{"id":5125,"date":"2025-02-06T09:21:30","date_gmt":"2025-02-06T08:21:30","guid":{"rendered":"https:\/\/blogs.dlapiper.com\/advocatus\/?p=5125"},"modified":"2025-02-06T11:47:31","modified_gmt":"2025-02-06T10:47:31","slug":"distressed-mampa-magyarorszagi-szabalyozasi-keret-es-tranzakcios-tapasztalatok","status":"publish","type":"post","link":"https:\/\/blogs.dlapiper.com\/advocatus\/2025\/02\/distressed-mampa-magyarorszagi-szabalyozasi-keret-es-tranzakcios-tapasztalatok\/","title":{"rendered":"Distressed M&A: magyarorsz\u00e1gi szab\u00e1lyoz\u00e1si keret \u00e9s tranzakci\u00f3s tapasztalatok"},"content":{"rendered":"\t\t
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<\/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\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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A p\u00e9nz\u00fcgyileg neh\u00e9z helyzetben l\u00e9v\u0151 v\u00e1llalatok is lehetnek akviz\u00edci\u00f3s c\u00e9lpontok, f\u0151leg kifejezetten ilyen \u00fcgyletekre szakosodott befektet\u0151k sz\u00e1m\u00e1ra. A felv\u00e1s\u00e1rl\u00e1sukra ir\u00e1nyul\u00f3 M&A tranzakci\u00f3k (\u00fan. distressed M&A \u00fcgyletek) ugyanis lehet\u0151v\u00e9 teszik, hogy a befektet\u0151 a norm\u00e1l piaci k\u00f6r\u00fclm\u00e9nyek k\u00f6z\u00f6tt megval\u00f3sul\u00f3 \u00fcgyletekhez k\u00e9pest kedvez\u0151bb \u00e1ron \u00e9s felt\u00e9telekkel szerezze meg a sz\u00e1m\u00e1ra \u00e9rt\u00e9kkel b\u00edr\u00f3 v\u00e1llalatot vagy eszk\u00f6z\u00f6ket, n\u00f6velve ez\u00e1ltal a befektet\u0151 megl\u00e9v\u0151 \u00fczleti\/befektet\u00e9si portfoli\u00f3j\u00e1t, illetve lehet\u0151v\u00e9 t\u00e9ve sz\u00e1m\u00e1ra az \u00faj piacokra t\u00f6rt\u00e9n\u0151 bel\u00e9p\u00e9st. Az al\u00e1bbiakban ezen distressed M&A \u00fcgyletek f\u0151bb gyakorlati csom\u00f3pontjait, az \u00e1ltal\u00e1nos hazai szab\u00e1lyoz\u00e1si kereteket \u00e9s tranzakci\u00f3s tapasztalatokat mutatjuk be Seres M\u00e1rk, a DLA Piper Hungary restruktur\u00e1l\u00e1si vezet\u0151je \u00fcgyv\u00e9dje \u00e9s Szkiba Tam\u00e1s, a DLA Piper Hungary szenior M&A \u00fcgyv\u00e9dje k\u00f6zrem\u0171k\u00f6d\u00e9s\u00e9vel.<\/strong><\/h5>\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
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Distressed M&A \u00fcgyletek mozgat\u00f3rug\u00f3i<\/strong><\/h5>\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
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A distressed M&A \u00fcgyleteket els\u0151dlegesen p\u00e9nz\u00fcgyi, operat\u00edv m\u0171k\u00f6d\u00e9sbeli vagy egy\u00e9b makrogazdas\u00e1gi t\u00e9nyez\u0151k mozgatj\u00e1k, p\u00e9ld\u00e1ul likvidit\u00e1si probl\u00e9m\u00e1k, magas ad\u00f3ss\u00e1g \u00e1llom\u00e1ny, kamatk\u00f6rnyezet, hitel koven\u00e1nsok megs\u00e9rt\u00e9se, hitelez\u0151i beavatkoz\u00e1sok, besz\u00e1ll\u00edt\u00f3i l\u00e1ncokkal kapcsolatos probl\u00e9m\u00e1k, menedzsment hib\u00e1k, technol\u00f3giai lemarad\u00e1s, szab\u00e1lyoz\u00e1si v\u00e1ltoz\u00e1sok. A fenti okokon t\u00fal \u00e1ltal\u00e1nos jelleggel elmondhat\u00f3, hogy jellemz\u0151en gazdas\u00e1gi visszaes\u00e9sek idej\u00e9n n\u0151 meg jelent\u0151sen a distressed M&A tranzakci\u00f3k sz\u00e1ma. Az elm\u00falt \u00e9vekben a leg\u00e9rintettebb szektorok k\u00f6z\u00f6tt szerepelt az \u00e9p\u00edt\u0151ipar, az ac\u00e9lipar, az ingatlan, az infrastruktur\u00e1lis projektek, kiskereskedelem, a vend\u00e9gl\u00e1t\u00e1s \u00e9s a technol\u00f3giai v\u00e1llalkoz\u00e1sok.<\/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

