HUNGARY Law and Practice Contributed by: John Fenemore, Szabolcs Mestyán, Adrienn Mándoki and Nóra Kertai, Lakatos, Köves & Partners
8.2 Claims to Set Aside or Annul a Transaction or a Transfer
an amendment of an existing contract for the ben - efit of such creditor, or provision of collateral to an unsecured creditor. • Contracts concluded or legal declarations made by the insolvent company within three years of the date preceding the date when a competent court received a petition for the initiation of liquidation proceedings or at any time thereafter, if the sub - ject matter of such contract or legal declaration is transfer of ownership or assignment of right or claim by way of security or exercising call option right granted by way of security where the ben - eficiary has exercised such acquired right without (duly) fulfilling its obligation to account with the debtor and/or failed to return to the debtor the amount exceeding the amount of the secured claim (ie, no adequate settlement has occurred). In the event any of the above security interests has not been registered in the appropriate registry, the condi - tions of the challenge will be deemed fulfilled.
Individual creditors or the liquidator may, only in the context of an insolvent liquidation, submit a claw-back claim of challenge. See 8.1 Circumstances for Setting Aside a Transaction or Transfer .
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