MODIFIED BANKRUPCTY ACT: SECURED CREDITORS ARE MOST AFFECTED

Under a long-awaited modification of Hungary’s Act XLIX of 1991 on Bankruptcy and Compulsory Liquidation Procedures (Bankruptcy Act), a larger number of creditors receive priority satisfaction in compulsory liquidation procedures starting from 1 July 2017. The main objective of the modification was to ensure that recipients of assignments and purchase options granted as loan security would have the same rights as other secured creditors, such as chargees, pledgees and mortgagees, and primarily the right to priority satisfaction in compulsory liquidation procedures.

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Jókay & Partners win precedent-setting case before the Supreme Court

Our law firm has won a major lawsuit filed by a multinational manufacturing company against a former Managing Director. The judgment adopted by the Hungarian Supreme Court last summer includes rulings on many issues that will serve as precedents in connection with the liability of executive officers for damages. Read more

Our colleague receives teaching award

Jókay & Partners are proud to announce that our colleague, Dr. Beatrix Vissy has won the Best Teacher Award under the age of 40 at Eötvös Loránd University. The Students’ Union of ELTE University encourages students to choose their favourite teacher every year. As students’ opinion always reflects reality, it is a huge recognition that Beatrix has won in this category.

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It qualifies as prohibited state aid if a Member State takes measures (capitalization, loan) to reorganize a public company which would not have been taken by a reasonable and prudent private investor

SeaFrance was a French public limited company that was indirectly and wholly owned by the SNCF, a French public entity. It operated maritime passenger and freight transport services between Calais and Dover. From 2008, SeaFrance’s financial situation deteriorated due to unfavorable market conditions and internal difficulties. Read more

New rules regarding automatic recognition and enforcement of judgments adopted in the European Union came into force

Starting from 10 January 2015, civil law and commercial judgments adopted in a member state are automatically recognised and enforceable in all members states. Basically, these judgments include all judgments adopted in legal disputes with regard to civil law contracts or non-contractual damage claims. Read more

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