive restructuring frameworks, the discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt (amending EU Directive 2017/1132). This new Act was published in Hungary's Official Gazette on 3 June 2021 and will come into force on 1 July 2022.

Filed under:
Hungary, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP
Location:
Hungary
Firm:
CMS Cameron McKenna Nabarro Olswang LLP
View Original Article
Hungary introduces new reorganisation for companies in distress due to pandemic
2021-05-05

The Hungarian government has recently introduced a new restructuring tool with the aim of supporting companies suffering from financial difficulties due to COVID-19.

Financially distressed companies will receive an automatic stay while the company puts together a reorganisation plan, which will be supervised by a court and evaluated by a court-appointed expert.

Filed under:
Hungary, Company & Commercial, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Due diligence, Coronavirus
Authors:
Erika Papp , Szabina Soptei
Location:
Hungary
Firm:
CMS Cameron McKenna Nabarro Olswang LLP
View Original Article
Hungary's national bank releases circular on outstanding loans under legislative moratoria
2021-01-25

The Hungarian National Bank (MNB) has issued its updated management circular for the treatment of outstanding loans affected by legislative moratoria.

In line with the European Banking Authority (EBA) position, the MNB states that it not necessary to automatically qualify a customer loan as being defaulted or restructured (and thus the creation of higher provisions is not necessary) if the loan fell under the Hungarian legislative moratoria for up to nine months prior to the expiry date of the second moratorium on 30 June 2021.

Filed under:
Hungary, Banking, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP
Authors:
Erika Papp
Location:
Hungary
Firm:
CMS Cameron McKenna Nabarro Olswang LLP
View Original Article
Changes made to Hungary's insolvency code
2020-07-13

On 1 August 2020, amendments to Act XLIX of 1991 (the Insolvency Code) are scheduled to come into force, which have been designed to promote the cooperation between debtors and creditors in bankruptcies and allow for the use of electronic communications in insolvency procedures.

The key changes contained in the amendments include the following:

Pre-emption right for the Hungarian state

Filed under:
Hungary, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP
Authors:
Erika Papp , Szabina Soptei
Location:
Hungary
Firm:
CMS Cameron McKenna Nabarro Olswang LLP
View Original Article

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