ARTICLE · 28 SEPTEMBER 2009

Changes In Hungarian Liquidation Rules

Szecskay Attorneys at Law

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In this article, we provide a brief overview of the some of the most important new rules applicable to Hungarian liquidation proceedings after 1 September 2009.

HungaryInsolvency/Bankruptcy/Re-Structuring

Zoltan Kovacs

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In this article, we provide a brief overview of the some of the most important new rules applicable to Hungarian liquidation proceedings after 1 September 2009.

Under Hungarian law, the liquidation of a company aims at the dissolution of an insolvent company with no legal successor. Act no XLIX of 1991 on Bankruptcy and Liquidation Proceedings (the "Bankruptcy Act") explicitly provides for the circumstances that may serve as grounds for liquidation.

Pursuant to the Bankruptcy Act, liquidation may take place if the competent court establishes that a company against which a request for liquidation has been submitted is insolvent. The court declares a company insolvent if any of the following conditions apply:

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Changes In Hungarian Liquidation Rules

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