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Andrékó Kinstellar’s energy, real estate and infrastructure focused team, led by ‘very impressive’ Csilla Andrékó, is highly rated by clients. Its lawyers were present on some key projects of 2008, advising both lenders and borrowers. The team continued to be involved in the M6 motorway project. It acted with other offices in the Linklaters network for 10 banks financing the third stretch of road in a deal worth some €520m and complicated by a legal challenge to the winning bidder. Other instructions came from energy client Mátrai Erömü and Westdeutsche Immobilienbank.

CMS Cameron McKenna LLP’s heavyweight team advised both developers and financiers on an impressive roster of project financings in 2008. Erika Papp, Árpád Lantos and Iván Sefer represented Hungarian oil and gas company Mol on the construction and financing of a €600m underground natural gas reservoir, the biggest of its kind in the region. Other clients included an international consortium building part of the M6 motorway, in a deal worth up to €550m.

The manifest strengths of Horváth & Partners DLA Piper’s public and private sector facing two-partner team include transport infrastructure and gambling concessions as well as PPP and PFI work. Péter Györfi-Tóth leads five fee-earners currently acting for the National Development Agency on the billion euro project of Budapest’s fourth metro line, while also advising Strabag Hungary on 19 PPP projects to build higher education buidlings. Rita Hoffman is advising the Ministry of Finance on the restructuring of gambling concession agreements.

Lakatos, Köves and Partners has pedigree in the area of motorway financing, with well-regarded Péter Köves continuing to advise on the financing of the M6 motorway, acting for the Ministry of Economic Affairs and Transport on the third phase, a €1.1bn motorway extension, and the consortium led by Mota Engil on the second phase. Gábor Felsen adds weight in the area of real estate project financing, with recent clients including CIB Central European Bank and GLL Real Estate Partners, but the departure of Gergely Horváth’s team to Réczicza White & Case LLP will be a loss to the group.

Oppenheim boosted its finance team during the year with the arrival of three lawyers. It was present on key projects of the year, advising the successful consortium of Bilfinger Berger, Porr, and Egis in a €690m financing of the M6 motorway and D&B financing the acquisition of the Danubio Project from Fadesa to the tune of €43.7m. Ulrike Rein leads the three-partner team.

Réczicza White & Case LLP’s Károly Fóti led advice to the consortium of Bouygues, Strabag and Colas bidding for the third phase of the M6 and also advised the lenders to AKA Koncessziós Autópálya on the M5 restructuring. To an existing strength in infrastructure projects, the firm added new energy and real estate expertise by taking on Gergely Horváth and his three-strong team from Lakatos, Köves and Partners. His team has handled a number of real estate projects for CIB Bank.

A key recent instruction for Siegler Law Office/Weil, Gotshal & Manges’s pan-regional team, led by Konrád Siegler, came from Adriatic Marinas on the first, €300m phase of a superyacht marina in Montenegro. CIB and OTP banks are the firm’s key banking clients. The first instructed it on the €52m financing of a sports centre in Zagreb. GTC, Rockstpring and TriGránit are its regular borrower clients on deals across the CEE.

D&P (Dezsö & Partners) scored a notable success in 2008, becoming the first domestic firm to represent the Ministry for Economy and Transport on a major motorways PPP project. The firm advised on the public procurement tender for the third phase of the M6 motorway. It also advised BT developing a healthcare network. Sándor Szterényi is the firm’s expert on public procurement.

An effective and focused projects and energy team Erös Ügyvédi Iroda Squire, Sanders & Dempsey L.L.P. usually acts for the borrowers in project financing, where it is particularly experienced in the telecoms, infrastructure and energy sectors. However it does also act for a number of banks. Ákos Erös and Judit Nádor advised three sets of potential investors separately considering buying a major Hungarian power station, among them Itochu and AVE Hungária.

Gide Loyrette Nouel – Ferenczy ‘s Balázs Ferenczy handles project finance work, acting with Tamás Weiszbart for Calyon Prague and the Calyon Hungarian branch office to refinance the Campona shopping centre.

Martonyi és Kajtár Baker & McKenzie acts for banks financing real estate projects. OTP Bank and MKB Bank are regular clients and Dusán Lásztity, Csaba Ember and József Vági advised them when they worked together to finance a new five star resort in the Seychelles and buying a Czech shopping mall. Pál Takács led advice to Goldman Sachs International buying a minority stake in Budapest Airport from Hochtief. But the practice is bound to feel the loss of three lawyers including high-profile partner Zoltán Martonyi.

Morley Allen & Overy Iroda acts on infrastructure, PPP and PFI and energy projects and financings. Marcell Németh is recommended.

Nagy és Trócsányi’s Péter Nagy advised CIB Ingatianlizing financing a yacht club and leisure facility. The firm acts for both borrowers and lenders on real-estate led projects.

Bihary, Balassa & Partners Attorneys at Law specialise in real estate-related projects. Agnes Balassa represents clients building hotels, resorts and office buildings.

Partos & Noblet acts for banks on real estate developments as well as PPP work. It represented SCD Group on its mixed-use development project by Lake Ballaton, a transaction that closed this year.

Radnóczy & Mészáros Nörr Stiefenhofer Lutz advises banks and investors financing real estate developments. Recent clients include FHB Inglatan on two projects in Budapest and Spanish investor Habitat Group developing several hundred apartments, an investment totaling HUF2.5bn. Jeno Kimmel is recommended.

