(In cases initiated after 1 March 2012)
The concept of bankruptcy proceedings:
Bankruptcy proceedings are proceedings in which the debtor receives a deferral of payment in order to enter into a bankruptcy settlement and attempts to enter into a bankruptcy settlement.
Initiation of bankruptcy proceedings:
An application for bankruptcy may be filed by a debtor or a creditor who wishes to enforce his claim in bankruptcy proceedings instead of liquidation proceedings.
A debtor may not file for bankruptcy if bankruptcy proceedings are pending against him or if an application for liquidation has been filed against him and a winding-up order has already been made.
The debtor may not file another application for bankruptcy until
• until the creditor's claim existing at the time of the order for the previous bankruptcy has been satisfied, and • two years have elapsed since the publication of the final termination of the previous bankruptcy, or One year has not yet elapsed since the publication of the final order.
The application for bankruptcy proceedings must be submitted on the form specified in a separate legal act, which from 01 January 2013 can only be an electronic form.
An application for bankruptcy must contain or be attached to it
• the debtor's name, registered office, company registration number, tax number,
• a document certifying the prior consent of the main body exercising the founding rights of the debtor's business organization, a document informing the employees,
• an annual (simplified annual) report or interim balance sheet not older than three months and a written statement from the debtor's manager that it gives a true and fair view of the debtor's financial position,
• a statement by the debtor's manager of any material changes in the debtor's financial position since the adoption of the financial statements or interim balance sheet,
• if the debtor is a member of a recognized or effective group of companies regulated by the Companies Act, the related contracts,
• a list of the debtor's creditors, a list of the debtor's debts, their due date, and which creditors 'claims are recognized and disputed by the debtor, the secured and uninsured creditors' claims, the debtor's obligations under the Accounting Act. a description of the liabilities and contingent claims on the debtor,
• a document certifying the payment of the reimbursement of the costs of the publication of the bankruptcy order and the deferral of payment,
• a statement by the debtor's manager as to which payment service provider the debtor holds a current account with, indicating the account numbers and with which investment service provider he has a securities account,
• an undertaking by the debtor's manager to notify the payment service provider's account managers of the bankruptcy application at the same time as the bankruptcy application is lodged, in such a way that the account managers are not aware of it until 15.00 on the working day before the suspension is announced; initiate a payment transaction or transfer that would defeat the purpose of the deferral of payment or take any other measure that would place one creditor in an advantageous position over other creditors,
• a data sheet showing the debtor's financial situation, signed by the debtor's manager, containing data in accordance with a separate legal regulation.
The debtor must declare that:
• if there have been any previous bankruptcy proceedings, whether the creditors' claims existing at the time of the order of any previous bankruptcy proceedings have been satisfied and whether two years have elapsed since the publication of the final termination of the previous bankruptcy proceedings,
• is aware of an application for the opening of winding-up proceedings against him or of an insolvency order; . • in the case of an application by a creditor, whether to recognize the claim.
At the request of the debtor, the court shall, within one working day, arrange for the publication of the application and the immediate, temporary deferral of payment due to the debtor in the Company Gazette.
The debtor is entitled to a temporary deferral of payment from the date of publication.
Starting date of bankruptcy proceedings:
The starting date of bankruptcy proceedings is the date of publication of the court order ordering the bankruptcy proceedings. From that date, the debtor may use his company name during the bankruptcy proceedings (“cs. A.”).
Payment delay:
From the date of publication of the bankruptcy order, the debtor is entitled to a deferral of payment (moratorium) against money due to him before or after the starting date of the deferral, which runs until 0:00 on the second working day following the 120th day after publication.
Deferred payment extension:
At the hearing with the creditors, the debtor may also ask the creditors to agree to an extension of the deferral of payment in such a way that the total period of the deferral of payment, including the extension, does not exceed 365 days from the commencement of the bankruptcy proceedings.
Deferment of payment may be extended for a maximum of 240 days from the commencement date of the bankruptcy proceedings if the debtor has received a majority of the affirmative votes on the claims separately from the creditors with voting rights in both the secured and uninsured creditor classes.
When extending the deferral of payment, the debtor shall be entitled to a deferral of payment for a maximum of 365 days from the date of the commencement of the bankruptcy if he has received two-thirds of the votes on the claims separately from creditors in both secured and uninsured creditors.
