Our lawyers help clients at different levels of the supply chain, so that on one hand contracts properly reflect the business agreements of parties, and on the other hand include information needed for accounting or taxation reasons. The new Civil Code of Hungary offers wide opportunity for limitation of contractual liability and we use those for the benefit of our clients. Also, we assist clients using the same rules to broaden the liability of their contracting parties as far as possible. Our law firm often prepares templates and general terms and conditions for our clients, so legal compliance and safety is ensured in day‑to‑day business transactions.
We support clients in meeting competition compliance requirements by proper contractual solutions, internal competition trainings and representation in procedures in front of the Competition Authority. Our lawyers can assist clients on the special rules applying on distance contracts and electronic signatures, mainly in the banking sector and relating to the operation of webshops.
The support of our lawyers covers all legal aspects of the HR lifecycle from hiring personnel through different compliance matters to employment restructuring transactions and dismissals. We provide assistance in the planning of the employment structure and working time schedule of the new Hungarian operation in close cooperation with payroll and taxation advisors. Flexibility of employers and smooth relation between employers and employees materially depend on the contents of the employment agreement and application of several optional opportunities offered by the Labor Code. Our law firm advises clients not only on the statutory content of their labor documentation but on the compliance of their everyday labor practice in order to pass the strict and regularly repeated labor inspections. In restructuring situations, specific rules apply on transferring employees (TUPE) or mass dismissals. Termination of employment is still quite a rigid part of Hungarian labor law and requires utmost cautiousness from employers in order to avoid potential labor disputes.
Our lawyers have obtained substantial experience in various transactions aiming corporate restructuring, including cross-border and domestic intra-group mergers, demergers, sale or contribution of shares of Hungarian entities of multinational groups. We are happy to be involved in the transaction already in the planning phase and work on the proper structuring plan together with financial and tax advisors involved in the project. In case the transaction is driven from Hungary, our law firm is pleased to prepare detailed step plan and also coordinate the process among the different advisors and decision makers of the client, so that the transaction is implemented in line with the client’s needs and the professional advice received from various fields. Our lawyers put emphasis on implementing the legal documents so as to properly reflect the transaction not only from legal but also from accounting and tax perspectives.
Our lawyers have gained extensive experience in planning and implementing corporate finance transactions. In such matters, we generally work together with financial and tax advisors or accountants, and implement the structure designed by such financial professionals in the corporate documentation. The services of our law firm in corporate finance matters include advisory on the capital structure at the setup of the entity, advice on choice of functional currency and accounting date of business year. At capital injection, we cover not only aspects of share capital increase, but also the transfers among other equity items, and provide different solutions in low equity situations or for debt-to-equity transactions. If it comes to capital withdrawal from the company, we provide full documentation and advisory on quick capital reduction solutions or different ways of distributing dividends.
Hungarian companies are registered in the Register of Companies kept by Courts of Registration in each county. Any changes to the corporate details need to be reported for registration within 30 days, corporate compliance requires therefore quite often filings with the Court of Registration. Besides meeting statutory requirements, the services of our law firm include advisory on what information should be registered for practical or corporate governance reasons in respect of e.g. the representation of the company, restriction of power of the management, scope of activities of the company or shareholders’ voting rights.
Protection of personal or other confidential information has become a hot topic in our digitalized world. Our law firm helps clients with preparation of full scope of data privacy documentation including information materials for their clients, different data processing approval forms, as well as internal and external data processing by-laws and manuals. Our lawyers assist clients in registration of different data processing streams with Hungarian authorities, and also of the application of BCR. The new data protection regulation of the European Union (GDPR) is to be entered into force in 2018 and will replace national rules in practically all data privacy matters. Our firm is ready to review the effects of the new legislation on your Hungarian operation and assist in the preparation of updated data privacy documentation to comply with the new rules in due course.