Liquidation of a company in Hungary

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Recently, Hungary has become one of the popular European countries in which it is profitable for non-residents to do business. This is due to the low corporate tax rate, favorable conditions, stable and reliable political and economic system.

Due to various reasons, the founders of Hungarian companies decide to terminate their activities. In order to preserve your business reputation and correctly carry out this procedure, you need to know how the liquidation of companies occurs in Hungary.

This procedure is strictly formalized and consists of several stages. Without special knowledge and appropriate experience, businessmen face many obstacles, leaving a lot of obligations after the liquidation of a legal entity. 

Employees of the legal company "Legal Solutions" offer turnkey liquidation services for companies. We will provide a full package of customized services in accordance with your corporate requirements, namely:

• legal support of the liquidation procedure on a turnkey basis;
• preparation of necessary documents;
• legal consultations;
• accounting consultations;
• tax services;
• support of bankruptcy proceedings;
• business restructuring services.

If you wantto close a company in Hungaryfill out the feedback form on our website and receive a full package of professional services from leading specialists of the legal company Legal Solutions. 

Liquidation of a company in Hungary: why is it necessary and who can start the procedure?

The purpose of the liquidation (insolvency) procedure is to terminate the activities of insolvent business participants by distributing their assets among creditors and terminating their activities in the prescribed manner.

In practice, this process lasts from 6 to 12 months. In the vast majority of cases, you, as a creditor, can begin to liquidate your insolvent business partners.

Company management can also initiate liquidation of a legal entity, and in some cases the procedure is initiated by the competent government authorities if they receive any information indicating that the company is insolvent.

How to close a company in Hungary?

In order not to study a lot of regulatory documents, deal with paperwork and waste personal precious time, we recommend entrusting this procedure to the lawyers of our company.

The liquidation of a company in Hungary occurs in several stages, at each of which we will provide professional legal support, in particular:

1. Holding a meeting of shareholders.
2. Adoption of a resolution (decision) to initiate the liquidation procedure and appointment of a liquidator.
3. Preparing a package of documents and applying to the company registration court.
4. Placement of liquidation announcements in official publications
5. Satisfying the demands of creditors.
6. Preparation of balance sheets. 

The liquidation procedure has clearly established deadlines that are important to comply with. So that you do not have problems with creditors, and you can professionally and legallyclose a company in Hungary, order a consultation with us

Liquidation of a Hungary company: features of the procedure

In the process of liquidation, the founders of a legal entity are obliged to satisfy the claims of creditors. The bankruptcy trustee can sell the debtor's assets and is responsible for satisfying claims registered within 40 days in the following order or priority:

• costs of the insolvency procedure (including wages, remuneration of the arbitration manager, etc.);
• claims secured by a mortgage;
• claims from customers and small companies (less than 50 employees, turnover or balance sheet less than 10 million euros);
• taxes and other contributions to the state;
• other claims;
• interest and penalties;
• requirements of related parties and company management.

You don’t know what to do if the company’s assets do not cover all creditors’ claims? Write to us — we will find a legal, optimal solution!

Law company Legal Solutions — reliable partner for company liquidation in Hungary

Priority of “Legal Solutions” is to provide high-quality legal services, including a system for protecting your confidential information. 

We will also provide you with regular reports on our activities in your case. Our clients in Hungary benefit from a comprehensive package of legal services — from legal advice to representation of interests.

They trust us because our lawyers:

• have a solid background consisting of many years of experience in legal practice at the highest level of professionalism;
• can provide clients with legal advice, practical assistance, judicial and out-of-court representation in all areas of law;
• work as quickly, transparently and legally as possible.

Your case will be handled by highly qualified lawyers with extensive experience. The legal company Legal Solutions will provide clients with the best and personalized advice, a full package of business services. Contact us!

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