Issues with looming insolvency?

There is a solution! Discover the benefits of the restructuring procedure!

The restructuring procedure is an official reorganization process conducted under court supervision.​

Key advantages of the procedure:

• Not all creditors are required to be involved, making the process non-public and not subject to disclosure; only creditors included in the restructuring are informed.​

• The debtor can select the restructuring expert, ensuring that, while adhering to legal provisions and acting as an independent party, the expert operates in the debtor’s interest.​

• In the restructuring plan, the state, municipalities, other public finance organizations, and entities authorized to collect tax and other public debts can grant payment relief to the debtor—such as payment deferrals or installment agreements—and may partially or entirely waive their claims or assign them.​

• Possibility of a forced settlement: Agreement with a single group of creditors (typically secured creditors) suffices, and other groups can be subjected to a forced settlement.​

• Unlike bankruptcy, unsuccessful procedures do not automatically lead to liquidation.​

• A moratorium (public or private) generally lasts until the final conclusion of the procedure.

What are the main differences between bankruptcy and restructuring procedures?

Information

In compliance with Section 3, Paragraph 1 of Act LXIV of 2021, we inform interested parties that CREDIT-AUDIT Kft is listed as number 9 among restructuring experts.
(https://birosag.hu/ugyfeleknek/szerkezetatalakitasi-szakertok-listaja)

In accordance with Section 4, Paragraph 1, complaints in restructuring procedures can be submitted under the “complaint handling” section on the homepage, where our complaint handling policy is also available for download.​

In line with Section 4, Paragraph 2, we also publish our contact addresses for communication and submissions: 1386 Budapest, Pf.: 937, or electronically at szerkezetatalakitas@creditaudit.hu.

CREDIT-AUDIT Kft is currently not appointed as an expert in any public procedures.​

If you are not yet familiar with the restructuring procedure, a court process preceding insolvency proceedings, please review the following brief summary:​

The Restructuring Act was established to provide companies with the opportunity to reach agreements with creditors to adopt a restructuring plan, thereby preventing future insolvency and ensuring long-term, viable, and profitable operations.​

The company prepares a written restructuring plan, consults with the affected creditors, and then submits it for resolution to creditors with voting rights. Both the debtor and the voting creditors participate in the adoption of the restructuring plan.​

The debtor submits the adopted restructuring plan to the court for approval, which issues a decree on the plan’s approval.​

The most important advantages of the restructuring procedure compared to bankruptcy:​

• Unlike bankruptcy, unsuccessful procedures do not automatically lead to liquidation.​

• Not all creditors are required to be involved in the procedure; in such cases, the process remains non-public, is not published in the Company Gazette, and, unlike bankruptcy proceedings, does not have general negative effects.​

• The debtor can select the restructuring expert, ensuring that, while adhering to legal provisions and acting as an independent party, the expert operates in the debtor’s interest. In bankruptcy proceedings, the court appoints the administrator through random selection.​

Our company, with a prepared team of experts, is ready to undertake restructuring advisory and expert tasks.​

We welcome your inquiries and questions at szerkezetatalakitas@creditaudit.hu.