{"id":5252,"date":"2025-04-03T08:47:34","date_gmt":"2025-04-03T06:47:34","guid":{"rendered":"https:\/\/blogs.dlapiper.com\/advocatus\/?p=5252"},"modified":"2025-04-03T10:01:59","modified_gmt":"2025-04-03T08:01:59","slug":"wampi-biztositas-a-szavatossagi-biztositas-alapjai-ii-resz-feltart-kockazatok-kezelese-mampa-ugyletekben","status":"publish","type":"post","link":"https:\/\/blogs.dlapiper.com\/advocatus\/2025\/04\/wampi-biztositas-a-szavatossagi-biztositas-alapjai-ii-resz-feltart-kockazatok-kezelese-mampa-ugyletekben\/","title":{"rendered":"W&I biztos\u00edt\u00e1s: a szavatoss\u00e1gi biztos\u00edt\u00e1s alapjai II. r\u00e9sz \u2013 felt\u00e1rt kock\u00e1zatok kezel\u00e9se M&A \u00fcgyletekben"},"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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Az M&A \u00fcgyletek sor\u00e1n kiemelt szerepe van a c\u00e9lt\u00e1rsas\u00e1ggal kapcsolatos inform\u00e1ci\u00f3k ismeret\u00e9nek \u00e9s a kapcsol\u00f3d\u00f3 kock\u00e1zatok felek k\u00f6z\u00f6tti megoszt\u00e1s\u00e1nak. A c\u00e9lt\u00e1rsas\u00e1ggal kapcsolatos felt\u00e1rt, ismert kock\u00e1zatok kezel\u00e9s\u00e9re t\u00f6bbf\u00e9le tranzakci\u00f3s biztos\u00edt\u00e1si megold\u00e1s l\u00e9tezik. Az al\u00e1bbiakban ezeket mutatjuk be Szkiba Tam\u00e1s, a DLA Piper Hungary szenior M&A \u00fcgyv\u00e9dje \u00e9s Anton Schnopper, az Aon tranzakci\u00f3s biztos\u00edt\u00e1si tan\u00e1csad\u00f3ja k\u00f6zrem\u0171k\u00f6d\u00e9s\u00e9vel.<\/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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Cikksorozatunk el\u0151z\u0151 r\u00e9sz\u00e9ben<\/a>\u00a0bemutattuk a c\u00e9lt\u00e1rsas\u00e1ggal kapcsolatos inform\u00e1ci\u00f3k fontoss\u00e1g\u00e1t M&A \u00fcgyletek sor\u00e1n. Ennek sor\u00e1n elhat\u00e1roltuk egym\u00e1st\u00f3l az ismeretlen \u00e9s ismert kock\u00e1zatokat \u00e9s r\u00e9szletesen k\u00f6rbej\u00e1rtuk az ismeretlen kock\u00e1zatok ad\u00e1sv\u00e9teli szerz\u0151d\u00e9sben (SPA), valamint W&I biztos\u00edt\u00e1s keret\u00e9ben t\u00f6rt\u00e9n\u0151 kezel\u00e9s\u00e9nek lehet\u0151s\u00e9g\u00e9t.<\/p>