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Distressed M&A \u00fcgyletek felmer\u00fcl\u00e9s\u00e9nek id\u0151pillanatai<\/strong><\/h5>\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
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A distressed M&A \u00fcgyletek egy t\u00e1g fogalom, amelybe egyar\u00e1nt bele\u00e9rthet\u0151 az \u00e1tmeneti likvidit\u00e1si probl\u00e9m\u00e1kkal k\u00fczd\u0151, de egy\u00e9bk\u00e9nt szolvens t\u00e1rsas\u00e1gok akviz\u00edci\u00f3ja \u00e9s a m\u00e1r fizet\u00e9sk\u00e9ptelen, ak\u00e1r form\u00e1lis elj\u00e1r\u00e1ssal \u00e9rintett t\u00e1rsas\u00e1gok \u00e9rt\u00e9kes\u00edt\u00e9se is. Az ide tartoz\u00f3 \u00fcgyletek ebb\u0151l fakad\u00f3an t\u00f6bbf\u00e9lek\u00e9ppen is kategoriz\u00e1lhat\u00f3k. Az egyik legpraktikusabb feloszt\u00e1s azon alapszik, hogy az adott c\u00e9lt\u00e1rsas\u00e1g hol helyezkedik el a fizet\u00e9sk\u00e9ptelens\u00e9gi sk\u00e1l\u00e1n, amelyt\u0151l f\u00fcgg\u0151en elt\u00e9r\u0151 lehet a distressed M&A \u00fcgylet szab\u00e1lyoz\u00f3i k\u00f6rnyezete, az \u00fcgylet r\u00e9sztvev\u0151i k\u00f6re, annak f\u0151bb kih\u00edv\u00e1sai \u00e9s a kapcsol\u00f3d\u00f3 kock\u00e1zatkezel\u00e9si mechanizmusok:<\/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

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"distressed\t\t\t\t\t\t\t\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
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<\/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\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Szab\u00e1lyoz\u00f3i k\u00f6rnyezetb\u0151l fakad\u00f3 kih\u00edv\u00e1sok form\u00e1lis fizet\u00e9sk\u00e9ptelens\u00e9g eset\u00e9n<\/strong><\/h5>\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
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Ahogy fent is jelezt\u00fck, a szab\u00e1lyoz\u00f3i k\u00f6rnyezet az egyik legfontosabb aspektusa egy distressed M&A \u00fcgyletnek. T\u00f6bbek k\u00f6z\u00f6tt ebb\u0151l is fakad, hogy orsz\u00e1gonk\u00e9nt \u00e9s jogrendszerenk\u00e9nt is sokszor nagyon elt\u00e9r\u0151 saj\u00e1toss\u00e1gokat mutatnak ezek az \u00fcgyletek.<\/p>

A magyar jogi szab\u00e1lyoz\u00e1s a vesz\u00e9lyhelyzetre tekintettel alapvet\u0151en m\u00e9ret alapj\u00e1n, a v\u00e1llalkoz\u00e1sok egy sz\u0171k k\u00f6re sz\u00e1m\u00e1ra lehet\u0151v\u00e9 tette, hogy a felsz\u00e1mol\u00f3 felsz\u00e1mol\u00e1si elj\u00e1r\u00e1sban az ad\u00f3s t\u00e1rsas\u00e1g \u00e9rt\u00e9kkel b\u00edr\u00f3 “j\u00f3” \u00fczlet\u00e1gait, eszk\u00f6zeit \u00e9s vagyonelemeit az ad\u00f3s gazdas\u00e1gi tev\u00e9kenys\u00e9g\u00e9nek folytat\u00e1s\u00e1ra alap\u00edtand\u00f3 t\u00e1rsas\u00e1gba \u00e1thelyezze, \u00e9s ezt a t\u00e1rsas\u00e1got egy speci\u00e1lis rezsim alapj\u00e1n, p\u00e1ly\u00e1ztat\u00e1s keret\u00e9ben \u00e9rt\u00e9kes\u00edtse potenci\u00e1lis vev\u0151k sz\u00e1m\u00e1ra, \u00edgy megmentve az \u00e9rt\u00e9kkel b\u00edr\u00f3 “j\u00f3” vagyont \u00e9s \u00fczletet.[1]<\/a><\/p>

