Bill seeks to extend bankruptcy protection period to 120 days – Napi Gazdaság

Competition

A bill drawn up by Hungary's Ministry of Public Administration and Justice would extend the maximum period of time companies may ask for protection from their creditors from 90 to 120 days, business daily Napi Gazdaság said on Thursday.

The bill also places greater accountability on managers who attempt to deceive creditors, the paper said.

The number of bankruptcy protection procedures in Hungary is negligible, perhaps because of the practice of moving assets in companies under mandatory liquidation into another company.

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