Ahogy kifejtett\u00fck, az ismeretlen kock\u00e1zatok<\/em><\/strong> olyan probl\u00e9m\u00e1k, amelyekr\u0151l sem az elad\u00f3, sem a vev\u0151 nem tud az \u00fcgylet megk\u00f6t\u00e9sekor. Ezzel szemben az \u00fan. ismert vagy felt\u00e1rt kock\u00e1zatok<\/em><\/strong> olyan specifikus jogi vagy p\u00e9nz\u00fcgyi probl\u00e9m\u00e1k, amelyek a c\u00e9lt\u00e1rsas\u00e1g elad\u00e1sra val\u00f3 felk\u00e9sz\u00edt\u00e9s\u00e9n\u00e9l vagy k\u00e9s\u0151bb, a vev\u0151i \u00e1tvil\u00e1g\u00edt\u00e1si folyamat sor\u00e1n ker\u00fclnek napvil\u00e1gra, \u00e9s \u00edgy mind a vev\u0151, mind az elad\u00f3 sz\u00e1m\u00e1ra ismertek az SPA al\u00e1\u00edr\u00e1sakor. Ezek tipikusan m\u00faltbeli esem\u00e9nyekhez kapcsol\u00f3dnak, amelyek jogi \u00e9rtelmez\u00e9se elt\u00e9r\u0151 lehet \u00e9s\/vagy amelyek p\u00e9nz\u00fcgyi hat\u00e1sai bizonytalanok. Ilyenek p\u00e9ld\u00e1ul a vitathat\u00f3an ig\u00e9nybe vett ad\u00f3kedvezm\u00e9nyek, talajszennyez\u00e9s felsz\u00e1mol\u00e1s\u00e1nak k\u00f6lts\u00e9gei, bizonytalan kimenetel\u0171 peres \u00fcgyek vagy hat\u00f3s\u00e1gi elj\u00e1r\u00e1sok, ingatlanok vagy r\u00e9szv\u00e9nyek tulajdonjog\u00e1val kapcsolatos vit\u00e1k.<\/p>

A felt\u00e1rt kock\u00e1zatok szerz\u0151d\u00e9ses kezel\u00e9se a t\u00e1rgyal\u00e1si folyamat egyik legintenz\u00edvebb r\u00e9sze szokott lenni. S\u0151t, gyakran az is el\u0151fordul, hogy a felek nem tudnak mindk\u00e9t f\u00e9l sz\u00e1m\u00e1ra elfogadhat\u00f3 megold\u00e1st tal\u00e1lni, \u00edgy az ismert kock\u00e1zat v\u00e9g\u00fcl “dealbreaker”-r\u00e9 v\u00e1lik.<\/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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Ismert kock\u00e1zatok kezel\u00e9se az SPA-ban<\/b><\/h5>\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 felt\u00e1rt kock\u00e1zatok kezel\u00e9s\u00e9nek tipikus jogi eszk\u00f6ze az elad\u00f3 \u00e1ltal az SPA-ban v\u00e1llalt objekt\u00edv megt\u00e9r\u00edt\u00e9si k\u00f6telezetts\u00e9gv\u00e1llal\u00e1s<\/em><\/strong> (angolul: indemnity<\/em><\/strong>). Az ismert kock\u00e1zatok egy\u00e9b jogi kezel\u00e9s\u00e9nek eszk\u00f6zeit (pl.: v\u00e9tel\u00e1rvisszatart\u00e1s, let\u00e9t, el\u00e1ll\u00e1si jog) a jelen cikk t\u00e1rgya szempontj\u00e1b\u00f3l kev\u00e9sb\u00e9 fontosak, itt most kiz\u00e1r\u00f3lag az objekt\u00edv megt\u00e9r\u00edt\u00e9si k\u00f6telezetts\u00e9gv\u00e1llal\u00e1sokat mutatjuk be.<\/p>

Az objekt\u00edv megt\u00e9r\u00edt\u00e9si k\u00f6telezetts\u00e9gv\u00e1llal\u00e1sok l\u00e9nyege, hogy az elad\u00f3 k\u00f6teles megt\u00e9r\u00edteni a vev\u0151 sz\u00e1m\u00e1ra az ismert kock\u00e1zattal kapcsolatban t\u00e9nylegesen bek\u00f6vetkez\u0151 k\u00e1rokat, vesztes\u00e9geket f\u00fcggetlen\u00fcl att\u00f3l, hogy a vev\u0151 a kock\u00e1zatr\u00f3l az \u00fcgylet megk\u00f6t\u00e9sekor tudom\u00e1ssal b\u00edrt.<\/p>