A fentieken t\u00fal szint\u00e9n a vesz\u00e9lyhelyzetre hivatkoz\u00e1ssal bevezet\u00e9sre ker\u00fclt a strat\u00e9giai felsz\u00e1mol\u00e1si elj\u00e1r\u00e1sokban a lev\u00e1laszt\u00e1s int\u00e9zm\u00e9nye. A strat\u00e9giailag kiemelt jelent\u0151s\u00e9g\u0171 felsz\u00e1mol\u00e1si elj\u00e1r\u00e1sokban az ad\u00f3s vagyon\u00e1nak egy olyan r\u00e9sz\u00e9t, amely a gazdas\u00e1gi tev\u00e9kenys\u00e9g folytat\u00e1s\u00e1ra \u00e9s \u00f6n\u00e1ll\u00f3an m\u0171k\u00f6d\u0151k\u00e9pes egys\u00e9gk\u00e9nt t\u00f6rt\u00e9n\u0151 \u00e9rt\u00e9kes\u00edt\u00e9s\u00e9re alkalmas a felsz\u00e1mol\u00f3 lev\u00e1laszt\u00e1ssal elk\u00fcl\u00f6n\u00edtheti egy \u00f6n\u00e1ll\u00f3 jogut\u00f3d gazdas\u00e1gi t\u00e1rsas\u00e1gban. Ez a m\u00f3dszer az \u00e9rt\u00e9kkel b\u00edr\u00f3, \u00f6n\u00e1ll\u00f3an m\u0171k\u00f6d\u0151k\u00e9pes eszk\u00f6z\u00f6k \u00e9s vagyonelemek (kv\u00e1zi \u00fczlet\u00e1gak) \u00faj jogut\u00f3d t\u00e1rsas\u00e1gba t\u00f6rt\u00e9n\u0151 kiv\u00e1laszt\u00e1s\u00e1ra, majd e t\u00e1rsas\u00e1g r\u00e9szv\u00e9nyeinek \u00e9rt\u00e9kes\u00edt\u00e9s\u00e9re \u00e9s a bev\u00e9telnek a jogel\u0151d hitelez\u0151i k\u00f6vetel\u00e9seinek kiel\u00e9g\u00edt\u00e9s\u00e9re t\u00f6rt\u00e9n\u0151 felhaszn\u00e1l\u00e1s\u00e1ra ir\u00e1nyul.[2]<\/a> [3]<\/a><\/p>

Tapasztalataink alapj\u00e1n formaliz\u00e1lt fizet\u00e9sk\u00e9ptelens\u00e9gi elj\u00e1r\u00e1sokban megjelen\u0151 t\u00e1rsas\u00e1gi r\u00e9szesed\u00e9sek ad\u00e1sv\u00e9tel\u00e9re ir\u00e1nyul\u00f3 \u00fcgyletek jogi szempontb\u00f3l nagyon \u00f6sszetettek, t\u00f6bb f\u00e9l egy\u00fcttm\u0171k\u00f6d\u00e9s\u00e9t ig\u00e9nylik, komoly koordin\u00e1ci\u00f3s kih\u00edv\u00e1st jelenthetnek (k\u00fcl\u00f6n\u00f6s tekintettel, hogy az \u00fcgyletben a felsz\u00e1mol\u00f3 vagy m\u00e1s szerepk\u00f6r is megjelenik) \u00e9s speci\u00e1lis kock\u00e1zatok megfontol\u00e1s\u00e1t is ig\u00e9nylik. K\u00fcl\u00f6n\u00f6sen ilyenek lehetnek a fizet\u00e9sk\u00e9ptelens\u00e9g vagy fenyeget\u0151 fizet\u00e9sk\u00e9ptelens\u00e9g fenn\u00e1ll\u00e1s\u00e1ra tekintettel p\u00e9ld\u00e1ul, hogy az \u00fcgylet folyamata k\u00f6zben hitelez\u0151k felmondj\u00e1k, lej\u00e1rtt\u00e1 teszik a tartoz\u00e1sokat, a hitelez\u0151k felsz\u00e1mol\u00e1si elj\u00e1r\u00e1s megind\u00edt\u00e1s\u00e1ra ir\u00e1nyul\u00f3 k\u00e9relmet adnak be, a hitelez\u0151k ideiglenes vagyonfel\u00fcgyel\u0151 kirendel\u00e9st k\u00e9rik, pert vagy v\u00e9grehajt\u00e1st ind\u00edtanak, illetve az \u00fcgylet lez\u00e1r\u00e1s\u00e1t k\u00f6vet\u0151en is, ha felsz\u00e1mol\u00e1s indul a felsz\u00e1mol\u00f3 vagy a hitelez\u0151k b\u00e1rmelyike a Cstv. alapj\u00e1n bizonyos id\u0151n bel\u00fcl k\u00f6t\u00f6tt \u00fcgyleteket visszamen\u0151leg is fel\u00fclvizsg\u00e1lat\u00e1t k\u00e9rheti, azokat megt\u00e1madhatja.<\/p>

