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Resident director and liquidation management
When setting up a new business in Hungary, you may need a reliable, experienced professional ‘on the ground’ who can help you setting up the company, manage the compliance obligations of your entity and represent the company in front of third parties and the authorities.
OUR RESIDENT DIRECTOR
- shall be at the Company’s disposal, and perform the general duties of a managing director under Hungarian laws,
- represent the Company in front of the authorities and third parties
- conclude on management decisions and execute contracts based on work and advice of competent staff or external advisors employed by the Company
Our directors are all experienced managers who have been sitting on the boards of many companies from various industries, operational profile, size and ownership background.
We can provide personal references upon request.
Given the responsibilities and, sometimes, personal liability involved in offering this service, we require indemnity to the director against any potential damages, cost incurred by reason of being director of the Company – assuming Director has acted honestly and in good faith and has not exceeded its competence.
Liquidation management services
There are many reasons which may lead to a decision to winding up the legal entity in Hungary. Winding up, which is also referred to as liquidation, is a process wherein the assets of a company are liquidated. A business can liquidate by disposing of its assets and get them converted into cash so that it can settle the debts of its creditors. Any amount remaining after this procedure and deregistration of the company is then distributed among its shareholders based on their shareholdings.
The process can be a challenging and long one and should be handled by experts with the essential experience and knowledge.
With our liquidation management services, we aim to relieve the client from the administrative burden of winding up its entity where there is lack of resources, management etc. to complete the procedure.
OUR SERVICES INCLUDE:
- taking over the ownership and management of the ‘to-be-liquidated’ company,
- conclude on management decisions to get the company ready for solvent liquidation
- manage the entire liquidation process as liquidator, coordinate across all external advisors included in the process
We have had the experience and the fortune to have worked closely with clients from different types of industries, companies, and businesses to come up with a personalized and tailored solution, which takes care of their distinct individual circumstances.