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During the COVID-19 pandemic, the Healthcare/Pharma/Life Sciences sector has, not surprisingly, come into focus, with the production licencing and supply of vaccines and the ability of hospitals and healthcare facilities to operate and the production of healthcare products all attracting attention.

In “The Corner Office” we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. The question this time: “What did you most want to be when you were little?”

By ratifying the European Convention on Human Rights in 1992, Hungary has committed itself to ensure the right to a fair trial within a reasonable time and to guarantee the right to an effective remedy for any violation of this right. In its judgment in Gazso v. Hungary, the European Court of Human Rights called on Hungary to establish a domestic remedy capable to handle the structural deficiencies identified in the judgment. As a result, at the end of June 2021, a new Act on the Enforcement of Material Compensation for Delay in Civil Proceedings was published in the Hungarian Official Gazette, which will enter into force on 1 January 2022. The Act establishes a new legal remedy for compensation for fundamental rights violations, called ‘material compensation’ which is different from the general compensation (in Hungarian: “kartalanitas”), indemnification or non-pecuniary compensation (in Hungarian: “serelemdij”).

Currently, legal persons and organizational entities are registered by various courts and authorities: companies are registered by the court of registrations, civil organizations by the courts of law, while investment funds, for example, are registered by the Hungarian National Bank. The data content and operation of these registers also differ.

Latest tax reliefs aim to support tourism and travel industry in Hungary, as tourism was one of the most affected sectors by COVID pandemic. In order to boost the restart of domestic tourism, the latest governmental decree of 381/2021 introduced several new tax measures, mainly for this sector. As a result, tourism development contribution of 4% is still not payable by the end of 2021.

A common stereotype prevails that banking contracts are non-negotiable, and borrowers hardly have a say in the terms of their contracts. However, this is not the case: like any economic operator, banks are also willing to compromise. Banks’ flexibility varies depending on who and when is seeking preferential treatment and on the contractual terms subject to negotiations.

Noerr has advised Irish clinical research company Icon Plc on EU merger clearance for its acquisition of PRA Health Sciences. Schima Mayer Starlinger advised Icon on Austrian law, while A&L Goodbody, Cahill Gordon & Reindel, Macfarlanes, Darrois Villey Maillot Brochier, and Gianni & Origoni advised on Irish, US, UK, French, and Italian law, respectively. 

Banking and Finance lawyer Gabor Kiraly has rejoined Dentons as a Partner in the firm’s Budapest office. Kiraly had been a Counsel at Dentons from 2015 to 2020, before serving for a short period as Director of Portfolio Management at GB & Partners in Hungary.

On 1 July 2021, a new Government decree enters into force in Hungary, prohibiting the placing on the market of certain single-use plastic products and products made from oxo-degradable plastic. The decree was published in Hungary's Official Gazette on 1 June.

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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