{"id":2449,"date":"2020-04-09T09:02:57","date_gmt":"2020-04-09T07:02:57","guid":{"rendered":"https:\/\/blogs.dlapiper.com\/advocatus\/?p=2449"},"modified":"2022-03-03T17:16:20","modified_gmt":"2022-03-03T16:16:20","slug":"a-standstill-megallapodas-avagy-a-kotelmi-kabat","status":"publish","type":"post","link":"https:\/\/blogs.dlapiper.com\/advocatus\/2020\/04\/a-standstill-megallapodas-avagy-a-kotelmi-kabat\/","title":{"rendered":"A standstill meg\u00e1llapod\u00e1s, avagy a \u201ek\u00f6telmi kab\u00e1t\u201d"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2449\" class=\"elementor elementor-2449\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5ed28f3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5ed28f3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7794d7e1\" data-id=\"7794d7e1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-61367bc2 elementor-widget elementor-widget-text-editor\" data-id=\"61367bc2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n<li><strong>A v\u00e1llalkoz\u00e1sok \u00e9let\u00e9ben el\u0151fordul\u00f3 egyik legnagyobb kih\u00edv\u00e1st a fizet\u00e9sk\u00e9ptelens\u00e9g, az azzal fenyeget\u0151 helyzetek jelentik.<\/strong><\/li>\n<li><strong>Jelenleg a vil\u00e1g sz\u00e1mos orsz\u00e1g\u00e1nak korm\u00e1nyzatai jogszab\u00e1lyi szint\u0171 int\u00e9zked\u00e9sekkel pr\u00f3b\u00e1lj\u00e1k kontroll\u00e1lni a COVID-19 nyilv\u00e1nval\u00f3an negat\u00edv gazdas\u00e1gi hat\u00e1sait, amelyek \u2013 t\u00f6bbek k\u00f6z\u00f6tt \u2013 hat\u00e1sukat tekintve \u201efelf\u00fcggeszt\u0151\u201d jelleg\u0171 int\u00e9zked\u00e9seket is tartalmaznak. <\/strong><\/li>\n<li><strong>A j\u00e1rv\u00e1ny k\u00f6vetkezt\u00e9ben, ak\u00e1r egy\u00e9b okb\u00f3l felmer\u00fclt p\u00e9nz\u00fcgyi neh\u00e9zs\u00e9gek eset\u00e9n is javasolt lehet a megl\u00e9v\u0151 finansz\u00edroz\u00e1sok restrukt\u00far\u00e1l\u00e1s\u00e1nak megfontol\u00e1sa, \u00e9s az esetleges \u201emorat\u00f3rium\u201d jelleg\u0171 jogok \u00e9s k\u00f6telezetts\u00e9gek standstill meg\u00e1llapod\u00e1sban t\u00f6rt\u00e9n\u0151 szab\u00e1lyoz\u00e1sa.<\/strong><\/li>\n<li><strong>Seres M\u00e1rk a DLA Piper Hungary szak\u00e9rt\u0151je a neh\u00e9z p\u00e9nz\u00fcgyi helyzettel szembes\u00fcl\u0151 c\u00e9gek restruktur\u00e1l\u00e1si lehet\u0151s\u00e9geit veszi sz\u00e1mba.<\/strong><\/li>\n<\/ul>\n<h2><u>I. P\u00e9nz\u00fcgyi neh\u00e9zs\u00e9gekkel \u00e9rintett v\u00e1llalkoz\u00e1sok<br><\/u><\/h2>\n<p>Egy v\u00e1llalkoz\u00e1s megalap\u00edt\u00e1s\u00e1t\u00f3l kezdve sz\u00e1mtalan kih\u00edv\u00e1ssal \u00e9s feladattal kell, hogy szembes\u00fclj\u00f6n. Az egyik legnagyobb kih\u00edv\u00e1s azonban az, amikor egy v\u00e1llalkoz\u00e1s fizet\u00e9sk\u00e9ptelens\u00e9gi vagy azzal a fenyeget\u0151 helyzetben tal\u00e1lja mag\u00e1t. Olyan helyzetben, amikor felmer\u00fcl, hogy az esed\u00e9kess\u00e9 v\u00e1l\u00f3 k\u00f6telezetts\u00e9geit nem fogja tudni az el\u0151\u00edrt hat\u00e1rid\u0151ben teljes\u00edteni. Ez azzal a k\u00f6vetkezm\u00e9nnyel is j\u00e1rhat, hogy a hitelez\u0151i felsz\u00e1mol\u00e1si elj\u00e1r\u00e1st kezdem\u00e9nyeznek a v\u00e1llalkoz\u00e1ssal szemben, aminek eredm\u00e9nyek\u00e9nt ak\u00e1r az is lehets\u00e9ges, hogy a v\u00e1llalkoz\u00e1s megsz\u0171nik l\u00e9tezni. Alighanem ezt a szcen\u00e1ri\u00f3t mind a v\u00e1llalkoz\u00e1s, mind a hitelez\u0151k el k\u00edv\u00e1nj\u00e1k ker\u00fclni, hiszen<\/p>\n<blockquote>\n<p>a jelenlegi adatok szerint a magyar fizet\u00e9sk\u00e9ptelens\u00e9gi elj\u00e1r\u00e1sokban a biztos\u00edtott hitelez\u0151k mind\u00f6sszesen 43%-os megt\u00e9r\u00fcl\u00e9si ar\u00e1nnyal rendelkeznek, ami elmarad az Eur\u00f3pai Uni\u00f3s \u00e1tlagt\u00f3l.