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.

The rules of compensation for debt recovery costs have been changed again

On 24 March 2016 new rules entered into force on the compensation for debt recovery costs (“behajtási költségátalány” in Hungarian). Until this date, the compensation for debt recovery costs was regulated by the Hungarian Civil Code, now the rules are included in a separate act.
The most important change is that it is no longer compulsory to charge compensation for debt recovery costs (in forints in the amount equivalent to EUR 40), it is just an option.

Restoring confidence in the financial system

On 7 April 2016 the Committee on Economic and Monetary Affairs voted on new rules about indices used as benchmarks in financial instruments and financial contracts. Benchmarks are indices such as interest rates on interbank loans in London (LIBOR) or in the euro zone (EURIBOR).
They are often used as references in financial and commercial contracts together with other benchmarks.