Hasonl\u00f3 int\u00e9zm\u00e9ny az\u00e9rt nem jelent meg cs\u0151delj\u00e1r\u00e1s eset\u00e9n a magyar jogban, mert a cs\u0151delj\u00e1r\u00e1s els\u0151sorban az ad\u00f3s megment\u00e9s\u00e9re \u00e9s reorganiz\u00e1ci\u00f3j\u00e1ra f\u00f3kusz\u00e1l \u00e9s ezzel a c\u00e9llal a j\u00f3 eszk\u00f6z\u00f6k \u00e9s vagyonelemek jogut\u00f3d t\u00e1rsas\u00e1gon kereszt\u00fcl t\u00f6rt\u00e9n\u0151 \u00e9rt\u00e9kes\u00edt\u00e9se \u2013 alapvet\u0151en m\u0171k\u00f6d\u00e9sk\u00e9ptelenn\u00e9 t\u00e9ve a jogel\u0151d\u00f6t \u2013 nem lenne \u00f6sszhangban. Megjegyezz\u00fck azonban, hogy hab\u00e1r a Sz\u00e1t. kifejezetten nem szab\u00e1lyozza, \u00e1ll\u00e1spontunk szerint \u00e9rvelhet\u0151, hogy hasonl\u00f3 jelleg\u0171 r\u00e9szed\u00e9sek \u00e9rt\u00e9kes\u00edt\u00e9sre ir\u00e1nyul\u00f3 \u00fcgyleteknek ak\u00e1r helye lehet egy szerkezet\u00e1talak\u00edt\u00e1si elj\u00e1r\u00e1sban.<\/strong><\/p>

V\u00e1rakoz\u00e1sunk, hogy a jelenleg kodifik\u00e1ci\u00f3 alatt \u00e1ll\u00f3 \u00faj Cs\u0151dt\u00f6rv\u00e9ny is bevezet hasonl\u00f3 koncepci\u00f3kat a magyar jogba \u00e1lland\u00f3 jelleggel, k\u00fcl\u00f6n\u00f6sen az elj\u00e1r\u00e1sok gyors\u00edt\u00e1s\u00e1ra vonatkoz\u00f3 jogalkot\u00f3i c\u00e9lokra \u00e9s jogharmoniz\u00e1ci\u00f3s javaslatokra tekintettel.[4]<\/a><\/strong><\/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

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Tranzakci\u00f3s kih\u00edv\u00e1sok distressed M&A \u00fcgyletekben<\/strong><\/h5>\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
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Distressed M&A \u00fcgyletek sor\u00e1n a vev\u0151 szempontj\u00e1b\u00f3l<\/strong> \u2013 a szab\u00e1lyoz\u00f3i k\u00f6rnyezetb\u0151l ered\u0151 kih\u00edv\u00e1sokon t\u00fal \u2013 k\u00e9t nagy tranzakci\u00f3s kih\u00edv\u00e1s kezel\u00e9se fontos. Egyr\u00e9szt a c\u00e9lt\u00e1rsas\u00e1g probl\u00e9m\u00e1s helyzete eleve kock\u00e1zatosabb\u00e1 teszi a befektet\u00e9st<\/strong>. Ilyenkor nagyobb az es\u00e9ly a vev\u0151 sz\u00e1m\u00e1ra ismeretlen kock\u00e1zatok fenn\u00e1ll\u00e1s\u00e1ra, amelyek jelent\u0151s \u00e9rt\u00e9kcs\u00f6kken\u00e9st, illetve k\u00e1rokat okozhatnak. M\u00e1sr\u00e9szt az \u00fcgylet z\u00e1r\u00e1s\u00e1t k\u00f6vet\u0151en a vev\u0151 j\u00f3 es\u00e9llyel nem vagy rendk\u00edv\u00fcl sz\u0171k k\u00f6rben tud majd k\u00e1rig\u00e9nyt \u00e9rv\u00e9nyes\u00edteni az elad\u00f3val szemben<\/strong>: egy felsz\u00e1mol\u00e1s alatt \u00e1ll\u00f3 elad\u00f3 p\u00e9ld\u00e1ul lehets\u00e9ges, hogy m\u00e1r a vev\u0151i ig\u00e9ny\u00e9rv\u00e9nyes\u00edt\u00e9st megel\u0151z\u0151en meg fog sz\u0171nni.<\/p>

A fenti kih\u00edv\u00e1sok egyr\u00e9szt a tranzakci\u00f3 struktur\u00e1l\u00e1s\u00e1val kezelhet\u0151k. <\/b>A vev\u0151i oldalon p\u00e9ld\u00e1ul jellemz\u0151en az eszk\u00f6z\u00f6k \u00e1truh\u00e1z\u00e1sa a prefer\u00e1lt a bajban l\u00e9v\u0151 c\u00e9lt\u00e1rsas\u00e1g r\u00e9szv\u00e9nyei\/\u00fczletr\u00e9sze helyett. Gyakori megold\u00e1s az \u00e9rt\u00e9kes\u00edteni k\u00edv\u00e1nt eszk\u00f6z\u00f6knek egy \u00fajonnan megalap\u00edtott t\u00e1rsas\u00e1gba t\u00f6rt\u00e9n\u0151 el\u0151zetes kiszervez\u00e9se \u00e9s az ekk\u00e9nt l\u00e9trehozott t\u00e1rsas\u00e1g ker\u00fcl a vev\u0151 r\u00e9sz\u00e9re \u00e9rt\u00e9kes\u00edt\u00e9sre. Erre tett k\u00eds\u00e9rletet felsz\u00e1mol\u00e1si kontextusban a fent bemutatott magyar szab\u00e1lyoz\u00e1s.<\/p>