Az alapvet\u0151 k\u00fcl\u00f6nbs\u00e9g teh\u00e1t a szavatoss\u00e1gi nyilatkozatok (angolul: warranties) \u00e9s az indemnity k\u00f6z\u00f6tt, hogy m\u00edg a szavatoss\u00e1gi nyilatkozatokkal kapcsolatban a vev\u0151 \u00e1ltal tudott t\u00e9nyek, k\u00f6r\u00fclm\u00e9nyek (mint “ismert hib\u00e1k”) megsz\u00fcntetik, illetve korl\u00e1tozz\u00e1k az elad\u00f3i felel\u0151ss\u00e9get, addig indemnity eset\u00e9n a vev\u0151 ezen tudom\u00e1sa nem relev\u00e1ns, azt teljes m\u00e9rt\u00e9kben figyelmen k\u00edv\u00fcl kell hagyni.<\/p>

Gyakori indemnity esetek p\u00e9ld\u00e1ul ad\u00f3jogszab\u00e1lyoknak val\u00f3 meg nem felel\u00e9sb\u0151l ered\u0151 vesztes\u00e9g; kereskedelmi szerz\u0151d\u00e9sekben szerepl\u0151 versenykorl\u00e1toz\u00f3 rendelkez\u00e9sekkel kapcsolatos versenyhat\u00f3s\u00e1gi b\u00edrs\u00e1g, megb\u00edz\u00e1si \u00e9s v\u00e1llalkoz\u00e1si szerz\u0151d\u00e9sek munkaszerz\u0151d\u00e9ss\u00e9 min\u0151s\u00edt\u00e9s\u00e9vel kapcsolatos b\u00edrs\u00e1gok.<\/p>

Az M&A tranzakci\u00f3k sor\u00e1n azonos\u00edtott felt\u00e1rt kock\u00e1zatok is kezelhet\u0151k tranzakci\u00f3s biztos\u00edt\u00e1ssal: egyr\u00e9szt W&I biztos\u00edt\u00e1si \u00fan. \u201eaffirmative\u201d (pozitiv) fedezetk\u00e9nt vagy \u00f6n\u00e1ll\u00f3 contigent biztos\u00edt\u00e1s form\u00e1j\u00e1ban.<\/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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Ismert kock\u00e1zatok biztos\u00edt\u00e1s \u00fatj\u00e1n t\u00f6rt\u00e9n\u0151 kezel\u00e9se \u2013 contingent risk biztos\u00edt\u00e1s<\/b><\/h5>\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 contingent risk biztos\u00edt\u00e1s az M&A tranzakci\u00f3k sor\u00e1n egyre sz\u00e9lesebb k\u00f6rben alkalmazott eszk\u00f6z, amely lehet\u0151v\u00e9 teszi a felt\u00e1rt kock\u00e1zatok biztos\u00edt\u00e1si piacra t\u00f6rt\u00e9n\u0151 \u00e1thelyez\u00e9s\u00e9t. N\u00e9mileg leegyszer\u0171s\u00edtve ezen biztos\u00edt\u00e1si term\u00e9ket: amennyiben bek\u00f6vetkezik az objekt\u00edv megt\u00e9r\u00edt\u00e9si k\u00f6telezetts\u00e9gv\u00e1llal\u00e1s alapj\u00e1ul szolg\u00e1l\u00f3 esem\u00e9ny (ez l\u00e9nyeg\u00e9ben a biztos\u00edt\u00e1si esem\u00e9ny), akkor egy harmadik f\u00e9l, a biztos\u00edt\u00f3 t\u00e9r\u00edti meg a biztos\u00edtott f\u00e9l, azaz a vev\u0151 vagy az elad\u00f3 ezzel kapcsolatos k\u00e1r\u00e1t a biztos\u00edt\u00f3 r\u00e9sz\u00e9re fizetett d\u00edj ellen\u00e9ben.<\/p>

