felszámolása

Felszámolása is the process in Hungarian law by which a company or association is dissolved and its assets are liquidated in order to satisfy creditors under the supervision of a liquidator. The goal is to terminate the legal existence of the entity in an orderly and transparent manner, distributing available assets according to statutory rules and finally deregistering the entity.

The procedure can be initiated in different ways. It may be voluntary, decided by the shareholders or members to wind up the company (önkéntes felszámolás), or it can be court-ordered due to insolvency or other grounds (kényszers felszámolás). In compulsory cases, the court issues an order that triggers the liquidation process, appointing a felszámoló (liquidator) to oversee the proceedings.

During the process, the felszámoló is responsible for inventorying and realizing assets, accepting and verifying creditor claims, and proposing a plan for distribution of proceeds. Creditors submit their claims, which are verified and paid in a statutory order of priority. Fees and costs of the liquidation, including the liquidator’s remuneration, are satisfied first, followed by employee claims, tax and social security obligations, and other unsecured claims. If assets are insufficient to cover all claims, payments are made pro rata.

The process concludes with a final report and a court decision to terminate the legal existence of the entity, which is then deregistered from the company registry. After felszámolása, the company generally cannot continue business activities, although some residual liabilities may persist depending on the jurisdiction and the specific circumstances.