Law of insolvency

Law on insolvency proceedings

Head of practice: 

Dr. Péter Varga M. 

Due to the rapidly changing economic and market environment, more businesses face liquidity problems. On the verge of insolvency, companies have several formal procedures to choose from. Still, restructuring and reorganisation procedures are not so popular at the moment, and relatively few companies opt for bankruptcy proceedings. That results in a relatively high number of liquidation proceedings.
Our firm can provide legal support to any party involved in liquidation proceedings, whether as creditors, the indebted company or even the administrator.
Connection 

Our services in this field

Legal support for creditors
A creditor is a person who has an uncontested or recognised expired claim against an indebted company in liquidation proceedings, for money or for assets the values of which can be expressed in terms of money based on a binding and enforceable court decision, a final and enforceable administrative decision or any other enforceable document.
We represent our clients in creditors' committees, act as a creditor’s representative in liquidation proceedings or assist our clients in pursuing their claims most efficiently.
Legal support for administrators and indebted companies
All administrators are required to have a legal team, but there are often legal issues that need specialised legal assistance (e.g. specialisation in employment law or data protection law).
In liquidation proceedings, the administrator exercises the employer's powers and is responsible for the lawfulness of the data processing operations.
Our firm can take a role in managing the internal processes involved.
Managing collective redundancies
In larger companies, redundancies are an inevitable consequence of liquidation proceedings. The difficulties of interpreting the "52-day rule", the methodology for selecting "leavers" and "stayers” and making the process humane and smooth require considerable experience.
Legal assistance for claiming wage guarantee support
We can assist either the indebted company or the temporary employment agency or school cooperative engaged by the indebted company to draw down wage guarantee subsidies. The majority of the indebted company's unpaid fees for temporary agency work or services provided by the employment cooperatives can be advanced at the expense of the Wage Guarantee Fund.
Lighthouse Legal - Dr. Varga M. Péter Ügyvédi Iroda
 
+36 30 382 9220
iroda@lighthouselegal.hu
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