Welcome to Budapest. League International for Creditors Budapest
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1 Welcome to Budapest League International for Creditors 2016 Budapest
2 Debt Collection in Hungary Éva Tarczaly Deputy GM Sigma Credit Management Co. Ltd. Budapest
3 Map of Hungary Budapest
4 Hungary - data and figures 1. Population: 9,877,365 person ( ) Density of population: citizen / km 2 Foundation of the Hungarian State is dated to A.D.896 EU accession: 1st of May 2004 Source of data: KSH Budapest
5 Hungary - data and figures 2. Base rate of the Hungarian National Bank CPI -0.2 % p.a. (May 2016) PPI -1.4 % p.a. (April 2016) GDP per capita 13,465 USD 0.9 % p.a. Budapest
6 GDP production rates by economic lines Agriculture 4.7 % Industry, energy 26.5 % Building industry 4.4 % Services 64.4 % incl. Trade, tourism 11.9 % Transport, telecommunication 11.5 % Financial services 17.3 % Education, social services, etc % Sundry personal and cult. services 7.3 % Budapest
7 Regulation related to Debt Collection Transformation in rules Into the XXI st Century State Authority for Financial Institutions Guidelines for Debt Collection European Banking Authority Guidelines on Arrears and Foreclosure 2015 National Bank of Hungary Guidelines 2016 Is your Debtor co-operative enough? Digitalization An IT-system is a Must Budapest
8 Data- and Customer Protection Hungarian Authorities foregoing the EU regulations Hard tasks for Debt Collectors GDPR creates consistency in the application of data protection law across the EU Data subject s rights Compliance Monitoring and compensation Data transfers to a third country Budapest
9 Practice of our days National Data Protection and Information Authority Profound investigations Severe fines National Bank of Hungary as financial supervisor authority Regular and detailed reporting obligations Severe fines Courts, bailiffs Inflexible and ineffective frames Budapest
10 How to collect a claim in Hungary? Amicable way of settlement No general legal rules for this way Can be used by: the creditor itself a collection agency an attorney at law Outsourcing of collection functions Typical after days of delay Budapest
11 How to collect a claim in Hungary? Legal procedure against the debtor Legal rules settled by the Hungarian Civil Code & Code of Civil Procedures Can be used by: First level (default payment summon): Issued by Notary w/o a court hearing Quicker, more simple and cheaper Indispensable: the creditor itself Debts under HUF 1 Mn (appr. USD 5,000) only this way exact address of the debtor Will not be issued in case of limitation If the debtor contradicts the summon in 15 days a lawsuit can automatically be started Budapest
12 Legal procedure against the debtor Next levels (civil action): The Creditor is entitled to represent itself Attorney at law as a representative of the creditor Starts by a petition for suit Two level of Hungarian legal system: First instance of court procedure Appeal against the first instance judgement on the Court of Appeal Specialities Budapest
13 Insolvency procedures - companies 1. Legislation: XLIX Act of 1991 Definition: a firm is insolvent if it cannot pay off its debt in 60 days after the date of maturity and it is stated by Court Two different procedures: Bankruptcy Liquidation with closing the firm The application can be reached in by the debtor itself or by the creditor (or its representative) Budapest
14 Insolvency procedures companies 2. Bankruptcy procedure Starts with the debtor s notifications 90 days of payment moratorium guaranteed In case of no success: liquidation starts Liquidation procedure Can be initiated by: the creditor, the debtor or the order of the court A Liquidator is appointed 40 days to announce a claim to the Liquidator Ranking of claims depends on the origin of the claim After selling the properties of the debtor a final balance is prepared 30 days to raise an objection against the final balance Ends up with the closing of the firm Final Settlement of companies not neccessarily insolvency Budapest
15 Bankruptcy situation in the various economic lines of Hungary 540,000 companies monitored (2015) The most risky lines: Hotels and restaurants 3.05 % Wood industry 2.70 % FMCG industry 2.60 % Building industry 2.59 % Health industry, finance 0.28 % Bisnode Large geographical and economic line differences Budapest
16 Bankruptcy of private persons Legislation CV Act of 2015 Hard to meet requirements Only 400 applications in 6 months Budapest
17 Interest after overdue claims Legal rules settled by the Hungarian Civil Code according to the EU Directive of 35/2000 Between private persons: Due from the date of default Interest rate: base rate of Hungarian National Bank Between B2B partners: Due from the date of default Interest rate: base rate of NBH + 8 % p.a. EUR 40 flat rate of collection Budapest
18 Status of Limitation Term of limitation: generally 5 years Term starts with the due date of the claim Complementary claims are connected to the main claims re the limitation period After limitation a claim cannot be forced by court Budapest
19 Association of Hungarian Debt Collection Agencies and Business Report Providers (MAKISZ) Founded in 1993 Members: 35 Ethical rules that has to be observed all the time: Clients are represented in the most prudent way, without injury of their good reputation All procedures and steps taken by the collection company are strictly in accordance with law and legal regulations Requirements included in Data Protection law are especially considered All data and information that were attached to the cases are treated confidentially Collection agencies not only work lawfully - its appearance must be kept up as well Budapest
20 Services of Debt Collection Agencies Complex service content Main business lines Soft collection and/or classical collection Domestic /and international collection Commercial and/or consumer cases Factoring of disputed or nearly overdue claims Assistance in legal procedures Business information Debtor monitoring, database information Quality of service differs Budapest
21 Towards perfect co-operation What can you expect from your Hungarian collection partner? Effective collection services, local knowledge Quick reactions Detailed reports How can you support it from your side? Sufficient identification data Correct documentation of the claim Budapest
22 Thank you for your attention! Have a nice time in Budapest! mailto:e.tarczaly@sigma.hu Budapest
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