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Hungary to mandate state liquidator for strategic companies

Hungary's government is to mandate a state-owned liquidator for procedures involving companies of special importance to the national economy under a proposed amendment recently submitted to Parliament by Antal Rogán, an MP of governing Fidesz.

The state-owned liquidator, a nonprofit company, would abide by the same rules as other liquidators, but it would not be registered among its peers. It would be assigned to handle liquidations of companies that provide public services, as defined by the law, that support state restructuring, that have liabilities under a state concession or that are involved in big projects of importance to the national economy.

The aim of the amendment is to speed up agreements with creditors and help companies become solvent through restructuring, thus preserving jobs. In cases where this is not possible, the state liquidator would see the company is wound up as quickly as possible. The amendment's author said it would serve the national interest as well as transparency.