From 1 January 2018, a broad range of business entities, including companies limited by shares, limited liability companies, limited partnerships, trade associations, private entrepreneurs, sole corporations, branch offices, cooperatives and law firms as of today, will be obliged to carry out an expansive list of administrative procedures by means of electronic communication.
With slightly over a month to go until the first Hungary General Counsel Summit — the first ever country-specific GC Summit organized by CEE Legal Matters — on August 29, 2017, three members of the “Building the Legal Function as Integral Business Unit” panel scheduled for the event gathered at the offices of Budapest's OPL Law Firm to plan and prepare for their discussion.
In 2016 the president of the Hungarian Curia set up a new jurisprudence analysing working group for the purpose of examination of the lower courts’ practice in condominium related cases. The analysis involved cases between the period of 1 January 2014 and 31 December 2015, and covered 25 different questions.
Former Kinstellar Counsel Edina Schweizer has joined Noerr as Associated Partner in Budapest and Head of the firm's local Banking & Finance team. She will also assume the role of Co-head of Noerr’s CEE Banking and Finance Practice, which works across the firm's core CEE countries of Czech Republic, Poland, Romania, Slovakia, and Hungary.
DLA Piper has advised OTP Property Investment Fund on its acquisition of the West End Business Center office building in Budapest from an international investment consortium consisting of Wing, Morgan Stanley Real Estate Investing, and CC Real. The sellers were assisted by Baker McKenzie.
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.