M\u00e1sr\u00e9szt disressed M&A \u00fcgyletekben a vev\u0151i \u00e1tvil\u00e1g\u00edt\u00e1s a szok\u00e1sosn\u00e1l is nagyobb hangs\u00falyt kap<\/b>, ugyanis a vev\u0151nek arra kell t\u00f6rekednie, hogy min\u00e9l kevesebb ismeretlen kock\u00e1zat maradjon, mert az \u00fcgylet z\u00e1r\u00e1s\u00e1t k\u00f6vet\u0151en sok esetben m\u00e1r nem lesz m\u00f3dja az elad\u00f3t\u00f3l k\u00e1rt\u00e9r\u00edt\u00e9st k\u00f6vetelni. Az \u00e1tvil\u00e1g\u00edt\u00e1si folyamat m\u00e9lys\u00e9g\u00e9nek jellemz\u0151 korl\u00e1tja ugyanakkor a p\u00e9nz\u00fcgyi neh\u00e9z helyzetb\u0151l fakad\u00f3 id\u0151nyom\u00e1s. Mindez \u00e1ltal\u00e1ban egy rendk\u00edv\u00fcl f\u00f3kusz\u00e1lt \u00e9s intenz\u00edv \u00e1tvil\u00e1g\u00edt\u00e1si folyamatot eredm\u00e9nyez.<\/p>

Az azonos\u00edtott kock\u00e1zatok kezel\u00e9se<\/strong> is elt\u00e9r egy norm\u00e1l M&A \u00fcgylett\u0151l. A distressed helyzetre tekintettel az elad\u00f3 eleve korl\u00e1tozottabb k\u00f6rben tud szavatoss\u00e1gi nyilatkozatokat tenni (k\u00fcl\u00f6n\u00f6sen felsz\u00e1mol\u00e1sban l\u00e9v\u0151, a felsz\u00e1mol\u00f3 \u00e1ltal k\u00e9pviselt elad\u00f3). \u00cdgy az elad\u00f3i szavatoss\u00e1gi nyilatkozatok jellemz\u0151en az elad\u00f3 \u00fcgyletk\u00f6t\u00e9si k\u00e9pess\u00e9g\u00e9re \u00e9s az \u00fczletr\u00e9szek tulajdonjog\u00e1ra korl\u00e1toz\u00f3dnak, kereskedelmi szavatoss\u00e1gokat nem tartalmaznak. Hasonl\u00f3 okb\u00f3l az ismert kock\u00e1zatok legink\u00e1bb bevett kezel\u00e9si eszk\u00f6z\u00e9re, azaz az \u00fan. objekt\u00edv megt\u00e9r\u00edt\u00e9si k\u00f6telezetts\u00e9gv\u00e1llal\u00e1sok (indemnity<\/em>) alkalmaz\u00e1s\u00e1ra sincs \u00e1ltal\u00e1ban lehet\u0151s\u00e9g distressed \u00fcgyletekben.<\/p>

A fentiekre tekintettel a vev\u0151 sz\u00e1m\u00e1ra kiemelt fontoss\u00e1ggal b\u00edr, hogy az \u00e1tvil\u00e1g\u00edt\u00e1s sor\u00e1n azonos\u00edtott kock\u00e1zatokat az \u00e1raz\u00e1sban \u00e9rv\u00e9nyes\u00edtse, tov\u00e1bb\u00e1 a jelent\u0151sebb probl\u00e9m\u00e1k megold\u00e1s\u00e1t a z\u00e1r\u00e1s el\u0151felt\u00e9telk\u00e9nt hat\u00e1rozza meg. Ut\u00f3bbi kezel\u00e9si m\u00f3d azonban rendszerint ellent\u00e9tes az elad\u00f3i sz\u00e1nd\u00e9kkal, amely ink\u00e1bb az \u00fcgylet gyors lebonyol\u00edt\u00e1s\u00e1ban \u00e9s a z\u00e1r\u00e1s bek\u00f6vetkez\u00e9s\u00e9nek biztos\u00edt\u00e1s\u00e1ban \u00e9rdekelt. Az elad\u00f3 ez\u00e9rt t\u00f6bbnyire csak az elker\u00fclhetetlen hat\u00f3s\u00e1gi enged\u00e9lyez\u00e9seket (pl.: FDI enged\u00e9ly, versenyhat\u00f3s\u00e1gi j\u00f3v\u00e1hagy\u00e1s) v\u00e1llalja z\u00e1r\u00e1si felt\u00e9telk\u00e9nt, amelyek hi\u00e1ny\u00e1ban nem ritka az egyidej\u0171 al\u00e1\u00edr\u00e1s \u00e9s z\u00e1r\u00e1s sem. K\u00fcl\u00f6n\u00f6sen aukci\u00f3s\/p\u00e1ly\u00e1zati \u00e9rt\u00e9kes\u00edt\u00e9si elj\u00e1r\u00e1sban ker\u00fclhet komoly h\u00e1tr\u00e1nyba a vev\u0151jel\u00f6lt, ha z\u00e1r\u00e1si felt\u00e9telek \u00fatj\u00e1n k\u00edv\u00e1nja az azonos\u00edtott kock\u00e1zatokat kezelni, ilyen esetekben szinte kiz\u00e1r\u00f3lag a v\u00e9tel\u00e1r cs\u00f6kkent\u00e9se jelenthet megold\u00e1st.<\/p>

