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We look at the reforms to the insolvency law of Hungary prompted by the coronavirus (COVID-19) pandemic. Written by Zoltán Fabók, Special Counsel at DLA Piper Budapest, Hungary. Member of INSOL Europe.
In force: since 24 March 2020.
Duration: Indefinite—the general rule is that during the period of the State of Danger (also indefinite) the changes remain in place.
Real estate lease agreements for non-residential premises cannot be terminated by unilateral termination until 30 June 2020 in the following sectors: tourism, hospitality, entertainment, gambling, the film industry, event management, sport related services and the performance artist industry. The rental fee may not be increased during the period of the State of Danger.
The statute implementing the amendments is: Government Decree No 47/2020. (III. 18.).
In force: since 19 March 2020.
Duration: As for the exclusion of termination the protection ends on 30 June 2020 but the government may extend that period. As for the price freezing, the duration is indefinite—the general rule is that it remains effective during the period of the State of Danger.
There is no explicit duty to file in Hungary. However, the director is obliged to summon the shareholders’ meeting if the company’s equity or liquidity decreased critically or it is threatened by insolvency; in that case the shareholders’ meeting needs to address the situation or, as a last resort, resolve to dissolve the company without succession.
In force: since 11 April 2020.
A payment moratorium until 31 December 2020 will apply with respect to all credit facilities, loans and financial leases provided in a business context. During the moratorium the borrower (who may be a natural or legal person with any exceptions specified by law) is not obliged to pay any principal, interest or fees. The moratorium period may be extended or reduced by the government. The interest and fees accrued during the moratorium will not increase the principal but will be repayable in equal instalments after the moratorium. After the moratorium the term shall be extended so that the amount of the repayment instalments and the amount of interest payable in instalments accrued during the moratorium together shall not exceed the amount of the original repayment instalments.
Any person who is subject to debt settlement procedures as well as persons who are liable for such person’s debt repayment obligations shall qualify as debtors.
LexisNexis has partnered with INSOL Europe to produce this tracker of insolvency reforms worldwide: Coronavirus (COVID-19) Tracker of insolvency reforms globally.
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