Blog
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Arbitration in Hungary
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Litigation & Enfrocement in Hungary
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Doing Business in Hungary
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A go-to-guide for hiring employees in Hungary
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Firing employees in Hungary
2018
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ECJ RULED - WHEN CAN YOU SUE THE BENEFICIARY OF AN ASSET CONCEALMENT IN YOUR HOME COUNTRY?
/ Debt CollectionHas your debtor just gone bankrupt? Has he alienated his assets to a foreign company before that? When can you sue the latter in your home country for concealment of assets to avoid an expensive foreign litigation? In its judgment in the Feniks case the Court of Justice of the European Union, answers the above question, which we summarise in our article.
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WARNING! GROWING COSTS OF CROSS-BORDER LITIGATIONS IN HUNGARY
/ Debt CollectionFor a long period, it was very comfortable in cross-border litigations that in most cases translation was necessary the Hungarian state advanced such costs, or even provided translation entirely for free. However, this possibility came to an end with the new civil procedure act. If you plan to start a cross-border litigation, or need translation in a Hungarian litigation for any reason, better to prepare for extra costs from now on.
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DEBTOR PARADISE – THE SUMMER AMENDMENT OF HUNGARIAN BANKRUPTCY ACT
/ Debt CollectionThe Devil is always in the details. The truth of the old adage is proven by the new bill adopted by the Hungarian Parliament during the hot summer sessions of July 2018. The new law amending the Bankruptcy Act modifies only one section of the liquidation procedure, but it will further erode the already low paying moral in Hungary, giving more months of grace to non-paying debtors.
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6 MUST-KNOWS ABOUT LIQUIDATION PROCEDURES IN HUNGARY
/ Debt CollectionWhen, why and how can you start liquidation procedure against your non-paying customer in Hungary? How long can you register your claim? What are the chances that you get your money in liquidation? We summarized the 6 must-knows of liquidation procedures in Hungary in this article.
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3 KEY CHANGES IN HUNGARIAN DEBT COLLECTIONS FROM 2018
/ Debt CollectionFrom 2018 the small claim collection rules are changing in Hungary, and foreign creditors must comply with residency conditions so that they can start payment warrant procedure. At the same time, businesses do not have to waste time before starting litigation. Read our summary to know more on this topic!
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NO MORE PAYMENT WARRANT PROCEDURE FOR FOREIGNERS IN HUNGARY?
/ Debt CollectionFrom 2018, the threshold of the mandatory small claims regime is increased to HUF 3 Million in Hungary. In addition, foreign creditors must meet further residency conditions to start this cost-effective on-line debt collection method. But what to do if you do not meet these conditions? Read our latest article for the answer!
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2017
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DON’T BE A VICTIM! – CHECK YOUR BUSINESS PARTNER
/ Debt CollectionGlobal businesses belongs to our everyday life. We enjoy the advantages of our modern world, however, we must never forget its dangers. In this article we draw your attention to those basic points we suggest to check before doing business with a Hungarian company, to avoid losing money. Some of them may seem evident, however, our advices are based on real cases.
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MISTAKEN PAYMENT – LOST MONEY?
/ Debt CollectionInternet banking is part of our daily life, and sometimes it happens that you send money to the wrong person because of various reasons, such as mistyped bank account number or other error. If the wrong payment is done, it is good to know, how to find the “lucky guy” who possesses your money, and how to claim it back from him. In this article we shed light on this issue by showing that mistaken payment is not lost money.
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FREEZING INJUNCTIONS IN HUNGARY 3 – HOW TO GET IT GRANTED?
/ Debt CollectionWhat is enough basis for a Hungarian judge to issue a freezing injunction? Is the preliminary hearing of the parties obligatory before issuing the court order? What are the costs and time frame of the procedure?
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FREEZING INJUNCTIONS IN HUNGARY 2 – WHICH ONE TO CHOOSE?
/ Debt CollectionWhat kind of freezing injunctions can be sought in Hungarian business litigations, and what are their effects to the defendant?
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FREEZING INJUNCTIONS IN HUNGARY 1 - WHEN SHOULD YOU REQUEST?
/ Debt CollectionNothing is worse than a won court battle, if during litigation the defendant had time to dissipate its assets. To prevent this in a Hungarian business litigation, you can seek a freezing injunction, and your defendant cannot frustrate the judgment when it comes to enforcement. If you want to know the details read further this article, which is the first part of a three-part article series in this matter.
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COMPANY SHUTDOWN WITH DEBTS IN HUNGARY
/ Debt CollectionImagine the situation that you have a non-prospering company without perspectives. The mass of non-paid invoices is just bigger and your company cannot pay taxes. In this case the best option just to shut down the company and say goodbye to Hungary thinking that you are not liable for your company’s debts. However, the situation is not so simple, and leaving just the company behind may be risky. In this short summary we summarise the legal aspects of company shutdown which is worth to read before the “close-shop”.
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COMMON MISTAKES OF CREDITORS IN LIQUIDATION PROCEDURES IN HUNGARY
/ Debt CollectionAlthough, liquidation is one of the most powerful debt collection tools in Hungary for recovering solid claims, creditors often make mistakes that give rise to unfavourable court decision, declining liquidation request and directing the claim towards ordinary courts. Given that this means loss of valuable time, we gathered those common mistakes that you should avoid by any means.
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2016
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5 TIPS TO PREVENT BAD DEBTS IN HUNGARY
/ Debt CollectionThere is no worse feeling after a won court case than realizing that your debtor is not going to pay, because it has no assets at all or, even worse, it has been already deleted from the company register. In this short article we provide you with 5 tips to avoid writing-off uncollectible debts in Hungary.
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LIQUIDATION AS THE MAINSTREAM DEBT RECOVERY METHOD IN HUNGARY
/ Debt CollectionIn most jurisdictions starting liquidation or bankruptcy against a non-paying debtor might be the very last step after having exhausted all other less threatening debt recovery methods. Although the result of the liquidation is the total financial destruction of debtor, this is a very popular debt recovery tool in Hungary for those creditors who have solid claim and would like get their money fast. We summarise details in this article.
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CONCEALMENT OF ASSESTS – FRAUD OR NOT?
/ Debt CollectionThe worst nightmare of every creditor after a successful litigation is to find out that the debt cannot be recovered, because the debtor has no assets. However it might be that the case is not lost: in case that the court establishes that the contract is fraudulent, it has no legal effect in respect of the creditor. In our short summary, we address the question, when the contract shall be regarded us fraudulent under Hungarian case-law.
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5 MUST-KNOWS BEFORE STARTING DEBT COLLECTION IN HUNGARY
/ Debt CollectionIn this short summary we tell the 5 must–know tips that a creditor should bear in mind before starting collecting debt in Hungary. There are different legal ways available, and by answering these questions you will be able to find the legal way that best matches your interests.
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Arbitration in Hungary
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Litigation & Enfrocement in Hungary
-
Doing Business in Hungary
-
A go-to-guide for hiring employees in Hungary
-
Firing employees in Hungary