Schönherr advised SBI Real Estate Development Group borrowing to build a Budapest office building and Raiffeisen Zentralbank Österreich lending for a similar type of development. Judit Vadász is responsible for financing work while András Tórok handles PPP.

Szecskay Attorneys at Law advises banks financing and refinancing real estate and PPP projects.

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Legal Developments in Hungary for Project finance

  • Regarding the deposition and publication of Annual Reports

    New provisions shall apply for the Annual Reports to be submitted after 1 May 2009. The new provisions are prescribed by Act XCVI of 2008 on the modification of the Company Registration Act on the deposition and publication of the Annual Reports submitted in compliance with the Accounting Act. The relevant provisions of Act XCII of 2003 on the Rules of Taxation were modified simultaneously. The purpose of the modifications is on the one hand that the submitted annual reports shall become public as soon as possible, on the other hand that a more effective control mechanism and sanctioning shall apply for the companies, which fail to submit their annual report.
    - Sándor Szegedi Szent-Ivány Komáromi Eversheds

Legal Developments in Hungary

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

  • EC TRADE MARK LAW IN THE LIFE SCIENCES INDUSTRY AS EXEMPLIFIED BY THE CASE BAYERN INNOVATIV V OHIM

    This article tries to shed light on an important area of trade mark law in connection with a decision recently handed down by the European Court of First Instance (the "CFI"), more specifically with respect to the complex question of similarity between marks and confusion of the public. This question is naturally an issue of fact and evidence and is - to a large extent - imbued with subjectivity. Therefore, new cases brought before the courts always have to be assessed afresh, taking all the surrounding circumstances into consideration, and the outcome can at times be surprising, even for experienced trade mark lawyers.
    - Szecskay Attorneys at Law

  • HUNGARIAN DATA PROTECTION LAWS

    TRANSFER BY THE EMPLOYER OF EMPLOYEES' PERSONAL DATA TO THE US FROM THE PERSPECTIVE OF HUNGARIAN DATA PROTECTION LAWS: In this article, we briefly address the issue of what requirements prescribed by Hungarian laws on data protection must be complied with by an employer that wishes to transfer the personal data of its employees to the United States.
    - Szecskay Attorneys at Law

  • THE "UNDERGROUND PARKING LOT CASE IN SOPRON"

    The Supreme Court's decision in this Sopron underground parking lot case has been one of the hottest topics in the legal playing field in the past few months. We briefly discuss the decision below, and describe a possible way to solve the problems it has raised.
    - Szecskay Attorneys at Law

  • Changes regarding the Standard Sectoral Classification of Economic Activities

    The Act XCVI of 2008 (hereinafter the: “Act”) on the amendment of Act V of 2006 on the Public Company Information, Company Registration and Winding-up Proceedings and on the modification of other statutes in respect to the publication of the annual report and the Sectoral Classification of Economic Activities entered into force on December 27, 2008.
    - Sándor Szegedi Szent-Ivány Komáromi Eversheds

  • On the amendment of the acts affecting the labour relations

    The main purpose of the amendment of several pieces of legislation affecting the arranged labour relations is to make the regulation simpler, and to make it more transparent and easier to apply. Most of the newly introduced provisions entered into force on 1 June 2009.
    - Sándor Szegedi Szent-Ivány Komáromi Eversheds

  • Regarding the deposition and publication of Annual Reports

    New provisions shall apply for the Annual Reports to be submitted after 1 May 2009. The new provisions are prescribed by Act XCVI of 2008 on the modification of the Company Registration Act on the deposition and publication of the Annual Reports submitted in compliance with the Accounting Act. The relevant provisions of Act XCII of 2003 on the Rules of Taxation were modified simultaneously. The purpose of the modifications is on the one hand that the submitted annual reports shall become public as soon as possible, on the other hand that a more effective control mechanism and sanctioning shall apply for the companies, which fail to submit their annual report.
    - Sándor Szegedi Szent-Ivány Komáromi Eversheds

  • Regarding the recent amendment of the Competition Act

    On March 23, 2009, the Hungarian Parliament passed the bill amending Act No. 57 of 1996 on the Prohibition of Unfair Trading Practices and Unfair Competition (hereinafter: “Competition Act”). The amendment entered into force on June 1, 2009, and affects the following areas:
    - Sándor Szegedi Szent-Ivány Komáromi Eversheds

  • Environment Law 2009: Hungary

    A practical insight to cross-border Environment Law
    - Oppenheim

  • Product Liability 2009: Hungary

    A practical insight to cross-border Product Liability work
    - Oppenheim

  • RECENT CHANGES TO EMPLOYMENT LEGISLATION

    RECENT CHANGES TO EMPLOYMENT LEGISLATIONIN HUNGARYby Prague / Bratislava / Budapest www.prkpartners.com Legislative changes concerning the Hungarian Labour Code and the rules pertaining to the protection of workers’ safety and health Effective as of January 1, 2009 significant legislative measures were adopted by the Hungarian Parliament concerning several labour-related issues. Specifically, the new Act, bearing the number LXI. of 2008, amended various provisions of Act XXII. of 1992 on the Hungarian Labour Code and the rules pertaining to the protection of workers’ safety and health governed by Act No. XCIII of 1993. The amendments serve two main purposes. By refining the implementation of the relevant EC Directives the amendments seek to introduce more flexible and market friendly provisions regarding annual leave, work on national holidays and also enhances the provisions relating to workers’ safety.
    - Bellák & Partners Law Office

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