If somebody dies unexpectedly, it’s not only a terrible loss for the grieving family and friends, but can also be a tragedy for the company of which the deceased was a member. At such times, the company can find itself unable to make decisions, even if the deceased only held a small share in the business. However, solutions do exist to enable the testator not only to make provisions for family members in the event of his or her death, but also to make sure that the company can continue to make decisions.
It has been over a year since the European Union’s General Data Protection Regulation became mandatory across Europe, marking a seismic shift in the way that companies collect, process, and handle personal data. Countries across the European Union and beyond have adapted their national laws to meet the requirements of the GDPR – with many introducing local derogations as permitted by the GDPR.
Noerr has advised Hungarian-based online travel portal Szallas.hu on its take-over of the MaiUtazas Group travel portal in a combined share and asset deal transaction. The acquisitions were financed with Szallas.hu's internal resources, as well as capital from the equity funds of Szallas.hu’s owner, OTP Bank. The Csetneki Law Firm advised MaiUtazas Group on the deal.
As a result of an amendment to the Hungarian Condominium Act, a new register for condominium officers will be set up as of 1 January 2020. The aim of the registry is to keep the data of the officers (common representatives and chairman of the administrative committee) in a national, public and electronic registry, to ensure the transparency of the operation of the condominium and the efficiency of the legal supervision of the city notary over the condominiums, and to facilitate the appropriate communication in the course of authority proceedings affecting the rights and obligations of the condominium and the community.
A common solution to the chronic workforce shortage seen in the entire region nowadays is that one company provides labour to another. However, one should be careful with these agreements: depending on the circumstances, the tax authority (NAV) may reclassify these contracts, which could result in major tax expenses.
The Schmidt Law Office has successfully represented the interests of Hungary's Tibor Trans Ltd. before the European Court of Justice in its demand for damages resulting from a purported cartel of six truck manufacturers that operated to fix prices of medium and heavy trucks between January 1997 and January 2011.
During a posting, the employee is bitten by a tick. He throws his back out while loading. He gets sunburnt while working outside. A common feature of these cases is that they are all accidents at work. Yet, if the employer does not pay attention to these, he can find himself at a serious disadvantage.
The Hungarian legislation introduced the asset management foundation as a new type of asset management in March 2019, which is very similar to the well-known trust. According to the bill on amending certain tax laws submitted by the Hungarian Government in June 2019, the foundation performing asset management will be considered as a taxable person for corporate income tax purposes. The foundation must fulfil its tax liability in the same way as the assets managed by a trust. However, if the foundation established by a natural person in favour of a natural person beneficiary has income only from financial instruments or from the exercise its rights of disposition of such instruments, the income from such activities are not taxable for corporate income tax purposes.