<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a><\/p>\n<\/blockquote>\n<p>Megjegyezz\u00fck, hogy jelenleg a COVID-19 k\u00f6vetkezt\u00e9ben kialakult gazdas\u00e1gi sokk \u00e9s a termel\u00e9si l\u00e1ncok sz\u00e9tszakad\u00e1sa is odavezethet, hogy olyan v\u00e1llalkoz\u00e1sok is fizet\u00e9sk\u00e9ptelens\u00e9gi vagy azzal fenyeget\u0151 helyzetben tal\u00e1lhatj\u00e1k magukat, akiknek \u00fczleti eredm\u00e9nyei, strat\u00e9gi\u00e1i, versenyk\u00e9pess\u00e9ge \u00e9s gazdas\u00e1gi poz\u00edci\u00f3ja norm\u00e1l gazdas\u00e1gi k\u00f6r\u00fclm\u00e9nyek k\u00f6z\u00f6tt nem indokoln\u00e1 azt, hogy p\u00e9nz\u00fcgyi helyzet\u00fck megrend\u00fclj\u00f6n. Helyzet\u00fck radik\u00e1lis megv\u00e1ltoz\u00e1sa nem felt\u00e9tlen\u00fcl rossz \u00fczleti d\u00f6nt\u00e9s\u00fck k\u00f6vetkezm\u00e9nye, hanem annak tudhat\u00f3 be, hogy<\/p>\n<blockquote>\n<p>a vil\u00e1ggazdas\u00e1gban egy p\u00e9lda n\u00e9lk\u00fcli helyzet \u00e1llt el\u0151, \u00e9s ennek glob\u00e1lis \u00e9s lok\u00e1lis hull\u00e1mai megrend\u00edtett\u00e9k sz\u00e1mos gazdas\u00e1g \u00e9s gazdas\u00e1gi szerepl\u0151 teljes\u00edt\u0151k\u00e9pess\u00e9g\u00e9t.<\/p>\n<\/blockquote>\n<p>Jelenleg a vil\u00e1g sz\u00e1mos orsz\u00e1g\u00e1nak korm\u00e1nyzatai jogszab\u00e1lyi szint\u0171 int\u00e9zked\u00e9sekkel pr\u00f3b\u00e1lj\u00e1k kontroll\u00e1lni a COVID-19 nyilv\u00e1nval\u00f3an negat\u00edv gazdas\u00e1gi hat\u00e1sait, amelyek \u2013 t\u00f6bbek k\u00f6z\u00f6tt \u2013 hat\u00e1sukat tekintve \u201efelf\u00fcggeszt\u0151\u201d jelleg\u0171 int\u00e9zked\u00e9seket is tartalmaznak. A v\u00e1llalkoz\u00e1sok \u00e9s hitelez\u0151ik jogviszonyainak egyedi el\u0151\u00edr\u00e1saira tekintettel ak\u00e1r a COVID-19 k\u00f6vetkezt\u00e9ben, ak\u00e1r egy\u00e9b okb\u00f3l felmer\u00fclt p\u00e9nz\u00fcgyi neh\u00e9zs\u00e9gek eset\u00e9n is javasolt lehet a megl\u00e9v\u0151 finansz\u00edroz\u00e1sok restrukt\u00far\u00e1l\u00e1s\u00e1nak megfontol\u00e1sa, \u00e9s az esetleges \u201emorat\u00f3rium\u201d jelleg\u0171 jogok \u00e9s k\u00f6telezetts\u00e9gek standstill meg\u00e1llapod\u00e1sban t\u00f6rt\u00e9n\u0151 szab\u00e1lyoz\u00e1sa.<\/p>\n<h2><u>II. Egyes v\u00e1laszt\u00e1si lehet\u0151s\u00e9gek p\u00e9nz\u00fcgyi neh\u00e9zs\u00e9gek eset\u00e9n<\/u><\/h2>\n<h4>&nbsp;<\/h4>\n<h4>Fizet\u00e9sk\u00e9ptelens\u00e9gi elj\u00e1r\u00e1sok (k\u00fcl\u00f6n\u00f6sen cs\u0151delj\u00e1r\u00e1s)<\/h4>\n<p>Egy alapvet\u0151en j\u00f3l m\u0171k\u00f6d\u0151 \u00e9s megfelel\u0151 eszk\u00f6z \u00e1llom\u00e1nnyal rendelkez\u0151, de (ak\u00e1r ideiglenes, ak\u00e1r tart\u00f3s) fizet\u00e9sk\u00e9ptelens\u00e9gi helyzettel szembes\u00fcl\u0151 v\u00e1llalkoz\u00e1s sz\u00e1m\u00e1ra, a magyar fizet\u00e9sk\u00e9ptelens\u00e9gi jogi rezsimben a legk\u00e9zenfekv\u0151bb v\u00e1laszt\u00e1s a cs\u0151delj\u00e1r\u00e1s megind\u00edt\u00e1sa lehet (minden esetben az \u00f6sszes k\u00f6r\u00fclm\u00e9ny alapos figyelembev\u00e9tel\u00e9vel \u00e9s m\u00e9rlegel\u00e9s\u00e9vel).