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New Official Register for General Power of Attorney is Alive from 1 January 2018

New Official Register for General Power of Attorney is Alive from 1 January 2018

Hungary
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A new official electronic register for general power of attorney has been established and is operating from 1 January 2018. The general POAs can be submitted in civil litigation and non-contentious cases and in administrative court procedures. The registration must be initiated at the competent regional courts. The register is not public, however it is available free of charge to the courts and other authorities, as well as to the parties concerned. The register is maintained by the National Office for the Judiciary (in Hungarian: “OBH”). 

The new register means good news especially in mass litigation cases like FX loan matters, where the register will probably ease the administrative burden of the representatives. Until 1 January 2018, no central register was maintained, therefore, the courts requested the representatives to prove in each individual case that they have registered their general POAs, and the information on the registered general POAs was not available even to the judges themselves.  

By Tamas Virag, Attorney at Law, KCG Partners Law Firm

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

KCG Partners Law Firm is the result of the teamwork of passionate and talented lawyers guided by the same principles and sharing the same values: 

  • Our most valuable asset is our people. They are the engine of our business and the key to our success.
  • We push boundaries by looking for innovative solutions that can empower our clients to achieve greater results.
  • We place our experience, commitment and professionalism to your service.
  • We are driven by our vision to shape and lead the Hungarian legal market and become a first choice law firm in our practice areas.

Firm's website: http://www.kcgpartners.com