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Changes of the Bankruptcy Act

According to a recent amendment of the Hungarian Bankruptcy Act, the pensioner and home-stay cooperatives may receive their money with greater certainty in case the company they worked for is winded up. With the intention to increase the protection of the income of these cooperatives, the Bankruptcy Act has been amended so that 85% of the fee charged to the debtor for services provided to pensioner and stay-home cooperatives shall be included in the liquidation expenses that shall be covered ahead of other debts.

The proposal resulting this amendment had been accepted in the Hungarian Parliament and entered into force as of 1 August 2022. The changes shall be applied to payments following the date of entry into force, except in cases where the closing balance sheet has already been submitted.