Report Of Claim During Liquidation Proceeding

In this article, we address the issue of whether a claim reported by a creditor during winding-up of a Hungarian company needs to be reported to the liquidator after the winding-up has turned into liquidation, or whether such a claim automatically qualifies as duly reported during liquidation and must, therefore, be registered by the liquidator.

Winding-Up And Liquidation

Under Hungarian law, a winding-up procedure (or voluntary dissolution) aims at the dissolution of a solvent company with no legal successor. Throughout the winding-up, all creditors' claims must be satisfied and the remaining assets of the company must then be distributed to the owners of the dissolved company. As opposed to winding-up, liquidation of a company aims at the dissolution of an insolvent company with no legal successor. During liquidation, all creditors' claims are to be satisfied to the extent possible and in the