The majority of creditors, as described above, may make the extension of the deferral of payment conditional on the debtor granting the custodian a joint right to subscribe and a joint right to dispose of the current accounts. If the debtor withdraws this consent, the court will issue an order terminating the deferral of payment on the basis of the notification of the trustee, and the order will be published in the Company Gazette without delay.
Lender concept:
A creditor in bankruptcy proceedings is a person who has an uncontested or recognized, overdue monetary or monetary claim against the debtor based on a final and enforceable court, official decision or other enforceable document, as well as a person who has a dispute over the debtor or the bankruptcy proceedings. has a property claim, expressed in cash or in cash, which has fallen due and has been registered by the trustee; and a person who has a future claim on the debtor, whether in cash or in cash, which arises lawfully from a contract of supply, business, service or other contract and which is for the supply of goods or services already performed by the creditor, a debt security - relates to the sale, loan or advance payment of an equity investment and this creditor's claim has been registered by the trustee.
Lender requirements:
The order for bankruptcy to be published contains an invitation to creditors to file their outstanding claims with the debtor and the trustee within 30 working days of the date of publication of the order for bankruptcy and within 8 working days of the date of the opening of the bankruptcy.
The condition for the registration of the claim is also that the creditor pays 1% of it - but not less than HUF 5,000 and not more than HUF 100,000 - as a registration fee - to the current account of the trustee, who is obliged to manage the amount received separately, and you can only use it to reimburse your invoiced costs and pay your fees.
The debtor also notifies his creditors directly within 5 working days of the publication of the bankruptcy order and invites the creditors to submit their claims in a national daily newspaper and on their website within the legal deadlines and to attach the documents substantiating their claims, failing which the deadline expires. no claim will be registered.
The debtor and the creditors shall be notified immediately by the trustee of the classification and the amount of the registered claim and shall be given a period of at least 5 working days in which to comment. The trustee shall decide on the remark within 3 working days and shall immediately notify the creditor and the debtor, who may, within 5 working days of becoming aware of it, object to the trustee's decision on the classification of the trustee, including if the trustee does not registers the claim in the amount declared by the creditor. The court shall decide on the objection out of turn, but within a maximum of 8 working days. There is no separate appeal against the order. A claim registered as uncontested as a result of a court order does not qualify as recognition of the debt by the debtor, nor does it preclude a claim against the creditor.
In order to protect their interests and represent them, creditors may, if the conditions laid down by law exist, form a creditors' committee, which monitors the activities of the trustee and represents the creditors establishing the committee in court and in connection with the trustee. specific powers. Each debtor business organization may have only one board.
Settlement:
The debtor shall convene the creditors within 60 days of the commencement of the bankruptcy proceedings, hold a composition hearing to which the trustee and its registered creditors shall be summoned, and the other creditors shall be summoned by notice. For the settlement hearing, the debtor is obliged to prepare a program and a settlement proposal aimed at restoring or preserving solvency, with the involvement of the trustee. The creditors must be informed of the proposed settlement 5 working days before the date of the hearing.
Creditors may attend the settlement hearing in person or through their representative. Representatives must also certify this status to the trustee, even without a special invitation to that effect. At the hearing, creditors ’decisions must be made by open voting. The debtor shall draw up minutes of the hearing, which shall be authenticated by two persons chosen by the creditors who appear and by the trustee.
Content of the agreement:
Under the arrangement, the debtor agrees with the creditors on the terms of the debt settlement, in particular on debt concessions and payment facilities, the waiver or assumption of certain claims, the acquisition of a share in the debtor's business, the guarantee of payment of claims and other guarantees. the adoption of a reorganization and loss-reduction program for the debtor and for any measures deemed necessary to preserve or restore the debtor's solvency, including the means of monitoring the implementation of the settlement.
Terms of the agreement:
An agreement may be entered into if the debtor has received a majority of the votes separately from creditors with both registered and uninsured creditors who have registered and registered for the agreement on time, both in the secured and unsecured creditors. The settlement also covers eligible creditors who did not consent to the settlement or did not take part in the settlement despite being duly notified, as well as creditors whose claim required a provision to be made or a guarantee to be provided instead of provisioning ( compulsory settlement). The agreement must be in writing and signed by the parties, their legal representatives or proxies, and countersigned by the trustee and, if there is a creditors' committee, by the board.
