Presently, a legislative proposal has been placed on the agenda, focusing on measures aimed at streamlining governmental operations. This comprehensive proposal encompasses various modifications, one of which pertains to an amendment to the personal income tax act (“PIT Act”).
DLA Piper and Schoenherr Advise on Sale of Majority Stake in East Grain to Agrofert Group
DLA Piper has advised Romanian grain and oilseed trader East Grain on the sale of a majority stake in the company and its Hungarian subsidiary to the Czech Republic's Agrofert group. Schoenherr advised the buyer.
Are the Laws on Learning About Occupational Health and Safety Rules Changing for the Better?
A package called “Provisions on further simplification of the functioning of the state” has been discussed at the Hungarian Parliament in the autumn of 2023.
A Guide to Find Out If You Need a Well Permit
The National Water Resources Protection Map, required for the licensing of domestic and agricultural wells under the amendment to the Water Management Act, has been completed and is available on the website of National Water Directorate (in Hungarian: “Országos Vízügyi Főigazgatóság”). This Protection Map will play a central role in the future licensing of domestic groundwater wells.
ECJ Gives its Judgment in the Xella Case: Key Takeaways
In July 2023 the European Court of Justice (ECJ) gave its judgment in case no. C-106-22 (Xella Judgment). The case was referred by the Fővárosi Törvényszék (Budapest High Court, Hungary) for preliminary ruling on the interpretation of Article 65(1)(b) TFEU in conjunction with recitals 4 and 6 of Regulation (EU) 2019/452 (EU FDI Regulation) and Article 4(2) TEU.
Can Companies Be Sued for Using a Name Similar to Another Company in Hungary?
The company name is an important asset of the company and also helps the customers when choosing between products or services. Therefore, a new company can only be founded with a name that is sufficiently different from existing companies. What are the legal options for a company if, despite the above, a new company with a very similar name has been registered?
The Entry into Force of the New Land Registry Act Is Postponed Again to October 1, 2024
On 1 October 2023, the amendments of the new Land Registry Act entered into force and as a result, the Act will enter into force only on 1 October 2024, instead of the date of 1 February 2024 already postponed from the initial date of 1 February 2023.
The Revocation of the Act on the Employment of Guest Workers
On 5 October 2023, the Government adopted a new decision according to which it will review the current regulation on the entry, residence and employment of third-country nationals in Hungary with the aim of tightening the statutory provisions in this respect.
Lakatos Koves and Partners Advises Coats on Sale of Thread Factory in Hungary
Lakatos Koves & Partners has advised Bristol-based industrial thread manufacturer Coats on the sale of its thread factory in Ujpest, Hungary.
Immediate Termination for Breach of Company Policy? The Hungarian Supreme Court Ruled
The Hungarian Labour Code specifies that the dismissal by the employer may be in relation to the behaviour of the employee, but it does not specify exactly what kind of behaviours can be considered. The question arises as to whether the employer can define the possible reasons for termination in its own regulations, if so, can the termination be based solely on the violation of the internal regulations? In our article, we analyse this question based on the recent decision of the Supreme Court.
CMS Advises Panattoni Hungary on Two Built-to-Suit Projects
CMS has advised the Hungarian branch of Panattoni on a dual built-to-suit contract to develop two manufacturing facilities in Debrecen and Kecskemet, covering 30,000 square meters, for a German automotive supplier. Noerr reportedly advised the counterparty.
Can You Terminate a Long-Term Framework Contract Referring to the Coronavirus as Force Majeure in Hungary?
There is no doubt that the coronavirus pandemic was a fundamental shock to the Hungarian economy. Many business operators have tried to reduce their losses by terminating contracts, referring to the coronavirus as force majeure cause and there have now been more court decisions in such cases. A recent one deals with the question whether a long-term framework contract may be terminated because of the impossibility of the performance, invoking the coronavirus as a force majeure.
Wardynski & Partners Advises Bauer Media Group on Merger of OCP Business with Netrisk Group
Wardynski & Partners, working with Freshfields Bruckhaus Deringer, has advised the Bauer Media Group on the merger of its online comparison platform business with that of the Netrisk Group.
Andersen Legal Hungary Managing Partner Tamas Szabo Steps Down
Szabo Kelemen & Partners Andersen Attorneys Managing Partner Tamas Szabo has stepped down from his Managing Partner position after almost 30 years. Taking Szabo’s place in the firm’s four-person leadership team is Partner Balazs Dominek, who became a Managing Partner at Andersen Legal earlier this year.
Reverse Vesting
Anyone who has seen venture capital investments has probably encountered the expressions “vesting” or “reverse vesting”.
Tempest in a Teapot – New Ground for Setting Aside Construction Arbitration Awards in Hungary
In June 2023 Hungary introduced a new ground for annulling construction arbitration awards, which applies where arbitrators fail to deliberate the opinion of the Performance Certification Expert Body. Will this amendment affect so negatively Hungarian construction arbitrations as believed by many commentators? This article argues that paradoxically, the new law can even strengthen the position of arbitration as alternative dispute resolution method in construction matters.
Lakatos Koves & Partners Advises John Swire & Sons on Acquisition of Swire Coca-Cola USA
Lakatos Koves & Partners, working with Clifford Chance’s London office, has advised John Swire & Sons Ltd. on the acquisition of the Swire Coca-Cola USA unit of Hong Kong-based conglomerate Swire Pacific Ltd. for USD 3.9 billion. Slaughter and May advised the sellers.
Hungary: AI Language Models and the EU AI Act – The Urgent Need for Overarching Legislation
The most accurate sentence that describes AI language models would be: “I’m sorry, the answers are ready, you just need to ask the right questions.”