Szerző: Gárdos István
Practical Law Company Cross-Border Handbooks 2010, page 105-111
16. Is there a risk that a transfer of title to the receivables will be re-characterised as a loan with security? If so, can this risk be avoided and/or minimised?
To avoid re-characterisation it is important that the receivables are transferred at a realistic market price, the assignee’s recourse to the assignor is restricted, and the assignor does not retain control over the receivables. Under the Civil Code, unless otherwise provided in the assignment, the assignor is, up to the amount of the purchase price received for the transfer, liable to the assignee for the debtor’s failure to fulfil his obligation. If this liability for the solvency of the debtor is not excluded, it may increase the risk of re-characterisation.
Ensuring the transfer cannot be unwound if the originator becomes insolvent
17. Can the originator (or a liquidator or other insolvency officer of the originator) unwind the transaction at a later date? If yes, on what grounds can this be done and what is the timescale for doing so? Can this risk be avoided or minimised?
If the transaction is concluded at market value and on arm’slength terms, the transaction cannot be unwound in the insolvency procedure. Fraudulent, undervalued and preferential transactions concluded within the suspect period can be challenged by the insolvency officer on the basis of either the Civil Code or the Act XLIX of 1991 on Insolvency Procedure. The suspect period is five years in fraudulent transactions, two years for undervalued transactions and 90 days in preferential transactions.
The Bill would provide an express protection from such risk by stating that neither the insolvency officer nor any creditor can unwind the transfer in a securitisation transaction on the basis that the transaction was fraudulent, undervalued or preferential.
Establishing the applicable law
18. Are choice of law clauses in contracts usually recognised and enforced in your jurisdiction? If yes, is a particular law usually chosen to govern the transaction documents? Are there any circumstances when local law will override a choiceof law?
The choice of law is recognised in contracts having a foreign element (that is, which involve foreign persons or assets). However in relation to an assignment of receivables, the choice of law is only recognised in relation to the internal relationship between the assignor and the assignee, and does not affect the rights and obligations of the obligors and third parties. The law governing the assigned right applies to these external relationships.
The application of foreign law is also disregarded if it conflicts with Hungarian public order. Also, a foreign law attached to a foreign component created by the parties artificially or through pretence, for the purpose of avoiding the law otherwise applicable (fraudulent attachment), does not apply.
Honlapunk sütiket használ annak érdekében, hogy személyre szabott módon tudjuk megjeleníteni Önnek a tartalmakat. Kérjük, olvassa el Süti Kezelési Tájékoztatónkat, amelyben további információkat olvashat a sütikről és azok kezeléséről. Beállításait módosíthatja ezen a linken vagy saját böngészőjének beállításaiban.
Ezek a sütik szükségesek a weboldal futtatásához, és nem kapcsolhatók ki. Az ilyen sütik csak olyan műveletekre vonatkoznak, mint például a nyelv, az adatvédelmi preferenciák. Beállíthatja a böngészőjét, hogy blokkolja ezeket a sütiket, de webhelyünk esetleg nem megfelelően fog működik.
A Süti Adatkezelési Tájékoztatót megismertem és hozzájárulok ahhoz, hogy a Gárdos Mosonyi Tomori Ügyvédi Iroda, mint adatkezelő a Google Analytics sütikkel kapcsolatban az IP címemet statisztikai célból kezelje. Tudomásul veszem, hogy a hozzájárulásomat bármikor visszavonhatom.