Distressed M&A \u00fcgyletekben is alternat\u00edv kock\u00e1zatkezel\u00e9st jelenthet a tranzakci\u00f3s biztos\u00edt\u00e1s. <\/strong>T\u00f6bb biztos\u00edt\u00f3 is rendelkezik kifejezetten distressed M&A \u00fcgyletekre szabott biztos\u00edt\u00e1si term\u00e9kkel.<\/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

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Kulcsfinansz\u00edroz\u00f3k szerepe <\/strong><\/p> \n

A distressed M&A \u00fcgyletek komplexit\u00e1s\u00e1nak jellegzetess\u00e9ge, hogy tipikusan az \u00fcgyletben nem csak k\u00e9t oldal (az elad\u00f3 \u00e9s vev\u0151) \u00e9rdekelts\u00e9ge jelenik meg, hanem egy harmadik p\u00f3lus, a kulcsfinansz\u00edroz\u00f3k \u00e9rdekei is kiemelt szerepet kaphatnak. Ilyen finansz\u00edroz\u00f3k lehetnek tipikusan a banki szenior hitelez\u0151k, de p\u00e9ld\u00e1ul lehet egy kritikus besz\u00e1ll\u00edt\u00f3 vagy vev\u0151 is, akivel szemben komoly kitetts\u00e9ge \u00e1ll fenn a c\u00e9lt\u00e1rsas\u00e1gnak \u00e9s\/vagy az elad\u00f3nak, ami kezel\u00e9st ig\u00e9nyel.\n\n<\/p>

A gyakorlatban ez a k\u00f6r\u00fclm\u00e9ny azt jelenti, hogy a tranzakci\u00f3s felek a t\u00e1rgyal\u00e1sok sor\u00e1n a kulcsfinansz\u00edroz\u00f3k \u00e9rdekeire is figyelemmel vannak, mivel az \u00fcgylet siker\u00e9hez ezeknek a szerepl\u0151nek az \u00fczletbe \u00e9s a vev\u0151be vetett bizalma is sz\u00fcks\u00e9ges. Fontos aspektusok lehetnek az M&A folyamat t\u00e1mogat\u00e1sa a finansz\u00edroz\u00f3k \u00e1ltal, a kulcsfinansz\u00edroz\u00f3k ig\u00e9nyei \u00e9s rugalmass\u00e1ga, a kil\u00e9p\u00e9s\u00fck felt\u00e9teleinek t\u00e1rgyal\u00e1sa (teljes refinansz\u00edroz\u00e1sa vagy haircut) vagy ha p\u00e9ld\u00e1ul forr\u00e1s hi\u00e1ny\u00e1ban, vagy egy\u00e9b okb\u00f3l a kil\u00e9p\u00e9s\u00fck nem lehets\u00e9ges, akkor m\u00e1s megold\u00e1sok \u00e9rt\u00e9kel\u00e9se (pl. \u00e1t\u00fctemez\u00e9s, t\u00f6bblet biztos\u00edt\u00e9kok ny\u00fajt\u00e1sa stb.).\n\n<\/p>

Az \u00fcgyletek \u00f6sszetetts\u00e9g\u00e9t tov\u00e1bb n\u00f6velheti, amikor egyszerre t\u00f6bb kulcsfinansz\u00edroz\u00f3 szerepe \u00e9s \u00e9rdeke is felmer\u00fcl. Ebben az esetben k\u00fcl\u00f6n\u00f6sen sz\u00fcks\u00e9ges az elt\u00e9r\u0151 finansz\u00edroz\u00f3i magatart\u00e1sok kezel\u00e9se. Felmer\u00fclhet standstill meg\u00e1llapod\u00e1s ig\u00e9nye is, hogy a t\u00e1rgyal\u00e1sokra megfelel\u0151 id\u0151 \u00e1lljon rendelkez\u00e9sre, de emellett egy\u00e9b kih\u00edv\u00e1sok is jelentkezhetnek.<\/p>\t\t\t<\/p>\n\t\t\t\t\t<\/blockquote>\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\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Szerz\u0151k: Seres M\u00e1rk, Szkiba Tam\u00e1s<\/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

