Lakatos Koves & Partners has advised Hungarian Real Estate Financing Zrt., a member of the Indotek Group, on its acquisition in a public state tender of a portfolio of claims against 11 credit institutions from the National Deposit Insurance Fund.
LKT Partner Szabolcs Mestyan, who led the firm's team along with Partner Ivan Solyom, described the deal, which involved the sale of claims by NDIF against credit institutions under liquidation stemming from the compensation paid by NDIF to customers of the credit institutions after their insolvency, as a "pioneering transaction," that "was not only the first of its kind but also the largest NPL transaction in Hungary to date."
“The goal was to [ensure] that the buyer obtains the benefits awarded by law to NDIF in the liquidation proceedings,” Mestyan explained.
Editor's Note: After this article was published CEE Legal Matters learned that the Gardos Mosonyi Tomori law firm and Deloitte Legal Hungary advised the NDIF. on the deal The GMT team included Partner Erika Tomori and Senior Associate Gergely Kantor. The Deloitte team was led by Partner Peter Gondocz.