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The Hungarian Government is considering creating new legislation to cover all kinds of insolvency proceedings, including bankruptcy, liquidation, winding-up, and dissolution proceedings. This move has been roundly welcomed, especially by creditors, as the current law is from 1991, and although it has been amended numerous times, it counts as an outdated and much-criticized piece of legislation.

In honor of CMS Budapest’s 30-year anniversary – the Pearl anniversary, formally, in the city often called the Pearl of the Danube – we reached out to several of the prominent partners to learn a bit more about the changes they’ve seen over the years, and the practices they manage.

As a first-generation lawyer I did not have a profound career perspective when I graduated from law school in the early ‘90s. I saw a job ad in a newspaper – “International law firm looks for junior lawyers” – and even though I had no clue what an “international law firm” was, I had nothing to lose, so I thought it would be worth seeing how a real job interview worked. In the end I was selected and I decided to stay … and I have never regretted that decision.

The automotive industry is facing several changes that will shape the future of mobility and production. The car of the future will be electric, connected, and automated, and it will provide benefits for individual consumers and society as a whole. One major message of the recent Automotive in Transition Conference in Budapest was that the automation revolution is bringing challenges, but it is also bringing new opportunities for Hungary to emerge stronger from the transition process.

In The Corner Office we ask Senior and Managing Partners across Central and Eastern Europe about their unique roles and responsibilities. The question this time around: “What is the one skill, ability, or characteristic that fresh law school graduates in your country most commonly lack?”

In recent years, a principal aim of Hungary’s energy strategy has been to make the country self-sufficient in electric energy. In figures, this means reducing the import to 0% within ten years – as the country’s current dependency on import of approximately 30% is significantly above the EU average. The increasing price of gas and the decreasing price of electricity led to a decrease in the domestic production of natural gas, so the Hungarian energy policy had to turn to alternatives.

The 2019 Hungarian tax law changes, among other measures, have introduced a new group taxation regime and reflect the implementation of the provisions set out in the European Union’s Anti-Tax Avoidance Directive (ATAD). 

The new Hungarian Code of Civil Procedure (the “Code”) came with a number of ambitious promises, many of which have already been addressed in CEE Legal Matters. However, a prominent promise, namely increasing the transparency and predictability of litigation, has not yet been discussed in these pages.

On September 11, 2018, CEE Legal Matters reported that Akos Eros, the Managing Partner of Squire Patton Boggs in Hungary, had taken a team from that international firm to join Wolf Theiss, led in Budapest by his old friend Zoltan Faludi. The reunion of these two actual comrades-in-arms is a source of real excitement at Wolf Theiss Hungary, which is embracing the changing legal market of the moment with confidence and style.

The Hungarian Competition Authority has launched the public consultation process about the draft of its updated and amended communication concerning commitment decisions in Hungarian competition cases.

The news that many of the legal markets in CEE impose stricter rules on law firm advertising and marketing than many of their Western counterparts comes as no surprise. Still, to explore this concept just a bit, for this issue, we asked law firm marketing and BD experts around CEE: “What, in your opinion, is the biggest difference between law firm marketing in your market and law firm marketing in London or New York?

Guidance No. 12/2018 (II.27) of the Hungarian National Bank entered into effect on July 1, 2018 (the “Guidance”). Although the Guidance is non-binding, financial institutions are expected to comply with its provisions. In this article, we provide a list of the most important points of the Guidance and predict market reactions based on our ongoing mandates and information obtained from our clients.

On March 9, 2018, CEE Legal Matters reported on the expansion of the European act legal alliance with the addition of Hungary’s Ban Karika law firm and Fort Advocaten from the Netherlands. With the alliance now counting 13 offices in Europe – including five in CEE – CEE Legal Matters sat down with Sven Tischendorf of act legal Germany, AC Tischendorf Rechtsanwälte to learn more about the alliance’s plans.

In The Corner Office we ask Managing Partners across Central and Eastern Europe about their unique roles and responsibilities. The question this time around: Who was your mentor, and what was the most important lesson you learned from him or her?

Based on the transparency requirements of the GDPR, companies must now provide more detailed information on data processing. The usual form of relaying this information to the public is through a privacy notice. Now that May 25, 2018 is fast approaching and companies are working towards GDPR compliance, such privacy notices must be finalized.

On January 11, 2018, CEE Legal Matters reported that Dentons advised the London branch of UniCredit Bank AG and MUFG as coordinators on a EUR 750 million revolving credit facility provided by a group of 13 banks to MOL Plc, the Hungarian multinational oil and gas company. CMS advised MOL on the deal, which represented the largest financing deal in Hungary in 2017.

Fighting against cartels has always been crucial to protecting fair competition and fostering economic growth. A proper leniency program is an important instrument for the competition authorities, allowing them to uncover and penalize such anticompetitive conduct.

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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