29
Fri, Mar
51 New Articles

Corporate Proceeding Changes from 1 August 2022

Corporate Proceeding Changes from 1 August 2022

Hungary
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

The main amendments to the decree of the Ministry of Justice on certain aspects of the company registration procedure and the register of companies entered into force on 1 August 2022, while certain provisions enter into force on 1 September 2022. The new rules became necessary to comply with Directive (EU) 2017/1132 of the European Parliament and of the Council.

According to the modifications, a company may also be established online, and in this case, a limited liability company may also prepare its articles of association by the proper filling of the sample. The amended decree specifies the definition of the formation, which means the entire process of setting up a company, including the drafting of the company's articles of association and all the measures necessary for its registration in the Company Register. It is also clarified that a branch of a foreign enterprise in Hungary is not ‘established’ but ‘registered’, and such registration means the process and all necessary measures by means of which the documents and particulars relating to the newly established branch are registered in the Company Register and published (including the preparation of the company's articles of association).

It is also included in the new rules that on the EU’s E-Justice portal, several details of a limited liability company, a private or public company limited by shares and a European company limited by shares are available free of charge, for instance the company name, registered seat, company registration number and EUID.

By Lidia Suveges, Attorney at law, KCG Partners Law Firm

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.

Firm's website.

Our Latest Issue