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The Jalsovszky law firm has advised Hungarian-based integrated business management and administration software distributor Libra Szoftver Zrt. on its take-over of VT-Soft Kft. from Unit4 Software NV. CMS Budapest advised the sellers on the deal.

CMS Hungary has advised Balbec Capital and Momentum Credit Zrt, a Hungarian joint venture owned by Balbec Capital and the APS Group, on the purchase of MKB Bank Nyrt’s non-performing retail mortgage loan portfolio, secured mostly by residential mortgages. MKB Bank was advised by HBK Partners on the transaction.

Baker McKenzie Budapest has advised Hungarian entrepreneur Stefan Fritsch on his sale of 61% of the 11 Entertainment Group to the Genesis Private Equity Fund III, a private equity fund advised by Genesis Capital. Kinstellar advised Genesis Capital on the deal.

It has been clear for some time that Hungary is in breach of EU law by not allowing the refunding of VAT on bad debts. The fact that cases of Hungarian taxpayers have now been brought before the European Court of Justice (ECJ) has forced Hungarian lawmakers to move on the issue. While the package of tax amendments submitted last week provides an opportunity to reclaim such VAT, in certain cases – due to the planned administrative restrictions – it will still only be possible to enjoy this right with reference to EU law.

DLA Piper Poland, Oppenheim, and PRK Partners have advised Metro Properties on the more-than-EUR 250 million sale and lease-back of 11 Cash & Carry stores in Poland, Hungary, and the Czech Republic to FLE GmbH, an Austrian subsidiary of French LFPI Group, investing on behalf of the AIF regulated fund. Allen & Overy, Novalia, and DLA Piper Hungary advised FLE on the transaction, which was finalized in August 2019.

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.

Sponsors of the 2020 Dealer’s Choice Law Firm Summit, which will be held on April 23, 2020 in conjunction with the Deal of the Year Awards Banquet, explain their involvement.

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.

On 14 September 2019 new requirements for authenticating online payments will be introduced in Europe as part of the Directive EU 2015/2366 on payment services in the internal market (Payment Services Directive, “PSD2”).

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.

Hungary Knowledge Partner

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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