Act I of 2012 on the Labour Code (the new Labour Code) has significantly amended the rules of employment on many fields. Such an example is wrongful termination of employment.  As from the entry into force of the new regulation, the employee may not claim punitive damages anymore and the claim for reinstatement can rarely be submitted either. The amended regulation considers wrongful termination of employment as damages.

KRS Attorneys at Law held its third event in connection with the law of capital investments this year. At this time, it was about the legal nature of the term sheet and its content elements. The guest of the event was Tamás Balassa, the investment manager of PortfoLion Venture Capital Fund Management. 

The answer is yes but under strict conditions. The law seeks to balance the conflicts between two legitimate interests. On one side, there is the interest for using the public funds. In this respect, the conditions of the contracts to be entered have already been clarified when the public procurement is conducted. From the beginning, the tenderers shall know the exact parameters of the competition.

The lease agreements for apartments and premises are often terminated by the Lessor giving notice to terminate the lease agreement due to non-payment of the rent. However, it is essential to note that not only the provisions of the Civil Code (both the former and the new), but the provisions of Act LXXVIII of 1993 (Act on Leases) as special regulation shall also be applied.

The team of KRS supported the process of the portfolio transfer of an insurance association.

The syndicate agreement and further agreements relating to the project were signed, which created the basis of the operation of a joint venture established for the purpose of building a shopping ce

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.