<\/p>\n<blockquote>\n<p>Ebben az esetben a v\u00e1llalkoz\u00e1sokat automatikus \u00e9s t\u00f6rv\u00e9nyi szint\u0171 ideiglenes fizet\u00e9si morat\u00f3rium illeti meg, mely gyakran ink\u00e1bb csak elm\u00e9leti lehet\u0151s\u00e9get ad arra, hogy hitelez\u0151ikkel \u00fajra t\u00e1rgyalj\u00e1k megl\u00e9v\u0151 finansz\u00edroz\u00e1si strukt\u00far\u00e1jukat.<\/p>\n<\/blockquote>\n<p>A gyakorlatban a cs\u0151delj\u00e1r\u00e1s a legt\u00f6bbsz\u00f6r sikertelen, amely \u00edgy felsz\u00e1mol\u00e1si elj\u00e1r\u00e1ss\u00e1 alakul \u00e9s szint\u00e9n elvezet a megsz\u0171n\u00e9shez, emiatt minden esetben sz\u00fcks\u00e9ges, hogy egy ilyen elj\u00e1r\u00e1s megind\u00edt\u00e1s\u00e1t alapos megfontol\u00e1s el\u0151zze meg. Tov\u00e1bb\u00e1 a cs\u0151d mint fogalom rendk\u00edv\u00fcl negat\u00edv jelent\u00e9ssel b\u00edr az eur\u00f3pai kontinensen, amelyet a szakirodalom a <em>\u201ebankruptcy stigma\u201d <\/em>fogalm\u00e1val foglalt \u00f6ssze.<a href=\"#_ftn2\" name=\"_ftnref2\">[2]<\/a> Ezt t\u00e1masztja al\u00e1 az is, hogy egy felm\u00e9r\u00e9s szerint az EU-s \u00e1llampolg\u00e1rok 47 %-a nem sz\u00edvesen rendelne szolg\u00e1ltat\u00e1st olyan v\u00e1llalkoz\u00e1sokt\u00f3l, amelyek el\u0151z\u0151leg cs\u0151dbe mentek \u00e9s az EU-s \u00e1llampolg\u00e1rok 51%-a soha nem fektetne olyan v\u00e1llalatba, amely p\u00e9nz\u00fcgyi neh\u00e9zs\u00e9gekkel k\u00fczd.<a href=\"#_ftn3\" name=\"_ftnref3\">[3]<\/a> Az adatokb\u00f3l is j\u00f3l l\u00e1that\u00f3, hogy a cs\u0151delj\u00e1r\u00e1s nem felt\u00e9tlen\u00fcl megfelel\u0151 eszk\u00f6z egy \u00f6nhib\u00e1n k\u00edv\u00fcl fizet\u00e9sk\u00e9ptelens\u00e9gi helyzetbe ker\u00fclt versenyk\u00e9pes v\u00e1llalkoz\u00e1snak ahhoz, hogy megl\u00e9v\u0151 finansz\u00edroz\u00e1sait restrukt\u00far\u00e1lja.<\/p>\n<h4>A standstill meg\u00e1llapod\u00e1s (restrukt\u00far\u00e1l\u00e1s)<\/h4>\n<p>A standstill meg\u00e1llapod\u00e1s egy olyan szerz\u0151d\u00e9s, amelyben a p\u00e9nz\u00fcgyi neh\u00e9zs\u00e9gekkel k\u00fczd\u0151 v\u00e1llalkoz\u00e1s k\u00f6telmi hat\u00e1llyal szerz\u0151d\u00e9st k\u00f6t saj\u00e1t hitelez\u0151ivel, alapvet\u0151en azzal a c\u00e9llal, hogy a hitelez\u0151k v\u00e1llalj\u00e1k egy meghat\u00e1rozott id\u0151re azt, hogy a fenn\u00e1ll\u00f3 k\u00f6vetel\u00e9seiket \u00e9s az azokhoz kapcsol\u00f3d\u00f3 biztos\u00edt\u00e9kokat nem \u00e9rv\u00e9nyes\u00edtik, ezzel megteremtve a <em>status quo<\/em>-t, ami a restrukt\u00far\u00e1l\u00e1s konszenzuson alapul\u00f3 kit\u00e1rgyal\u00e1s\u00e1t \u00e9s z\u00e1r\u00e1s\u00e1t lehet\u0151v\u00e9 teszi. Ilyen szerz\u0151d\u00e9s megk\u00f6t\u00e9s\u00e9re tipikusan a fizet\u00e9si neh\u00e9zs\u00e9gbe vagy neh\u00e9z p\u00e9nz\u00fcgyi helyzetbe<a href=\"#_ftn4\" name=\"_ftnref4\">[4]<\/a> ker\u00fclt v\u00e1llalkoz\u00e1s finansz\u00edroz\u00e1s\u00e1nak restrukt\u00far\u00e1l\u00e1sa (ide\u00e9rtve az esetleges refinansz\u00edroz\u00e1st is) szokott legink\u00e1bb alkalmat adni. Megjegyezz\u00fck, hogy a restrukt\u00far\u00e1l\u00e1sok a hitelez\u0151k sz\u00e1m\u00e1ra is vonz\u00f3 megold\u00e1st jelenthetnek, k\u00fcl\u00f6n\u00f6sen olyan esetekben, ahol a restrukt\u00far\u00e1l\u00e1s eredm\u00e9nyek\u00e9ppen es\u00e9ly van arra, hogy a k\u00f6vetel\u00e9seik