Hungary introduces new rules for liquidators

By Dénes Szabó

The Hungarian government has recently adopted a decree introducing a new electronic auction system to be applied in the course of the public sale of the assets of companies in liquidation. Pursuant to this regulation, which will be effective as of 15 January 2015, public tenders and auctions initiated by liquidators have to be organised and effected via this new electronic system. Accordingly, all assets (claims, rights, movables, real estate, etc) subject to the tender have to be uploaded to the electronic system. Potential buyers have to submit their offers electronically as well. Potential buyers first have to register against payment in the electronic system and only registered buyers will be entitled to participate in the tenders. Nevertheless, the database consisting of the assets of the debtor companies will also be available for those who have not registered, e.g. for attorneys. Under the system, liquidators will have to publish their method of evaluating the offers received and the winning buyers as well as give reasons if a tender or auction failed. Attorneys representing potential buyers from liquidators under the new system will have to pay attention to the deadlines set in the Bankruptcy Act, which will be supplemented with the additional time constraints set by this new governmental decree…

Click on the link below to read the rest of the Taylor Wessing briefing.

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Taylor Wessing

View more briefings from Taylor Wessing

Analysis from The Lawyer

  • merger deal

    Corporate crunch time: who will triumph at The Lawyer Awards 2014?

    As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014. 

  • singapore orchid

    Singapore: Cash course

    The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world

View more analysis from The Lawyer


5 New Street Square

Turnover (£m): 241.20
No. of lawyers: 860 (UK 200)
Jurisdiction: UK
No. of offices: 6
No. of qualified lawyers: 73 (International 50)
No. of partners: 29