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Szecskay Claims Victory in EUR 35 Million Real Estate Litigation

Szecskay Claims Victory in EUR 35 Million Real Estate Litigation

Hungary
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Szecskay Attorneys at Law, representing Taltoring Kft, a subsidiary of the Edmond de Rothschild group, has secured a victory before the Hungarian Supreme Court.

The litigation was initiated by the Hungarian state, concerned two high profile properties in Budapest sold by the state to the Budapest municipality, which then sold them on to Taltoring Kft, and the value of the claim was EUR 35 million (HUF 11 billion). The Court was asked to determine whether the contracts by which Taltoring Kft acquired the two properties in 2008 were valid. 

On November 14, 2017, the Hungarian Supreme Court upheld the first instance judgement of the Metropolitan Court of Budapest, which rejected the Hungarian state’s claim and found that the contracts were valid. The Court's judgement is noteworthy, according to Szecskay, because it overturned the second instance judgement, which held that the contracts were null.

Szecskay Partner Andras Szecskay, lead counsel in the case, said: “We are extremely proud to have successfully represented Taltoring Kft. in this high value litigation. The [Supreme Court's] judgement concludes four years of litigation, which consisted of two first instance and two second instance proceedings. It is always difficult to overturn a second instance judgement, and we are happy to have achieved this.”

In addition to Szecskay, the firm's litigation team consisted of Partner Judit Gulas and Senior Associate Miklos Boronkay.

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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.

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