Duties of the debtor

The duties of the debtors' directors in case of a liquidation /according to the Laws of Liquidation and Bankruptcy year: 1991 law: XLIX §: 31. article: (1)/

1./ He must inform the employees, also according to the Labor Code §: 270. all defined unions, the labor committees (committee trustee) of the liquidation process within 8 days.

2./ According to the year: 1991. law: XLIX. §: 57. article: (1) point: c). he must inform all the entitled of the claims about the beginning of the liquidation within 15 days of its beginning day.

3./ He must make a closing inventory on the day before the beginning day of the liquidation, also closing annual report, or a simplified annual report also must make a final tax balance and all these must be handed over to the liquidator and the tax office within 30 days of the beginning date of the liquidation. This balance must be called "a final interpretership closing balance". In the case your company has a dual bookkeeping according to the Laws of Accountancy year: 2000, law: C., the annual report must contain an auditor's clause, because the liquidator shall not accept it otherwise. He shall also provide to the liquidator proof of the annual report being submitted to NAV's (National Tax and Duty Office) county assigned office as well as it being submitted to Céginformációs Szolgálat (Firm Information Service).

He must declare that the given data about the financial status of the debtor is real and trustworthy, also that since the acceptance of the report what significant changes in the financial status of the debtor have taken place.

The reports marked in the Laws of Accountancy and also in the Government Edict 225/2000. (XII.19.) have to be carried out as written. annual report, or simplified annual report with the balance included, result report and an attachment all have to be prepared.

The monetary implements reported in the balance have to be handed over in cash.

The annual report or the simplified annual report can not contain active or passive delimitations, or value amendments evaluation provisions, since the organization is finishing its function.

In the function closing balance the values of the elapsed time must be written over to the final values provision.

The liquidator will handle all of the assets of the organization according to the balance supported by the inventory.

4./ From the beginning day of the liquidation, within 15 days, the liquidator and the assigned environmental inspector must supply in writing whether there are any such environmental damages, environmental burdens from which there are leftover charges, penalties from which expenses can amount.(106/1995. (IX.08.) Government Edict)

Environmental declaration 

The environmental declaration must be filled out (separately for the head office and the branch offices) and then be mailed to the assigned environmental inspector's office.

The liquidator must receive the copy of the environmental declaration by mail along with the postal registration form.

5./ Within 30 days, he must give information about the time period prior to the arrival date for the request of the liquidation process to the courts:

within the five years and in the time following that all contracts or any legal declarations made from which the debtor's assets in any way would decrease, in case the debtor's intent was to elude the creditor or the creditors and the other party had knowledge of this or should have had knowledge of it;

within two years and following that, all such contracts or any other legal declarations, the matter of which was to alienate any assets of the debted organization at free of charge, or of a covenant taken free of charge, or a onerous legal matter with a third person made at a very unreasonable value difference;

within 90 days and following that, all contracts or any other legal declarations, in case the matter of which is to favor a creditor, especially in an already existing contract being changed to favor the creditor or giving assurance to the creditor who has no assurance;

He has to declare all these with it being the base of criminal responsibility according to the Laws of Liquidation.

6./ Within 30 days he must make a list of documentation of the non-disposable and confidential documents, those, all the office documentation material, also the assets according to the inventory have to be handed over to the liquidator, must inform about the ongoing matters, procedures. Furthermore separately has to declare that he has fulfilled his responsibilities about handing over the material.

7./ He has to hand over the documentation stating all payable fees to all employed or any other contractors on the first day of the liquidation.

Datasheet for liquidation 

8./ Ha has to hand over all documentation of polity and legal matter, the company contract and any other inner regulation the documentation of the procuration. Must make an account of all of the given out stamps, which have to be recalled and handed over to the liquidator. Also all contracts in effect have to be handed over to the liquidator.

9./ The closing balance being confirmed by the inventory, has to be handed over to the liquidator along with all property stating documents of real states owed by the firm.

10./ The debtor must give information of the interpretership of the times prior to the liquidation, and must help the work of the liquidator.

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