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\n\t\t\t\t\t\t\t\t\"\"\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

\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
\n\t\t\t\t\t\t\t\t\u00dcgyv\u00e9d,

Counsel,
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

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\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
\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&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\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
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\n\t\t\t\t\t\t\t\t\"\"\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

\n\t\t\t\t\t\t\t\tSzkiba Tam\u00e1s*\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
\n\t\t\t\t\t\t\t\t\u00dcgyv\u00e9d,

Senior Associate\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\n\t\t\t

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\n\t\t\t\t\t\t\tSzkiba Tam\u00e1s\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
\n\t\t\t\t\t\t\tTam\u00e1s a DLA Piper Hungary t\u00e1rsas\u00e1gi jog \u00e9s M&A csoportj\u00e1nak szenior \u00fcgyv\u00e9dje. T\u00f6bb mint 10 \u00e9ves nemzetk\u00f6zi tan\u00e1csad\u00f3i tapasztalattal rendelkezik, jogi mester diplom\u00e1j\u00e1t (LL.M.) a Harvard Egyetemen szerezte. Jelent\u0151s tapasztalattal rendelkezik v\u00e1llalatfelv\u00e1s\u00e1rl\u00e1si (M&A) \u00fcgyekben, k\u00fcl\u00f6n\u00f6sen az energia- \u00e9s p\u00e9nz\u00fcgyi szektorokban, valamint a tranzakci\u00f3s (W&I) biztos\u00edt\u00e1s ter\u00fclet\u00e9n.\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\n\t\t\t\t\t\t\tE-mailt k\u00fcld\u00f6k\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/a>\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\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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<\/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\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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K\u00e9rd\u00e9se van? Keressen minket bizalommal!<\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tKapcsolatfelv\u00e9tel<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\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
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K\u00f6vesse LinkedIn oldalunkat!<\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tDLA Piper Hungary<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\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
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Tranzakci\u00f3s biztos\u00edt\u00e1si t\u00e9m\u00e1ban sz\u00fcletett legut\u00f3bbi cikkeink<\/strong><\/h4>\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
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\"Szavatossa\u0301gi<\/div><\/a>\n\t\t\t\t
Corporate, M&A | T\u00e1rsas\u00e1gi jog<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\tW&I biztos\u00edt\u00e1s: Hitelez\u0151i biztos\u00edt\u00e9k a W&I biztos\u00edt\u00e1son\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t
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Legfrissebb cikk\u00fcnkben a finansz\u00edroz\u00f3i k\u00f6r sz\u00e1m\u00e1ra a W&I biztos\u00edt\u00e1sok hitelbiztos\u00edt\u00e9ki alkalmaz\u00e1s\u00e1val kapcsolatos legfontosabb k\u00e9rd\u00e9seket j\u00e1rjuk k\u00f6r\u00fcl.<\/p>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t\tTov\u00e1bb \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\n\t\t\tDLA Piper\t\t<\/span>\n\t\t\t\t\n\t\t\t2025-02-19\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t
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\"W&I<\/div><\/a>\n\t\t\t\t
Corporate, M&A | T\u00e1rsas\u00e1gi jog<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\tW&I biztos\u00edt\u00e1s: a szavatoss\u00e1gi biztos\u00edt\u00e1s alapjai I. r\u00e9sz \u2013 ismeretlen kock\u00e1zatok kezel\u00e9se M&A \u00fcgyletekben\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t
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Az ismeretlen kock\u00e1zatok \u00e9s a W&I biztos\u00edt\u00e1s \u00f6sszef\u00fcgg\u00e9seit mutatjuk be Szkiba Tam\u00e1s, a DLA Piper szenior M&A \u00fcgyv\u00e9dje \u00e9s Anton Schnopper, az Aon tranzakci\u00f3s biztos\u00edt\u00e1si tan\u00e1csad\u00f3ja k\u00f6zrem\u0171k\u00f6d\u00e9s\u00e9vel.<\/p>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t\tTov\u00e1bb \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\n\t\t\tDLA Piper\t\t<\/span>\n\t\t\t\t\n\t\t\t2025-01-23\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\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\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Legfrissebb tartalmaink<\/b><\/h4>\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
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\"adv_cikk\"<\/div><\/a>\n\t\t\t\t
Infrastrukt\u00fara | Infrastructure<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\t5% for Defence, 1.5% for Infrastructure: Hungary’s opportunities in light of NATO’s new goals\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t
