Jalsovszky > Budapest, Hungary > Firm Profile

Jalsovszky
CSÖRSZ U 41
1124 BUDAPEST
Hungary

Hungary > Tax Tier 1

Jalsovszky‘s ‘strong and professional' tax team plays a key role in significant domestic and cross-border corporate and financing transactions, and it has extensive expertise in Hungarian taxation issues. The firm has strengthened its tax offering with the addition of several senior and mid-level associates from Hungarian National Bank, Ministry of Finance and a well-known accountancy firm. Pál Jalsovszky is a highly regarded transactional tax specialist. He is supported by Tamás Fehér, who is a top name for VAT and excise tax, as well as tax disputes. Senior associate Ákos Baráti is another key figure. István Csővári left to establish Csővári Legal in May 2021.

Practice head(s):

Pál Jalsovszky; Tamás Fehér

Other key lawyers:

Ákos Baráti

Testimonials

‘Strong and professional team. Full focus on client.’

‘Akos Barati is the person we are dealing with. He is good, focused, efficient’

‘They are vey enthusiastic, enjoy their work, open to challenges. It is easy to work with them, the team is very supportive and cooperative.’

‘Tamas Feher has comprehensive capabilities and skills. Besides the very deep tax law knowledge he has expertise in court representation, very successful in front of the ECJ as well.’

Key clients

Constellation Hungary S.A.

CREA-TAX Pénzügyi-, Adótanácsadó és Szolgáltató Kft.

UNIX AUTÓ Kft.

Belváros-Lipótváros Sportközpont Kft.

MFB Zrt.

Euler Hermes

Antra ID

Work highlights

  • Advising MFB Bank and drafting its internal code of conduct regarding the Bank’s due diligence process on potential tax avoidance and profit shifting practices of its clients.
  • Representing Euler Hermes in a tax dispute for reimbursement of VAT on a bad debt portfolio.
  • Advising Staff House in a pre-exit restructuring, including an internal buyout.

Hungary > Banking, finance and capital markets Tier 2

Jalsovszky's team demonstrates 'profound understanding of lending dynamics on commercial and credit grounds from both the borrower's and lender's point of view'. It is experienced in corporate finance, acquisition and project finance, with increasing instruction from lenders on development financing in the energy, solar power and real estate sectors. Key partner Gábor Pázsitka is experienced in loan portfolio transactions and restructuring.

Practice head(s):

Gábor Pázsitka

Testimonials

‘High level expertise in drafting finance documents in line with the most recent standards applicable in the international financing space. Fast and efficient operation.’

‘Profound understanding of lending dynamics on commercial and credit grounds from both the borrower’s and lender’s point of view. Constant availability and quick turnaround with regards to every matter.’

Key clients

Erste Bank

K&H Bank

KDB Bank

MFB (Hungarian Development Bank)

MKB Bank

OTP Bank

CTP

Intrum

Work highlights

  • Advising Raiffeisen Bank as lender on financing several projects implemented by Eprolius, a real estate investor company belonging to the Liss Group.
  • Advising MKB Bank as lender on financing the restructuring of the debt and the simultaneous MBO of a large Hungarian company.
  • Advising CIB Bank and Raiffeisen Bank as lenders on financing the acquisition of a Hungarian metal industry company by a Polish company.

Hungary > Commercial, corporate and M&A Tier 3

Jalsovszky‘s corporate department is distinguished for its its combination of ‘experienced senior professionals’ with experts in taxation, private equity and venture capital. The practice is particularly active in the technology and manufacturing sectors, and often acts for foreign investors and international private equity houses on the acquisition of Hungarian entities. Practice head Ágnes Bejó is ‘a standout performer’ and works predominantly on domestic mergers, and also on commercial acquisitions of Hungarian assets by foreign investors. Pál Jalsovszky chairs the firm.

Practice head(s):

Pál Jalsovszky; Ágnes Bejó

Testimonials

‘The Jalsovszky team very reactive to client needs and market changes. They collaborate well to ensure that their client always gets the best piece of advice.’

‘The team is composed of experienced senior professionals, with many years of practice with international law firms. Their practical approach benefits from this wealth of experience without the formality that makes larger firms difficult to work with in smaller and niche transactions.’

‘Agnes Bejo, is a standout performer always going the extra mile and always with a smile on her face. This creates a positive working relationship helping over come problems as they arise.’

‘Pál Jalsovszky – Unique combination of business, tax and legal education. Understands complex business needs and aims to find the best structure accordingly with a problem-solving attitude. ‘

‘Pál Jalsovszky: strong focus on client needs (understand and addresses what is primarily important to client). Very strong relationship network to private business owners and other usual transaction stakeholders. ‘

‘Ágnes Bejo: an experienced transaction professional with precise and timely reactions on any need.’

‘Practical, commercially-minded, thorough and precise.’

Key clients

Széchenyi Capital Funds

Portfolion Capital Funds

Doktor24 Group

Danubius Hotels Group

Luma Automative Group

Makery

Borsodchem

BPC Software

Railtrans

Marillen

Euroventures

Work highlights

  • Assisting LUMA Automation S.A. with the acquisition of a 100% shareholding in IronTech Zrt.
  • Acted for Banzai Cloud Zrt on the exit sale by the sellers (including Portfolion and Euroventures venture capital funds) of the client’s software portfolio and business operation as a going concern to Cisco Systems, Inc.
  • Advising a private individual on sale of his shareholding in KTT to Axel Johnson, a privately owned Swedish industrial group.

