On 31 August 2017, the deadline stipulated by legislation expires that all economic operators (in particular all companies limited by shares, limited liability companies and limited partnerships) shall register on the company gateway. The registration is also necessary in addition to fulfilling the legislative obligations since as from 1 January 2018, the economic operators are typically required to communicate with courts, other authorities and public bodies through this portal.
During the operation of a company, it may arise in practice that the members or shareholders intend to hold the meeting of the supreme body at a different place than the registered seat of the company. This was lawfully allowed prior to the entry into force of the new Civil Code and it is also possible currently under the rules of the new Civil Code as well.
As of this summer, as a result of a complex legislative amendment, it is possible to increase the registered capital of a limited liability company or a private company limited by shares by providing cash contribution in a way that the payable amount does not appear either on the petty cash or the payment account of the company, hence it may be directly provided as the fulfilment of a payment obligation of the company.
The Curia has provided indication in its decision of 2017, what the court can investigate upon approval of the composition agreement. The Bankruptcy Act declares that the composition may not include provisions, which are clearly and remarkably unfavourable or unreasonable regarding all creditors or certain group of creditors.
As from 1 July 2017, Act XLIX of 1991 on Bankruptcy Proceedings and Liquidation Proceedings (“the Bankruptcy Act”) will be amended on several points. One of the essential purposes of the legislative amendment was to specify certain provisions, which cause problems in the application of law, thus the relevant rules for requests for payment and disputing the claim which the creditor intends to enforce against the debtor have also been arranged more logically and specified.
The question of commercial nature is essential for the assessment whether an activity shall be deemed to be as financial service activity, thus shall be subject to authorisation or not. According to the relevant provisions pursuing a specific activity is exclusively deemed to be a financial activity (thus for example acceptance of deposits, granting of loans and credits, mediation of financial services, purchase of claims etc.) if the activity is pursued on a commercial basis.
In the followings, we seek to introduce widespread bad practices in the field of employment law, which may present a risk for undertakings due to their lawful nature. Employment law has plenty of such fields. Its primary reason is that this area of law seems to be very simple at the first sight, thus in many cases no suspicion arises at the time of their choice.
In the event of credit facilities requested for vehicle purchase, it is a standard practice that the investor has the prohibition of alienation and encumbrance registered in the official register in order to secure the loan agreement, or s/he also keeps in his/her possession the vehicle registration certificate as long as the debtor has not fulfilled his/her obligations arising from the loan agreement.
The freedom of cooperation between undertakings affects the basic interests of undertakings. The different forms of cooperation help to harmonise the complex parts of the process of sales. Why is price maintenance still penalised by the Hungarian Competition Authority? The rules of competition law basically wish to hinder the conclusion of agreements restricting competition since such agreements are to the detriment of unrelated parties and confers advantage on the parties.
The Civil Department of the Curia adopted on 6 February 2017 the summary report drawn up by the jurisprudence analysing working group of the Civil Department of the Curia in connection with the jurisprudence analysis on the liability of executive officers vis-á-vis creditors. As it is well-known, the new Civil Code amended the liability of executive officers on many points and it was capable of being known following the entry into force of the law that only jurisprudence will be able to decide on some open questions that remained unanswered by legislation.