teljes m\u00e9rt\u00e9kben visszafizet\u00e9sre ker\u00fcljenek, ellenben azzal a lehets\u00e9ges kock\u00e1zattal (pl. ha nem vagy nem megfelel\u0151en biztos\u00edtottak), hogy restrukt\u00far\u00e1l\u00e1s hi\u00e1ny\u00e1ban ak\u00e1r csak r\u00e9szben ker\u00fclnek kiel\u00e9g\u00edt\u00e9sre. Nyilv\u00e1nval\u00f3an az el\u0151bbi el\u0151felt\u00e9tele, hogy az adott v\u00e1llalkoz\u00e1s t\u00e9nyleges \u00e9rt\u00e9kkel b\u00edrjon a piacon \u00e9s megfelel\u0151 k\u00f6z\u00e9p- \u00e9s hossz\u00fa t\u00e1v\u00fa \u00fczleti tervvel is rendelkezzen.<\/p>\n<p>A standstill meg\u00e1llapod\u00e1s l\u00e9nyeg\u00e9ben arr\u00f3l sz\u00f3l, hogy<\/p>\n<blockquote>\n<p>a felek meg\u00e1llapodnak, hogy a szerz\u0151d\u00e9s ideje alatt a hitelez\u0151k az ad\u00f3ssal szemben fenn\u00e1ll\u00f3 k\u00f6vetel\u00e9seiket nem \u00e9rv\u00e9nyes\u00edtik<a href=\"#_ftn5\" name=\"_ftnref5\">[5]<\/a>, illetve felf\u00fcggesztik az ad\u00f3s fizet\u00e9si k\u00f6telezetts\u00e9geit.<\/p>\n<\/blockquote>\n<p>\u00cdgy a fizet\u00e9si neh\u00e9zs\u00e9gbe ker\u00fclt v\u00e1llalkoz\u00e1s finansz\u00edroz\u00e1s\u00e1t \u00faj alapokra tudj\u00e1k helyezni. Tekintettel arra, hogy a hitelez\u0151k jogainak gyakorl\u00e1sa feltehet\u0151en megv\u00e1ltozik a standstill helyzetben (pl. felmond\u00e1si jog gyakorl\u00e1sa bilater\u00e1lis alapon kiz\u00e1r\u00e1sra ker\u00fcl), hitelez\u0151i oldalon figyelemmel kell lenni arra, hogy a hitelez\u0151k k\u00fcl\u00f6nb\u00f6z\u0151 d\u00f6nt\u00e9si mechanizmusokat vezessenek be, ami megfelel\u0151en kezeli a bels\u0151 viszonyukat. Fontos megjegyezni, hogy a hitelez\u0151k jogainak felf\u00fcggeszt\u00e9se tipikusan id\u0151leges \u00e9s a standstill megsz\u0171n\u00e9se ut\u00e1n ezen jogok gyakorl\u00e1s\u00e1nak lehet\u0151s\u00e9ge \u00fajra\u00e9led. A meg\u00e1llapod\u00e1s megk\u00f6t\u00e9se n\u00e9lk\u00fcl nehezen lenne elk\u00e9pzelhet\u0151 a polg\u00e1ri jogi mell\u00e9rendelts\u00e9g helyzete, hiszen a hitelez\u0151k b\u00e1rmikor megind\u00edthatn\u00e1k a fizet\u00e9sk\u00e9ptelen vagy p\u00e9nz\u00fcgyi neh\u00e9zs\u00e9ggel k\u00fczd\u0151 ad\u00f3ssal szemben a fizet\u00e9sk\u00e9ptelens\u00e9gi elj\u00e1r\u00e1st, \u00edgy pedig a t\u00e1rgyal\u00e1si poz\u00edci\u00f3k meglehet\u0151sen felboruln\u00e1nak. Az MNB aj\u00e1nl\u00e1s\u00e1ban is kifejezte, hogy a v\u00e1llalati nem teljes\u00edt\u0151 portf\u00f3li\u00f3 ar\u00e1ny\u00e1nak cs\u00f6kkent\u00e9s\u00e9ben kiemelt szerepet tulajdon\u00edt a hitelez\u0151k k\u00f6z\u00f6tti, illetve a hitelez\u0151k \u00e9s az ad\u00f3sok k\u00f6z\u00f6tti konstrukt\u00edv \u00e9s j\u00f3hiszem\u0171 egy\u00fcttm\u0171k\u00f6d\u00e9snek, azaz a megegyez\u00e9sen alapul\u00f3 \u00e1tstruktur\u00e1l\u00e1snak.<a href=\"#_ftn6\" name=\"_ftnref6\">[6]<\/a><\/p>\n<blockquote>\n<p>A standstill egyik l\u00e9nyegi eleme, hogy a felek a szerz\u0151d\u00e9si jog diszpozit\u00edv szab\u00e1lyoz\u00e1sa k\u00f6vetkezt\u00e9ben ig\u00e9nyeikre szabhatj\u00e1k e \u201emorat\u00f3rium\u201d meghat\u00e1roz\u00f3 elemeit. \u00c1ltal\u00e1noss\u00e1gban elmondhat\u00f3, hogy a standstill meg\u00e1llapod\u00e1st hat\u00e1rozott id\u0151re k\u00f6tik a felek \u00e9s a hitelez\u0151kt\u0151l elv\u00e1r\u00e1s, hogy fenntarts\u00e1k a rendelkez\u00e9sre \u00e1ll\u00f3 finansz\u00edroz\u00e1sokat legal\u00e1bb a meg\u00e1llapod\u00e1s megk\u00f6t\u00e9sekor fenn\u00e1ll\u00f3 szinten azaz, hogy a standstillre tekintettel ne cs\u00f6kkents\u00e9k a v\u00e1llalkoz\u00e1s rendelkez\u00e9s\u00e9re \u00e1ll\u00f3 hitelkereteket.