In order to replace Hungarian Act 1994 of LXXI on Arbitration, a new act on arbitration has been enacted by the Parliament on 30 May 2017. According to the explanatory memorandum, the new act is intended to create an attractive investment environment for the foreign companies. It is also beneficial for the Hungarian companies, as quicker and more professional form of arbitration could encourage the foreign companies to initiate the arbitration procedure in Hungary, which would be more cost-efficient for Hungarian companies.
Sar & Partners is reporting that, in the nearly two-decade long patent dispute with Adidas in Hungary, the country's Supreme Court has now ruled, on appeal, that the lower court's ruling regarding the amount of unjust enrichment to be returned to firm client Laszlo Oroszi — the developer of Adidas's Predator Precision and Predator Mania football shoes, who patented the ribbed top of the shoes in 1996 — should stand, although the specific reasoning for the award was incorrect.
Hugh Owen, long-time Partner at Allen & Overy, has announced that he is retiring from the Magic Circle firm and will practice independently as Go2 Law going forward. Owen will continue to operate out of Slovakia, where he has lived since 2000 -- though since November 2013 he spent the majority of his time working in A&O's Budapest office.
We are excited to announce that registration for the 2017 CEE Legal Matters Hungary General Counsel Summit, scheduled to take place in Budapest at the Boscolo Hotel on October 5, is now open.
Linklaters has advised Budapest Airport and its shareholders on the amendment and extension of its existing EUR 1.4 billion debt facilities, with Dentons Budapest working alongside and advising on Hungarian law. Allen & Overy in London and Faludi Wolf Theiss in Budapest advised the lenders and security agent Bayerische Landesbank on English and Hungarian law, respectively.
A new act on Prevention and Combating of Money Laundering and Terrorist Financing will enter into force, replacing the anti-money laundering act currently in force, on 26 June 2017. The new act is intended to implement the provisions of the EU Directive 2015/849 (i.e. the 4th Anti-Money Laundering Directive).
CMS Hungary has advised by Ilford Holding Kft. and Invitel Technocom Tavkozlesi Kft. — controlled by the China Central and Eastern Europe Investment Co-operation Fund, advised by CEE Equity Partners — on its July 21, 2017 sale of 99.99% of the share capital and voting rights of Hungarian telecommunications operator Invitel Tavkozlesi Zrt. to DIGI Tavkozlesi es Szolgaltato Kft., the Hungarian subsidiary of Digi Communications N.V. PeliFilip advised the buyers on the deal.
As of 1 July 2017, an amendment to the Bankruptcy and Liquidation Proceedings Act will enter into force, aiming at close the loopholes and consolidating the case law. The amendment clarifies the provisions on the disputing of the claim by the debtor and on the statutory requirements of the payment reminder to be sent by the creditor. The regulations on the option right and the transfer of rights and claims for security purposes will also be amended.
Lakatos, Koves and Partners has provided Hungarian law advice to Mid Europa Partners in relation to the IPO of Waberer’s International Nyrt., one of Europe’s largest haulage and logistics companies. White & Case acted as international legal advisor, and Shearman & Sterling and Kinstellar represented the Mandated Lead Arrangers.
According to Seth, the pen name of Canadian cartoonist Gregory Gallant, “We can’t suddenly quit a job and then race to find a form of art that will pay off before the next mortgage payment is due. Creating art is a habit, one that we practice daily or hourly until we get good at it.… Art isn’t about the rush of victory that comes from being picked.”