Changes and Reactions in the Fundamental Issues of Hungarian Company Law – Contributions to International Trends in Legal Regulation, Liability and Corporate Governance1

Abstract

Throughout the first decades of the 21st century there have been numerous traditional and modern impacts on Hungarian company law. As a result of the codification of Hungarian civil law, the Civil Code of 2013 incorporated the previously effective substantive legal regulations of company law. Prior to this, Hungarian company law had undergone several modifications, beginning with the change of regime in 1989, through the years of its preparation to join the European Union, and during the initial phases of digitalization. Some more recent influences are, on the one hand, either international in origin (for instance: corporate governance, compliance), or, on the other hand, approaches taken from the legal debates on company law, which have evolved with the development of the law. Modern results demand both reconsideration and synthesis, in order to enable company law to fulfil its duties and achieve its purpose. Company law, corporate governance, mandatory and default rules, liability of director, liability of member, Hungary, Hungarian Civil Code, comply or explain, invalidity of memorandum of association, business association.