<\/p>\n<\/blockquote>\n<p>K\u00fcl\u00f6n\u00f6sen fontos, hogy a meg\u00e1llapod\u00e1s lehet\u0151leg min\u00e9l sz\u00e9lesebb k\u00f6rben, az ad\u00f3s \u00e9s valamennyi hitelez\u0151je jogait \u00e9s k\u00f6telezetts\u00e9geit szab\u00e1lyozza, lehet\u0151leg egyenl\u0151 helyzetet teremtve a hitelez\u0151k k\u00f6z\u00f6tt<a href=\"#_ftn7\" name=\"_ftnref7\">[7]<\/a>. Alapvet\u0151en ellent\u00e9tes a standstill meg\u00e1llapod\u00e1s c\u00e9lj\u00e1val egy olyan helyzet, amiben egyes hitelez\u0151k kv\u00e1zi helyzetel\u0151nyben (pl. ak\u00e1r kimaradva a standstillb\u0151l) versenyeznek a miel\u0151bbi megt\u00e9r\u00fcl\u00e9s \u00e9rdek\u00e9ben \u2013 ak\u00e1r \u00fagy is, hogy fizet\u00e9sk\u00e9ptelens\u00e9gi elj\u00e1r\u00e1st ind\u00edtanak az ad\u00f3s ellen. A standstillben r\u00e9sztvev\u0151 hitelez\u0151k az ilyen helyzetek elker\u00fcl\u00e9se \u00e9s kezel\u00e9se \u00e9rdek\u00e9ben kifejezett felmond\u00e1si jogokat k\u00e9rhetnek a standstill meg\u00e1llapod\u00e1sban. Ha valaki p\u00e9ld\u00e1ul felsz\u00e1mol\u00e1si elj\u00e1r\u00e1st ind\u00edt a v\u00e1llalkoz\u00e1s ellen, akkor a hitelez\u0151k jogosultak legyenek felmondani a standstillt, \u00edgy elker\u00fclve azt, hogy l\u00e9p\u00e9sh\u00e1tr\u00e1nyba ker\u00fcljenek.<a href=\"#_ftn8\" name=\"_ftnref8\">[8]<\/a><\/p>\n<blockquote>\n<p>A v\u00e1llalkoz\u00e1s szempontj\u00e1b\u00f3l fontos m\u00e9g kiemelni, hogy fenn\u00e1ll annak a lehet\u0151s\u00e9ge, hogy a hitelez\u0151k valamilyen biztos\u00edt\u00e9kokat k\u00e9rnek a standstill meg\u00e1llapod\u00e1s megk\u00f6t\u00e9s\u00e9re tekintettel a fenn\u00e1ll\u00f3 finansz\u00edroz\u00e1sok vonatkoz\u00e1s\u00e1ban, illet\u0151leg az is, hogy bizonyos korl\u00e1toz\u00e1sok bevezet\u00e9s\u00e9t ig\u00e9nylik a t\u00e1rsas\u00e1gra (pl. eszk\u00f6z \u00e9rt\u00e9kes\u00edt\u00e9sek limit\u00e1l\u00e1sa, \u201e<em>excess cash<\/em>\u201d felhaszn\u00e1l\u00e1s\u00e1nak korl\u00e1toz\u00e1sa).<\/p>\n<\/blockquote>\n<p>Megjegyezz\u00fck, hogy a standstill meg\u00e1llapod\u00e1snak \u00fagymond \u201ecsak\u201d k\u00f6telmi hat\u00e1lya van, \u00edgy azt is figyelembe kell venni a szerz\u0151d\u00e9ses biztos\u00edt\u00e9ki strukt\u00fara kialak\u00edt\u00e1s\u00e1n\u00e1l, hogy a hitelez\u0151nek \u201ene \u00e9rje meg\u201d megszegni a meg\u00e1llapod\u00e1st \u00e9s megind\u00edtani az ad\u00f3ssal szembeni fizet\u00e9sk\u00e9ptelens\u00e9gi elj\u00e1r\u00e1sokat.<\/p>\n<p>Felmer\u00fclhet a restrukt\u00far\u00e1l\u00e1s kapcs\u00e1n, hogy a v\u00e1llalkoz\u00e1s megment\u00e9s\u00e9hez \u00faj finansz\u00edroz\u00e1s is sz\u00fcks\u00e9ges lehet (pl. egy megl\u00e9v\u0151 finansz\u00edroz\u00e1s kies\u00e9se miatt). Az ilyen jelleg\u0171 ig\u00e9nyek is megfelel\u0151en kezelhet\u0151k m\u00e1r mag\u00e1ban a standstill meg\u00e1llapod\u00e1sban.<\/p>\n<p>A cs\u0151delj\u00e1r\u00e1ssal szemben tov\u00e1bbi l\u00e9nyeges el\u0151nye a standstill meg\u00e1llapod\u00e1snak, hogy egy\u00e1ltal\u00e1n nem formaliz\u00e1lt, nincsenek k\u00f6telez\u0151 t\u00f6rv\u00e9nyi el\u0151\u00edr\u00e1sok \u00e9s nem nyilv\u00e1nos, \u00edgy a v\u00e1llalkoz\u00e1s el tudja ker\u00fclni a \u201e<em>bankruptcy stigma<\/em>\u201d -t \u00e9s az azzal j\u00e1r\u00f3 esetleges negat\u00edv k\u00f6vetkezm\u00e9nyeket.