1. General issues
At any time 40 days after the publication of the winding-up order, there is a place of agreement between the creditors and the debtor until the final balance sheet is submitted. All those who have not registered as creditors in the liquidation proceedings may not assert their claim against the debtor after the end of the proceedings in the event of a settlement.
Not all creditors can participate in the settlement.
• Having a claim that qualifies as a liquidation expense in liquidation proceedings (such as wages), and
• the holders of annuity claims are disregarded.
The reason for this provision is that the holders of these claims must be satisfied in any case, these claims are not covered by the agreement.
• The creditor with the disputed claim is also not involved in the settlement process.
2. The debtor's procedure in the preparation of the settlement In the case of the preparation of the settlement and its conclusion, the rights of the economic organization are regulated by the Bankruptcy Act. It is exercised by the bodies listed in Section 8 (1). These bodies shall take their decision on the terms of the settlement in accordance with the procedure laid down in the separate legislation governing the termination of the business. According to this, e.g. in the case of a limited liability company, the company may be dissolved on the basis of a unanimous resolution of the general meeting of members, and in the case of a limited liability company, a resolution of the general meeting of members by a majority of at least three-quarters. Such a decision is therefore necessary in order for the company to be able to decide on the terms of the settlement. A representative of the bodies listed in Section 8 (1) shall act at the conciliation hearing and at the signing of the deed containing the settlement. The power of attorney shall be recorded in an authentic instrument or in a document having full probative value. For the settlement hearing, the debtor is obliged to prepare a program suitable for the restoration of solvency and a settlement proposal.
3. Proceedings on the basis of the settlement application At the request of the debtor, the court will hold a settlement hearing within 60 days of receipt of the application, summoning the debtor, the liquidator and the creditors entitled to settle the settlement and the settlement proposal, and by delivering a list of creditors.
The precondition of the settlement is that the court, taking into account the liquidator's proposal, determines in an order the amount of property that can be included in the settlement. In doing so, the Cstv. The claims listed in Section 57 (1) (a) and (c).
4. Content of the settlement During the settlement, the entity and the creditors may agree on the order in which the debts will be settled, the modification of the due date, the rate and manner of settlement, and whatever the parties deem necessary to restore the debtor's solvency or otherwise, measures to increase revenue. Creditors also have the right to appoint one or more creditors or third parties to monitor compliance with the settlement.
5. Conditions for concluding the agreement
An agreement may be reached if it is approved by at least half of the votes of the creditors entitled to conclude the agreement in each group [Article 57]. § (1) b), d), e), f), g) and h), and - until their claim is settled - the provisions of § 49 / D. § (1) - (3)], provided that the claims of these creditors account for two-thirds of the total claims of those entitled to enter into the settlement.
Creditors registered after the 40 days specified in Section 28 (2) (f) and Section 37 (2) shall vote in a group corresponding to the classification of their claim pursuant to Section 57 (1), together with those registered within the 40-day deadline.
When calculating the votes, the creditors are entitled to one whole vote for every claim registered as an unclaimed or undisputed claim of HUF 50,000, there is no place to enforce a fragmentary vote. Creditors of receivables under HUF 50,000 also have one vote. The calculation of creditors' votes shall not be affected by the assignment of their claims to another creditor following a final order for liquidation. The votes of creditors registered after the 40-day deadline shall be taken into account for half of that calculation method.
The scope of the settlement extends to all creditors, with the exception of the holders of the claims listed in Section 57 (1) (a) and (c) (compulsory settlement).
The agreement must be concluded in good faith and must not contain provisions which are manifestly disadvantageous or unfair to all creditors or to certain groups of creditors. This shall be the case, in particular, if the ratio of claims of all creditors in relation to the debtor's divisible assets is abnormally low, or if the claims of one group of creditors are satisfied at a significantly lower rate than another group of creditors or over a long period of time on unfair terms.
6. Satisfaction of Disputed Creditors' Claims
During the conclusion of the settlement, there may be creditors who have a disputed claim. The amount due to him must be treated separately, these creditors do not take part in the settlement of the settlement, their claim does not have to be taken into account in the calculation of the claims that can be taken into account in the settlement, but they are also affected by the final settlement.
Upon the final conclusion of the dispute, the part of the assets kept separate shall be released, and the costs related to the management of the part of the assets shall be covered from the part of the assets. A statement of income and expenditure relating to the property must be given to the creditor. If, on the other hand, the creditor's claim is found to be unfounded, the separately managed portion of the assets shall be divided among the other creditors within the group in proportion to their claim until they are fully satisfied.
7. Completion of the conciliation procedure
If, as a result of the settlement, the insolvency of the business entity is terminated, the claims pursuant to Section 57 (1) (a) have been settled or its cover is available, and the settlement complies with the law, the court approves the settlement, otherwise it refuses to do so. to. There is no room for retrial against the order.
In the order approving the settlement, the court decides on the termination of the liquidation proceedings, the remuneration of the liquidator and the payment of costs. This order will be sent to the Company Gazette for publication. The liquidator shall prepare the final balance sheet pursuant to Section 52 (3) and the statement of income and expenses pursuant to Section 52 (4), the final tax return and the final report pursuant to Section 52 (4) on the day the order approving the settlement becomes final, and they shall be and sent to the municipal tax authority within 30 days of the settlement.
