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    Hungarian Supreme Court rules on set-off claims in insolvency proceedings
    2024-04-08

    The Hungarian Supreme Court has ruled that in a lawsuit initiated by an insolvent debtor, a creditor’s claim arising after the commencement date of the liquidation cannot be enforced as a set-off claim against the debtor.

    Background

    Filed under:
    Hungary, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency, Supreme Court (Hungary)
    Authors:
    Torsten Braner
    Location:
    Hungary
    Firm:
    Taylor Wessing
    Harmonisation of insolvency avoidance rights from the Hungarian perspective
    2024-03-01

    Hungarian insolvency law already knows the concept of avoidance actions. Allowing creditors and liquidators to challenge certain transactions aims to protect the value of the insolvency estate. Although the principles of Hungarian insolvency law are the same as those outlined in the European Commission's proposal for a Directive (i.e. Proposed Directive), there are some aspects which would need to be carefully thought through before they are harmonised.

    Filed under:
    Hungary, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Insolvency, European Commission, European Parliament
    Authors:
    Erika Papp , Szabina Soptei
    Location:
    Hungary
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    How to collect debt efficiently in Hungary?
    2024-06-21

    In Hungary, many creditors choose liquidation procedure instead of classic court procedures (i.e. order for payment and civil litigation) in order to recover their claims. A recent decision has once again demonstrated that liquidation proceedings can in many cases be a simpler solution for creditors to recover their claims. In this article following an introduction to the relevant rules of the liquidation procedure we will examine this decision.

    1. Liquidation procedure in nutshell

    Filed under:
    Hungary, Insolvency & Restructuring, Litigation, SMARTLEGAL Schmidt & Partners, Liquidation
    Authors:
    Dr. Ágnes Bartus
    Location:
    Hungary
    Firm:
    SMARTLEGAL Schmidt & Partners
    Pre-pack sales procedures in Hungary
    2023-08-07

    The success of the recently introduced pre-pack-like rules in Hungary will help determined how the EU Directive on pre-pack sales will be implemented in this country.

    Existing pre-pack-like rules

    Filed under:
    Hungary, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Insolvency
    Authors:
    Sándor Kovács , Szabina Soptei
    Location:
    Hungary
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    A guide to pre-insolvency and insolvency proceedings across Europe
    2023-07-06

    The events in the last few years have had significant and lasting impacts on business in general and restructuring in particular, with the latter referring to the various options available for firms experiencing difficulties. European economies, hit by both the upheavals caused by the health crisis and geopolitical tensions, have also been a

    Filed under:
    Austria, Belgium, Bulgaria, Cyprus, Czech Republic, European Union, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Lithuania, Malta, Netherlands, Poland, Portugal, Romania, Spain, Sweden, Switzerland, Ukraine, United Kingdom, Insolvency & Restructuring, Deloitte Legal
    Location:
    Austria, Belgium, Bulgaria, Cyprus, Czech Republic, European Union, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Lithuania, Malta, Netherlands, Poland, Portugal, Romania, Spain, Sweden, Switzerland, Ukraine, United Kingdom
    Firm:
    Deloitte Legal
    Hungarian restructuring plans: a more flexible solution for struggling companies?
    2023-04-05

    Restructuring proceedings in Hungary provide a more flexible solution than bankruptcy and liquidation proceedings and potentially an effective alternative for companies in financial difficulties.

    Key benefits

    Commencement pre-insolvency

    Filed under:
    Hungary, Insolvency & Restructuring, Taylor Wessing, Insolvency
    Authors:
    Torsten Braner
    Location:
    Hungary
    Firm:
    Taylor Wessing
    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
    Recent legal developments in the liquidation of Sberbank Hungary
    2022-05-06

    The Hungarian government issued a decree that amends certain provisions of the bank's liquidation proceedings. The decree entered into force on 15 April 2022 and affects the solvent liquidation of Sberbank Hungary, a subsidiary of Sberbank Europe AG, the Hungarian member of the Russian Sberbank group.

    Filed under:
    Hungary, Banking, Insolvency & Restructuring, Litigation, Schoenherr, Coronavirus
    Authors:
    Gergely Szalóki
    Location:
    Hungary
    Firm:
    Schoenherr
    Új kúriai határozat: Nem jár kártérítés, ha az adóssal kötött szerződést a felszámoló mondja fel
    2022-04-19

    A Bírósági Határozatok Gyűjteményében közzétett Gfv.VII.30.365/2020/5. számú határozatában a Kúria arra a következtetésre jutott, hogy az adós és a hitelező közötti szerződés felszámoló általi, Cstv. 47. § (1) bekezdés szerinti felmondása nem jogellenes, ebből következően az adóssal szemben a szerződés alapján a felmondás tényére tekintettel kártérítési igény nem érvényesíthető. A kártérítési felelősség megállapítására ugyanis jogellenes magatartás hiányában nem kerülhet sor.

    Filed under:
    Hungary, Company & Commercial, Insolvency & Restructuring, DLA Piper, Bankruptcy
    Authors:
    Zoltan Fabok
    Location:
    Hungary
    Firm:
    DLA Piper
    Hungary introduces restructuring procedure to save companies from liquidation
    2022-04-07

    Objective

    The new preventive restructuring procedure aims to deal with companies in financial difficulty before serious problems arise. The measures focus on preventing the insolvency of businesses to preserve their viability.

    Main characteristics

    Filed under:
    Hungary, Insolvency & Restructuring, Taylor Wessing
    Authors:
    Torsten Braner
    Location:
    Hungary
    Firm:
    Taylor Wessing

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