<\/p>\n<blockquote>\n<p>A szerz\u0151d\u00e9s al\u00e1\u00edr\u00e1sa ut\u00e1n az ad\u00f3s id\u0151t nyer, hogy t\u00e1rgyaljon hitelez\u0151ivel, elker\u00fcli a fizet\u00e9sk\u00e9ptelens\u00e9gi elj\u00e1r\u00e1sokat \u00e9s a hitelez\u0151knek pedig lesz idej\u00fck arra, hogy val\u00f3s \u00e9s megb\u00edzhat\u00f3 k\u00e9pet kapjanak az ad\u00f3s v\u00e1llalkoz\u00e1s t\u00e9nyleges p\u00e9nz\u00fcgyi helyzet\u00e9r\u0151l (ak\u00e1r egy \u00e1tvil\u00e1g\u00edt\u00e1s keret\u00e9ben, amennyiben a rendelkez\u00e9sre \u00e1ll\u00f3 id\u0151 lehet\u0151v\u00e9 teszi). Ezek megteremtik a lehet\u0151s\u00e9get a finansz\u00edroz\u00e1si felt\u00e9telek megfelel\u0151 \u00fajragombol\u00e1s\u00e1hoz \u00e9s az esetleges tov\u00e1bbi finansz\u00edroz\u00e1s megfontol\u00e1s\u00e1hoz.<\/p>\n<\/blockquote>\n<h2><u>III. Befejez\u00e9s<\/u><\/h2>\n<p>A 47\/2020. (III. 18.) Korm. rendelet 2020. december 31-ig bevezetett egy fizet\u00e9si morat\u00f3riumot, amely a hat\u00e1lya al\u00e1 tartoz\u00f3 szerz\u0151d\u00e9sek alatti fizet\u00e9si k\u00f6telezetts\u00e9gek (t\u0151ke, kamat, d\u00edjak) eset\u00e9ben fel\u00fcl\u00edrja a felek k\u00f6telmi meg\u00e1llapod\u00e1s\u00e1t, amennyiben azt 2020. m\u00e1rcius 18. \u00e9jf\u00e9lig megk\u00f6t\u00f6tt\u00e9k. Azonban a rendelet lehet\u0151s\u00e9get ad arra, hogy a felek elt\u00e9rjenek a rendeletben foglalt fizet\u00e9si morat\u00f3rium szab\u00e1lyai al\u00f3l \u00e9s olyan finansz\u00edroz\u00e1si kond\u00edci\u00f3kat alak\u00edtsanak ki, amely a sz\u00e1mukra legmegfelel\u0151bb megold\u00e1ssal j\u00e1r. A kialakult gazdas\u00e1gi helyzetben v\u00e1rhat\u00f3an lesznek olyan versenyk\u00e9pes v\u00e1llalkoz\u00e1sok, akik a gazdas\u00e1gi sokk k\u00f6vetkezt\u00e9ben ideiglenesen p\u00e9nz\u00fcgyi neh\u00e9zs\u00e9gekkel fognak szemben\u00e9zni. \u00dagy gondoljuk, hogy erre minden gazdas\u00e1gi szerepl\u0151nek \u00e9rdemes el\u0151re felk\u00e9sz\u00fclnie, \u00e9s ez\u00e9rt k\u00e9sz\u00edtett\u00fck el ezt a r\u00f6vid t\u00e1j\u00e9koztat\u00f3 anyagot arr\u00f3l, hogy ilyenkor mi lehet az egyik els\u0151 l\u00e9p\u00e9s, amit \u00e9rdemes megfontolni. A standstill meg\u00e1llapod\u00e1s a finansz\u00edroz\u00e1s \u00e1tstrukt\u00far\u00e1l\u00e1s\u00e1hoz egy piackonform \u00e9s rugalmas lehet\u0151s\u00e9g mind az ad\u00f3snak, mind a hitelez\u0151nek.<\/p>\n<blockquote>\n<p>L\u00e1that\u00f3, hogy a cs\u0151d \u00e9s felsz\u00e1mol\u00e1si elj\u00e1r\u00e1sok elker\u00fcl\u00e9se nem csak az ad\u00f3si oldal, hanem a hitelez\u0151k \u00e9rdeke is, hiszen egy \u00faj finansz\u00edroz\u00e1si strukt\u00far\u00e1ban teljes megt\u00e9r\u00fcl\u00e9st \u00e9rhetnek el, szemben a felsz\u00e1mol\u00e1si elj\u00e1r\u00e1s sor\u00e1n el\u00e9rt \u00e1tlagos 43%-os ar\u00e1nysz\u00e1mhoz. A kialakult helyzet kezel\u00e9se lemond\u00e1sokkal j\u00e1rhat mindk\u00e9t oldal r\u00e9sz\u00e9r\u0151l, de a k\u00f6z\u00f6s \u00e9rdek \u00e1ltal\u00e1noss\u00e1gban k\u00e9pes megegyez\u00e9sre terelni a feleket.<\/p>\n<\/blockquote>\n<p><em>Forr\u00e1sok:<\/em><\/p>\n<p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> Borb\u00e9ly G\u00e1bor \u2013 Fab\u00f3k Zolt\u00e1n: Quo Vadis Hungarian Insolvency Laws?