At the initiative of the Ministry of Justice, the Hungarian National Bank and the Hungarian Bar Association, the Government adopted a Government Decree in April 2022 regulating in detail the payment of lawyers' deposits at financial institutions in the event of liquidation and winding-up proceedings. The Government Decree provides that in the event of the winding-up and liquidation of a financial institution, the provisions of the Bankruptcy Act, the Company Registration Act, the Act on Credit Institutions and Financial Undertakings and the Investment Firm Act shall apply with the additions and derogations included in the Government Decree.
Reff & Associates Advises Studium Green on Acquisition of 100 Buildings in Romania
Deloitte Legal’s Reff & Associates has advised Studium Green on the acquisition of a portfolio of 100 buildings and properties from Immobiliare Italo Romena, a subsidiary of the former Italian bank Veneto Banca. Antico & Partners reportedly advised Immobiliare Italo Romena on the deal.
Ellex Advises on Global Restructuring of ED&F Man Group
Ellex has advised the coordinating committee of ED&F Man Group’s senior creditors in refinancing and extending the group’s financial debt, with the transaction taking place simultaneously in over 30 jurisdictions.
Recent Legal Developments in the Liquidation of Sberbank Hungary
The Hungarian Government issued a decree that amends certain provisions of the bank's liquidation proceedings. The decree entered into force on 15 April, and it affects the solvent liquidation of Sberbank Hungary, subsidiary of Sberbank Europe AG, Hungarian member of the Russian Sberbank group.
TGS Baltic Successful for Best Idea in Filing Bankruptcy
TGS has successfully represented Marcel Vichmann’s Best Idea OU in filing a bankruptcy petition against Oliver Kruuda.
Landmark Decision by the Turkish Constitutional Court on Sales Transactions Between Spouses
The phrase "between husband and wife" in Article 278/3 of the Bankruptcy and Enforcement Code No. 2004 [“BEC”] was annulled by the Constitutional Court on March 22, 2022. The annulment will take effect 9 months after its publication, on December 22, 2022.
New Regulation in Turkey Regarding E-Auction Sale of Seized Assets
With the amendment dated November 24, 2021 to the Bankruptcy and Enforcement Code No. 2004 [“BEC”] the sale of seized assets was to be conducted fully in an electronic environment. However, it was provided that the implementation of this provision would begin with the adoption of the relevant regulation.