Insolvency and restructuring
It’s obvious that insolvency and restructuring are not companies dearest friends thanks to these conditions are in connection with financial difficulties. Both out and in court liquidation proceedings need qualified and skilled lawyers, not to mention cross border insolvency matters where a team with international experience is necessary.
The main types of liquidation proceedings in Hungary are: bankruptcy procedure, insolvency procedure and voluntary liquidation procedure. A bankruptcy procedure may be requested only by the debtor if the assets don’t cover liabilities but the bankrupt is willing to pay later consequently in this procedure restructuring is a substantial measure. In contrast if the debtor is unable to pay because the assets don’t cover liabilities or the debtor is even reluctant to file for bankruptcy an insolvency procedure may be requested by the debtor or creditor. A voluntary liquidation procedure may be commenced by the economic operator itself if its assets cover dues in this case the company isn’t insolvent.
Besides restructuring is not always related to financial problems. It can effect real improvements with making the operation highly efficient and during this progress legal services will be desired. Of course with rescheduling of debts formal insolvency processes can be avertable too.
In financial difficulties there are more possible options as a way-out, but all of them need rapid and professional legal assistance so as to find the proper legal tools. Our team aims to provide complex legal services in the field of restructuring and insolvency law. Our experience and professional calling of getting the maximum impact from distressed situations can help to find a solution that corresponds to strict legal requirements.