<\/p>\n<p><a href=\"#_ftnref2\" name=\"_ftn2\">[2]<\/a> Tibor Tajti: Bankruptcy stigma and the second chance policy: the impact of bankruptcy stigma on business restructurings in China, Europe and the United States, China-EU Law Journal (2017), DOI 10.1007\/s12689-017-0077-z, pp. 1-31.<\/p>\n<p><a href=\"#_ftnref3\" name=\"_ftn3\">[3]<\/a> Communication from the Commission to the Council, the European Parliament, the European Economic and Social Committee and the Committee of the Regions &#8211; Overcoming the stigma of business failure \u2013 for a second chance policy &#8211; Implementing the Lisbon Partnership for Growth and Jobs \/* COM\/2007\/0584 final *\/<\/p>\n<p><a href=\"#_ftnref4\" name=\"_ftn4\">[4]<\/a> Nem csak az a k\u00f6r\u00fclm\u00e9ny lehet relev\u00e1ns, hogy a v\u00e1llalkoz\u00e1s nem tudja teljes\u00edteni esed\u00e9kess\u00e9gkor a fizet\u00e9si k\u00f6telezetts\u00e9g\u00e9t, hanem az objekt\u00edv p\u00e9nz\u00fcgyi koven\u00e1nsok megs\u00e9rt\u00e9se vagy megs\u00e9rt\u00e9s\u00e9nek vesz\u00e9lye is.<\/p>\n<p><a href=\"#_ftnref5\" name=\"_ftn5\">[5]<\/a> \u00dagymond \u201ebefagyasztj\u00e1k\u201d bizonyos jogosults\u00e1gaikat, k\u00fcl\u00f6n\u00f6sen pl. nem teszik lej\u00e1rtt\u00e1 \u00e9s esed\u00e9kess\u00e9 a k\u00f6vetel\u00e9seiket, nem ind\u00edtanak az ad\u00f3s ellen felsz\u00e1mol\u00e1si vagy cs\u0151delj\u00e1r\u00e1st, nem \u00e9rv\u00e9nyes\u00edtik a biztos\u00edt\u00e9kokat stb.<\/p>\n<p><a href=\"#_ftnref6\" name=\"_ftn6\">[6]<\/a> A Magyar Nemzeti Bank 6\/2017. (V.30.) sz\u00e1m\u00fa aj\u00e1nl\u00e1sa az egy\u00fcttesen finansz\u00edrozott v\u00e1llalati ad\u00f3sokkal szembeni k\u00f6vetel\u00e9sek megegyez\u00e9sen alapul\u00f3 \u00e1tstruktur\u00e1l\u00e1si folyamat\u00e1r\u00f3l.<\/p>\n<p><a href=\"#_ftnref7\" name=\"_ftn7\">[7]<\/a> Nyilv\u00e1nval\u00f3an a k\u00fcl\u00f6nf\u00e9le biztos\u00edt\u00e9kok \u00e9s esetleges al\u00e1rendel\u00e9sek (\u201e<em>subordination<\/em>\u201d) szint\u00e9n \u00e9rintik a hitelez\u0151k poz\u00edci\u00f3j\u00e1t.<\/p>\n<p><a href=\"#_ftnref8\" name=\"_ftn8\">[8]<\/a> Megjegyezz\u00fck, hogy jelen helyzetben is megfontoland\u00f3 lehet az ilyen felmond\u00e1si jogok megfelel\u0151 korl\u00e1toz\u00e1sa \u00e9s kvalifik\u00e1l\u00e1sa (pl. <em>de minimis<\/em> \u00e9rt\u00e9khat\u00e1rok).<\/p>\n<p><i>Szerz\u0151k: Seres M\u00e1rk \u00e9s B\u00edr\u00f3 Levente<\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2ea8865 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2ea8865\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5eea3a8\" data-id=\"5eea3a8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a76bf9 elementor-flip-box--direction-left elementor-flip-box--effect-flip elementor-widget elementor-widget-global elementor-global-2923 elementor-widget-flip-box\" data-id=\"4a76bf9\" data-element_type=\"widget\" data-widget_type=\"flip-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-flip-box\" tabindex=\"0\">\n\t\t\t<div class=\"elementor-flip-box__layer elementor-flip-box__front\">\n\t\t\t\t<div class=\"elementor-flip-box__layer__overlay\">\n\t\t\t\t\t<div