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Changes of Companies Act effective as of 1 July 2018

Company groups, Corporate law, Medium-sized companies, News, Start-ups / / , , ,

On 1 July 2018 entered into force the modification of Act V of 2006 on Companies Registration and Winding-up Proceedings amending the rules of winding-up, especially the simplified procedure, the statutory supervisory procedures and also makes possible to file with the court application for the registration of changes prior to the effective date.


Preliminary request for the registration of changes
The request for registration of a (future) change can be submitted in advance so even before the effective date of change. Nevertheless, the preliminary request for registration of future company change cannot be submitted within more than 30 days prior to the date of change.

Executives without right of representation
It is also mandatory to register those company executives who do not have right of representation for the company. This amendment concerns in particular companies where the management is constituted by a board of directors where not all directors have right of representation for the company.

Legal supervisory procedure
Any person claiming to have a legal interest in starting a legal supervisory procedure against a company may only start a legal supervisory procedure in its own name as applicant therefore no name application is not possible.

Winding-up, simplified winding-up procedure
Any company form (this including private limited companies (in Hungarian “Zrt”) and limited liability companies (in Hungarian “Kft.”) may choose to terminate itself by simplified winding-up procedure, provided that is not subject to mandatory audit. In the case of simplified winding-up, no administrator is required to be appointed, the administrator’s duties are performed by the company’s executives (i.e. managing directors). The simplified winding-up procedure shall be at first reported to the Hungary Tax Authority who shall automatically inform the company court that shall publish a notice thereof in the Company Gazette.

Changes of Companies Act effective as of 1 July 2018 Read More »

The National Authority for Data Protection and Freedom of Information regulates “cookies”

Company groups, Data protection, Medium-sized companies, News, Start-ups / / , , , ,

The National Authority for Data Protection and Freedom of Information published a notice about the data protection requirements of “cookies” this February.
The National Authority for Data Protection and Freedom of Information in its February announcement summarised the experiences on the data protection requirements of the “cookies” used by webshops, with a clear intention to create a legitimate and coherent practice.

The Authority draws attention to the fact that the at the same time, on 25 May 2018, both the new regulations on the general data protection and the new electronic communication regulation will enter into force, and the latter will regulate and standardise the cookies in the European Union.

The publication pointed out that to the direct marketing newsletters (DM Letters) not only the Law on Advertising and the Electronic Commerce Act shall be applied, but the Data Protection Law as well.

The National Authority for Data Protection and Freedom of Information regulates “cookies” Read More »

Amendment of the Civil Code – managing directors

Company groups, Corporate law, Employment, labour law, Medium-sized companies, News, Start-ups / / , , , ,

Until now, the company and the managing director were jointly and severally liable towards third persons for non-contractual damages caused by the managing director in his executive capacity. Pursuant to the new provisions, only then will the managing director be jointly and severally liable with the company against third persons, if he has caused the damages wilfully in his capacity as managing director.

Furthermore, the amendment clarifies that the managing director’s liability for wilfully caused damage extends not only to non-contractual damages but also to contractual damages (until now contractual damages could only be claimed from the company, and not from the managing director).

 

Amendment of the Civil Code – managing directors Read More »

The new EU General Data Protection Regulation has been approved

Company groups, Data protection, Medium-sized companies, News, Start-ups / / , ,

After long years of negotiations, on 14 April 2016 the EU Parliament approved the general data protection regulation (“Regulation”), which – compared to the current rules – means changes both for private persons and companies.

The Regulation shall replace the current EU Directive, being implemented by the member states in certain cases quite different ways, and a new, consolidated regime shall be directly implemented by the member states.

The Regulation will enter into force after two years from its approval, however, due to the significant changes included therein, it is advisable for companies to start reviewing their internal rules and prepare for their potential amendments. The infringement of the new rules may be subject to a fine of up to 20.000.000 EUR, or in case of an undertaking, up to 4 % of the total worldwide annual turnover of the preceding financial year (whichever is higher).

Should you have any questions regarding the above, please feel free to contact us.
Dr. Marianna Csabai
H-1126 Budapest, Tartsay Vilmos u. 3.
Tel: + 36 1 488 7008
Fax: + 36 1 488 7009
E-mail:

 

The new EU General Data Protection Regulation has been approved Read More »

We are ranked in the Chambers EUROPE guide

Company groups, Employment, labour law, Medium-sized companies, News, Start-ups / / , ,

The prestigious Chambers and Partners also ranked CLVPartners in the Chambers EUROPE guide in Employment and in the Life Science areas.

Chambers wrote about our CLVPartners based on the clients’ opinion that “the team is known for growing strength in advising international and domestic clients, in sectors such as pharmaceuticals, retail, entertainment, on cross-border TUPE transactions, employment restructuring and redundancy cases. Boasts expertise in collective bargaining agreements, data privacy issues and negotiating with works councils and trade unions.”

The full results available here: http://www.chambersandpartners.com/108/23/editorial/7/1#22609124_editorial

25 April 2016

 

Should you have any questions regarding the above, please feel free to contact us.
Dr. Marianna Csabai
H-1126 Budapest, Tartsay Vilmos u. 3.
Tel: + 36 1 488 7008
Fax: + 36 1 488 7009
E-mail:

 

We are ranked in the Chambers EUROPE guide Read More »

Higher ranking for our law firm on Legal 500

Company groups, Competition law and consumer protection, Corporate law, Medium-sized companies, News, Start-ups / / , , , , ,

The Legal 500 research team has ranked higher CLVPartners Hungary in the EMEA 2016 directory than in the previous years in Employment and Commercial, Corporate M&A practice areas. The results are based on appreciation of the Firm’s profile, complexity, the excellent quality of works undertaken and the new hires and growth of the practice groups.