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In accordance with the new government\u2019s program, Hungary is committed to fulfilling NATO\u2019s 5% spending requirement by 2035. <\/p>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\n\t\t\t2026-04-24\t\t<\/span>\n\t\t\t\t\n\t\t\tNo Comments\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t
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\"adv_cikk\"<\/div><\/a>\n\t\t\t\t
Infrastrukt\u00fara | Infrastructure<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\t5% v\u00e9delemre, 1,5% infrastrukt\u00far\u00e1ra \u2013 Magyarorsz\u00e1g lehet\u0151s\u00e9gei a NATO \u00faj c\u00e9lkit\u0171z\u00e9sei t\u00fckr\u00e9ben\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t
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Az \u00faj korm\u00e1ny programj\u00e1val \u00f6sszhangban Magyarorsz\u00e1g elk\u00f6telezte mag\u00e1t amellett, hogy 2035-ig teljes\u00edti a NATO \u00e1ltal el\u0151\u00edrt, a GDP 5%-\u00e1t el\u00e9r\u0151 v\u00e9delmi kiad\u00e1si k\u00f6vetelm\u00e9nyt.<\/p>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\n\t\t\t2026-04-24\t\t<\/span>\n\t\t\t\t\n\t\t\tNo Comments\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t
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\"Gambling\"<\/div><\/a>\n\t\t\t\t
Szerencsej\u00e1t\u00e9k | Gambling<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\tA new era on gambling regulation in Hungary?\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t
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With the opposition securing a supermajority in the general elections in April 2026, Hungary is poised for a significant political shift that could reshape fundamental structures established over the past sixteen years<\/p>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\n\t\t\t2026-04-23\t\t<\/span>\n\t\t\t\t\n\t\t\tNo Comments\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\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\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Hivatkoz\u00e1sok<\/strong><\/h5>\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
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[1]<\/strong> L\u00e1sd 129\/2023. (IV. 17.) Korm. rendelet<\/h6>
[2] <\/strong>L\u00e1sd a vesz\u00e9lyhelyzettel \u00f6sszef\u00fcgg\u0151 \u00e1tmeneti szab\u00e1lyokr\u00f3l 2021. \u00e9vi XCIX. t\u00f6rv\u00e9ny<\/h6>
[3] <\/strong>A “lev\u00e1laszt\u00e1s” \u00e9s “alap\u00edt\u00e1sos \u00e9rt\u00e9kes\u00edt\u00e9s” r\u00e9szletei \u00e9s elhat\u00e1rol\u00e1sa kapcs\u00e1n l\u00e1sd koll\u00e9g\u00e1ink \u00edr\u00e1sait: Zolt\u00e1n Fab\u00f3k and M\u00e1rk Seres, \u2018A Covid\u201319-vil\u00e1gj\u00e1rv\u00e1ny hat\u00e1sa a magyar fizet\u00e9sk\u00e9ptelens\u00e9gi jog fejl\u0151d\u00e9s\u00e9re \u2013 a reorganiz\u00e1ci\u00f3 mint \u00faj int\u00e9zm\u00e9ny\u2019, in Bal\u00e1zs Bodz\u00e1si and Zolt\u00e1n Csehi (eds) A Covid-19 \u00e9s a gazdas\u00e1gi jog. A koronav\u00edrus-j\u00e1rv\u00e1ny \u00e9s a rendk\u00edv\u00fcli jogrend hat\u00e1sa a magyar gazdas\u00e1gi jogi szab\u00e1lyoz\u00e1sra<\/em> (Magyar Jog\u00e1sz Egylet, 2023); Insol Inside Stories, Marcell Valasty\u00e1n, November 2024: Saving the Business through Share Deals: The Use of Asset Transfers under Hungarian Law<\/h6>
[4]<\/strong> L\u00e1sd az \u00faj fizet\u00e9sk\u00e9ptelens\u00e9gi elj\u00e1r\u00e1sr\u00f3l sz\u00f3l\u00f3\u00a0t\u00f6rv\u00e9ny megalkot\u00e1s\u00e1hoz sz\u00fcks\u00e9ges int\u00e9zked\u00e9sekr\u0151l sz\u00f3l\u00f3 1284\/2024. (IX. 19.) Korm. hat\u00e1rozat<\/h6>\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<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

A cikk bemutatja a distressed M&A \u00fcgyletek legfontosabb gyakorlati pontjait, a hazai szab\u00e1lyoz\u00e1si kereteket \u00e9s a tranzakci\u00f3s tapasztalatokat.<\/p>\n","protected":false},"author":1,"featured_media":5130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","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":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","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":""},"tablet":{"background-color":"","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":"","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":""}},"ast-content-background-meta":{"desktop":{"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":""},"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":[389],"tags":[1536,640,1537,1539],"coauthors":[705],"class_list":["post-5125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-macorporate","tag-penzugyi-tenyezok","tag-restructuring","tag-szabalyozasi-keretek","tag-tranzakcios-kihivasok"],"yoast_head":"\nDistressed M&A: magyarorsz\u00e1gi szab\u00e1lyoz\u00e1si keret \u00e9s tranzakci\u00f3s tapasztalatok<\/title>\n<meta name=\"description\" content=\"A cikk bemutatja a distressed M&A \u00fcgyletek legfontosabb gyakorlati pontjait, a hazai szab\u00e1lyoz\u00e1si kereteket \u00e9s a tranzakci\u00f3s tapasztalatokat.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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