class=\"elementor-flip-box__layer__inner\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-flip-box__image\">\n\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/blogs.dlapiper.com\/advocatus\/files\/2021\/10\/Nevtelen-terv-45.png\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-flip-box__layer__title\">\n\t\t\t\t\t\t\t\tSeres M\u00e1rk*\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-flip-box__layer__description\">\n\t\t\t\t\t\t\t\t\u00dcgyv\u00e9d,<p>Counsel,<br>Restructuring Service Stream Leader\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<div class=\"elementor-flip-box__layer elementor-flip-box__back\">\n\t\t\t<div class=\"elementor-flip-box__layer__overlay\">\n\t\t\t\t<div class=\"elementor-flip-box__layer__inner\">\n\t\t\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-flip-box__layer__title\">\n\t\t\t\t\t\t\tSeres M\u00e1rk\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-flip-box__layer__description\">\n\t\t\t\t\t\t\tM\u00e1rk a DLA Piper Hungary finansz\u00edroz\u00e1si, projektfejleszt\u00e9si \u00e9s restruktur\u00e1l\u00e1si csoportj\u00e1nak vezet\u0151 \u00fcgyv\u00e9dje, Restructuring Service Stream Leader. Tapasztalattal rendelkezik hazai \u00e9s hat\u00e1ron \u00e1tny\u00fal\u00f3 fizet\u00e9sk\u00e9ptelens\u00e9gi \u00fcgyekben, valamint neh\u00e9z helyzetbe ker\u00fclt v\u00e1llalkoz\u00e1sok restruktur\u00e1l\u00e1sban, illetve felel\u0151ss\u00e9gi k\u00e9rd\u00e9seiben val\u00f3 tan\u00e1csad\u00e1s\u00e1ban. J\u00e1rtas tov\u00e1bb\u00e1 energiaszektorral kapcsolatos \u00fcgyekben, k\u00fcl\u00f6n\u00f6sen a szektorhoz kapcsol\u00f3d\u00f3 M&amp;A tranzakci\u00f3kban. Tapasztalattal rendelkezik tov\u00e1bb\u00e1 finansz\u00edroz\u00e1si jog\u00fcgyletekben.\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-flip-box__button elementor-button elementor-size-xs\" href=\"mailto:mark.seres@dlapiper.com\">\n\t\t\t\t\t\t\tE-mailt k\u00fcld\u00f6k\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-da1e1d5\" data-id=\"da1e1d5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>A v\u00e1llalkoz\u00e1sok \u00e9let\u00e9ben el\u0151fordul\u00f3 egyik legnagyobb kih\u00edv\u00e1st a fizet\u00e9sk\u00e9ptelens\u00e9g, az azzal fenyeget\u0151 helyzetek jelentik. A j\u00e1rv\u00e1ny k\u00f6vetkezt\u00e9ben, ak\u00e1r egy\u00e9b okb\u00f3l felmer\u00fclt p\u00e9nz\u00fcgyi neh\u00e9zs\u00e9gek eset\u00e9n is javasolt lehet a megl\u00e9v\u0151 finansz\u00edroz\u00e1sok restrukt\u00far\u00e1l\u00e1s\u00e1nak megfontol\u00e1sa, \u00e9s az esetleges \u201emorat\u00f3rium\u201d jelleg\u0171 jogok \u00e9s k\u00f6telezetts\u00e9gek standstill meg\u00e1llapod\u00e1sban t\u00f6rt\u00e9n\u0151 szab\u00e1lyoz\u00e1sa.<\/p>\n","protected":false},"author":1,"featured_media":2450,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[388,392],"tags":[620,11,641,643,644,642,636,640,565,858],"coauthors":[705,719,760],"class_list":["post-2449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litigation","category-regulatory","tag-covid-19","tag-csodeljaras","tag-finance","tag-finanszirozas","tag-fizeteskeptelenseg","tag-insolvency","tag-penzugyi-nehezseg","tag-restructuring","tag-restrukturalas","tag-standstill"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A standstill meg\u00e1llapod\u00e1s, avagy a \u201ek\u00f6telmi kab\u00e1t\u201d<\/title>\n<meta name=\"description\" content=\"Seres M\u00e1rk a DLA Piper Hungary szak\u00e9rt\u0151je a neh\u00e9z 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