Please click here and check the Legal 500 website for further information.

13 April 2016

 

Higher ranking for our law firm on Legal 500 Read More »

Changes in the enviromental taxes

Company groups, Medium-sized companies, News, Start-ups, Trade affairs / /

The amendments of the Act No LXXXV. of 2011 on the environmental product tax. The regulation of the environmental product tax has been amended with effect from 2016. In this newsletter we would like to draw the attention to the main changes as follows:

1. Payment obligation of the environmental product tax:
a) Inventory purchase: According to the latest amendments to the act on the environmental product tax, the payment of the environmental product tax is mandatory not only in case of placing on the market or using for own purpose such products, but also in case of purchasing them for inventory, if the obliged person chooses the date of the purchasing for inventory as the date when his payment obligation arises, and he notifies the tax authority within 15 calendar days from the beginning of the activity or in case of continuous function until 31 of January of the current year, about his choice.

b) Packaging waste: The range of the obliged persons has also been extended. Thus, the person who puts the packaging material which has been produced abroad on the Hungarian market at the first time, and the first inland holder of the packaging waste formed from the unwrapped packaging, will be also obliged to pay the environmental product tax. The latter provision will be notable especially for logistic centres.

c) So-called triangle transactions: In accordance with the amendment, an obligation for paying environmental product tax does not arise in case of selling an environmental product to an inland purchaser, if after that the product will be delivered or dispatched abroad. The condition of this was previously that the seller himself had to deliver or dispatch the product.

2. Default surcharge:
The default surcharge has been implemented in the act as a new provision, which has to be calculated on the basis of the provisions of the act on the taxation in case of late payment or incomplete payment of the environmental product tax. Also, in case of undue use of budget supports a default surcharge has to be paid after the amount and period defined in the act.

3. Definitions:
The amendments affected the definitions of the act as well. Definitions such as packaging, commercial packaging, commercial packaging material, flat rate of product tax (among others) have been supplemented. Further, the range of the definitions has also been extended with the terms element of the packaging, component of the packaging, part of the packaging, packaging waste, building product,  motor vehicle, craft products, crafting activity, large industrial tool, deficit of the product tax, margin of the product tax, product tax debt, tariff heading.

4. Others:
Further to the above, the detailed rules regarding the flat rate of the product tax, the measure of the efficiency of waste management, product tax recovery and the product tax penalty have been clarified by the latest amendment.

Should you have any further questions in relation to the above, please feel free to contact us:

Dr. Marianna CSABAI and Dr. Réka SÜTŐ
H-1126 Budapest, Tartsay Vilmos u. 3.
Tel: + 36 1 488 7008
Fax: + 36 1 488 7009
E-mail:
 

 

Changes in the enviromental taxes Read More »

News on adendment of information act with the effect form 1 October, 2015

Company groups, Data protection, Medium-sized companies, News, Start-ups / / , , , , , ,

The act CXII of 2011 on information self-determination and freedom of information („Information Act”) has been amended with the effect of 1 October, 2015.

The amendments provide new possibilities regarding the forwarding of personal data to third countries as it is possible for the datacontroller to provide adequate level of protection to forward the data to third countries with the preparation and application of binding corporate rules („BCR”). It is a significant change also in the light of the recent EU Court decision on the invalidity of the Safe Harbour agreement.

Moreover to the significant amendments above the provisions of Information Act regarding the rights of affected people are amended as well and the amount of fine give by NAIH is also amended as it can be twenty million forints at the highest (instead of the prior ten million forints).
 

Should you have any questions regarding the above, please feel free to contact us.
 
Dr. Marianna Csabai
H-1126 Budapest, Tartsay Vilmos u. 3.
Tel: + 36 1 488 7008
Fax: + 36 1 488 7009
E-mail:

News on adendment of information act with the effect form 1 October, 2015 Read More »

On 1 November 2015 the new Hungarian Act CXLIII of 2015 on the Public Procurement has entered into force

Company groups, Medium-sized companies, News, Trade affairs / /

The new Hungarian Act CXLIII of 2015 on the Public Procurement has entered into force. The new Act implements and harmonise the national public procurement rules with EU public procurement directives. To all public procurement initiated after 1 November 2015 the new rules shall be applied.

 

Should you have any questions regarding the above, please feel free to contact us.
Dr. Marianna Csabai
H-1126 Budapest, Tartsay Vilmos u. 3.
Tel: + 36 1 488 7008
Fax: + 36 1 488 7009
E-mail:

 

On 1 November 2015 the new Hungarian Act CXLIII of 2015 on the Public Procurement has entered into force Read More »

Training Session

Company groups, Employment, labour law, Medium-sized companies, News, Start-ups /

Dr. Marianna Csabai (CLVPartners) and Dr Natasa Randlova (Randl & Partners) held a joint training session in Prague to Czech HR managers who are responsible for the Hungarian HR management. The attendees has found very useful the interactive session where they learnt the differences between the Hungarian and Czech labour law and the major rules and daily practices.

Should you have any questions regarding the above, please feel free to contact us.
 
Dr. Marianna Csabai
H-1126 Budapest, Tartsay Vilmos u. 3.
Tel: + 36 1 488 7008
Fax: + 36 1 488 7009
E-mail:

Training Session Read More »

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