New regulation on insolvency proceedings from June 2017

In May 2015 the European Parliament and the Council of the European Union had adopted the new regulation No. 2015/848 on insolvency proceedings, which entered into force on 26 June 2017. The regulation targets to facilitate debt recovery in cross-border insolvency proceedings, and to make it easier for businesses to restructure and for creditors to get their money back.

Tax advisors need to comply with new transparency rules in connection with cross-border transactions

Following the successful public consultation launched by the European Commission in November 2016, the European Commission has proposed new transparency rules and penalties for intermediaries (for example tax advisors, accountants, banks and lawyers) providing services in connection with tax planning schemes. The goal is to fight against aggressive tax planning by increasing control over the concealed activities of tax planners.

Ownership registration with „zero certificate”

In 2016 the president of the Hungarian Curia set up a new jurisprudence analysing working group for the purpose of examination of the lower courts’ practice in condominium related cases. The analysis involved cases between the period of 1 January 2014 and 31 December 2015, and covered 25 different questions.