Hungary > Real estate and construction Tier 3

Jalsovszky has a strong track record in the acquisition and sale of commercial, high-end residential and industrial properties; its capabilities in this space are enhanced by its ability to advise on related tax issues. Elsewhere, working with the banking department, the team advises on the financing of solar power plant projects, as well as handling real estate issues. Levente Bihari is the lead partner for all property, financing and development transactions. Péter Gyimesi is another key individual.

Practice head(s):

Levente Bihari

Other key lawyers:

Péter Gyimesi

Testimonials

‘Jalsovszky Law Firm provided unique expertise and readiness to help our business to succeed in Hungary. It was a complex matter, which required both in-depth knowledge and a strong business network of professionals (appraisers, developers, bankers) in Hungary. The practice was always there to assist us, was proactive and delivered the best advice our company could have expected.’

‘Levente Bihari provided tailor-made accurate advice, always practical and within deadlines. Being the managing partner of the firm, Pal Jalsovszky was always on the radar and ready to help during the project, which attaches personal touch to any communication with the clients and makes service so unique and valuable.’

Key clients

Voltana Hungary Kft.

VGP Group Hungarian subsidiaries

Atreusz Holding Kft.

Human Centrum

Y.B.L. Lindner

Callis Energetika Zrt.

Duna Pro Kft.

Schrack Kft.

Work highlights

  • Advising Voltana Hungary on the sale of an ongoing residential development project.
  • Advised Atreusz Holdings on a complex contractual structure related to the planned solar plant developments of the client, which will be subject to various restrictions on agricultural land.
  • Advised VGP Park Kecskemét Korlátolt Felelősségű Társaság on the planned placement of solar panels on one of their newly built office buildings for the purposes of covering the electricity demands of the tenant.

About the firm: Jalsovszky is a business-oriented law firm with a logical mindset. We are not experts in all areas of law, but when it comes to what we specialise in, we are among the best.

We are known for our human oriented approach. We believe that building a good personal relationship with our clients is no barrier to maintaining high professional standards. We aim furthermore, that our colleagues should be able to work in a friendly and liveable environment, and find enjoyment and fulfilment in their work.

Since 2005, we have grown from a sole practice firm into one of Hungary’s leading legal consultants. There may be a reason for this.

Practice areas
Tax: Giving advice on tax matters is always an intellectual challenge. Perhaps this is why we like this field so much. We also enjoy that, amidst the dynamically changing tax rules we, too, need to continuously adapt and evolve. And few achievements can be as satisfying as successfully challenging a decision of the tax authority.

Mergers and acquisitions: M&A transactions have everything that makes legal work so fulfilling: creativity, precision, problem-solving, and – if and when the deal is closed – the thrill of success. We know that a ‘front page’ deal is usually the culmination of months of less publicised, but thorough and intensive work on our part.

Commercial law: It is a major source of pride for us that a growing number of clients are using us to take care of their everyday corporate law, labour law and intellectual property-related affairs. In these mandates we perform the routine legal works: preparing contracts, drafting opinions, conducting negotiations –the challenge lies rather in the diversity of the assignments.

Banking and finance: A finance transaction, in our view, should not be a tussle between two opposing parties. After all, the bank and the borrower share a common aim: to establish a financing structure that helps to ensure the successful operation of the financed project, which in turn generates the funds to repay the loan. We keep this concept in our mind when upon drafting the documentation.

Real estate: This is a practice that is easy to like, as the results are physically present, visible and tangible. We tend not to over complicate the matters with a rigid legalistic approach: if we raise a problem, it is certain that we are about to suggest a solution as well. Most real estate transactions also have tax implications: this is the area where we are most in our element.

Litigation: There’s one thing all lawyers agree on: litigation is the top of legal work. While we relish and enjoy the challenge of litigation, as a matter of principle we only take on cases that we also believe in personally. In this way, whenever we win a lawsuit – beside the sense of success – we feel that we have also done something to make the world a better place.

DepartmentNameEmailTelephone
Merges &Acquisitions Pál Jalsovszkypjalsovszky@jalsovszky.com
Banking & Finance Gábor Pázsitkagpazsitka@jalsovszky.com
Tax, Litigation Tamás Fehértfeher@jalsovszky.com
Merges & Acquisitions Ágnes Bejóabejo@jalsovszky.com
Real Estate Péter Gyimesipgyimesi@jalsovszky.com
Real Estate Levente Biharilbihari@jalsovszky.com
Tax, Regulatory Ákos Barátiabarati@jalsovszky.com
Tax Péter Bartapbarta@jalsovszky.com
PhotoNamePositionProfile
Ákos Baráti  photo Ákos Baráti Attorney
Péter Barta  photo Péter Barta Attorney, Tax advisor
Ágnes Bejó  photo Ágnes Bejó
Levente Bihari  photo Levente Bihari Senior Attorney
Tamás Fehér  photo Tamás Fehér Partner, Attorney, Tax Advisor
Péter Gyimesi  photo Péter Gyimesi Senior Attorney
Pál Jalsovszky  photo Pál Jalsovszky Managing Partner, Attorney
Gábor Pázsitka photo Gábor PázsitkaPartner, Attorney
Number of lawyers: : 24
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