Kezdetben f\u0151k\u00e9nt ad\u00f3\u00fcgyi, k\u00f6rnyezetv\u00e9delmi \u00e9s peres \u00fcgyek ter\u00fclet\u00e9n alkalmazt\u00e1k \u0151ket, de m\u00e1ra szinte b\u00e1rmely jogi kock\u00e1zat biztos\u00edthat\u00f3s\u00e1ga felmer\u00fclhet. Ez mag\u00e1ban foglalja p\u00e9ld\u00e1ul az ad\u00f3strukt\u00far\u00e1kkal kapcsolatos kih\u00edv\u00e1sokat, enged\u00e9lyek k\u00f6r\u00fcli kock\u00e1zatokat, b\u00e9rleti szerz\u0151d\u00e9sekkel kapcsolatos vit\u00e1kat, hat\u00f3s\u00e1gi elj\u00e1r\u00e1sokkal \u00f6sszef\u00fcgg\u0151 probl\u00e9m\u00e1kat, valamint tulajdonjogi k\u00e9rd\u00e9seket is.<\/p>

Ahhoz azonban, hogy egy felt\u00e1rt kock\u00e1zat biztos\u00edthat\u00f3 legyen, meg kell felelnie bizonyos krit\u00e9riumoknak. El\u0151sz\u00f6r is, a kock\u00e1zatnak jogi term\u00e9szet\u0171nek kell lennie. Ez azt jelenti, hogy az alapul szolg\u00e1l\u00f3 kock\u00e1zat t\u00f6bb jogi \u00e9rtelmez\u00e9si lehet\u0151s\u00e9ggel rendelkezik, \u00e9s ezek k\u00f6z\u00fcl egyik sem tekinthet\u0151 egy\u00e9rtelm\u0171en domin\u00e1nsnak. M\u00e1sodszor, a kock\u00e1zatnak m\u00faltbeli esem\u00e9nyekhez kell kapcsol\u00f3dnia; j\u00f6v\u0151beli esem\u00e9nyek \u00e1ltal\u00e1ban nem biztos\u00edthat\u00f3k. Harmadszor pedig a potenci\u00e1lis vesztes\u00e9g nagys\u00e1ga m\u00e9rhet\u0151 kell hogy legyen. Ezek a krit\u00e9riumok biztos\u00edtj\u00e1k, hogy a biztos\u00edt\u00f3k k\u00e9pesek legyenek pontosan felm\u00e9rni a kock\u00e1zatot \u00e9s meghat\u00e1rozni a fedezet \u00e1r\u00e1t. Ha egy kock\u00e1zat megfelel ezeknek a krit\u00e9riumoknak, akkor nagy val\u00f3sz\u00edn\u0171s\u00e9ggel kialak\u00edthat\u00f3 a megfelel\u0151 fedezet.<\/p>

A biztos\u00edt\u00f3k r\u00e9szletes elemz\u00e9st v\u00e9geznek annak \u00e9rdek\u00e9ben, hogy meghat\u00e1rozz\u00e1k a kock\u00e1zat biztos\u00edthat\u00f3s\u00e1g\u00e1t a fenti szempontok ment\u00e9n. Ez az elemz\u00e9s mag\u00e1ban foglalja egyr\u00e9szt a relev\u00e1ns jogi dokument\u00e1ci\u00f3 \u00e1ttekint\u00e9s\u00e9t, amely felt\u00e1rja a kock\u00e1zat term\u00e9szet\u00e9t \u00e9s jogi \u00e9rtelmez\u00e9s\u00e9t, tov\u00e1bb\u00e1 a kock\u00e1zat p\u00e9nz\u00fcgyi hat\u00e1sainak sz\u00e1mszer\u0171s\u00edt\u00e9s\u00e9t, amely seg\u00edt meghat\u00e1rozni annak potenci\u00e1lis m\u00e9rt\u00e9k\u00e9t.<\/p>

A fenti elemz\u00e9s alapj\u00e1n d\u00f6ntenek a biztos\u00edt\u00f3k arr\u00f3l, hogy milyen t\u00edpus\u00fa fedezet ny\u00fajthat\u00f3 milyen d\u00edjaz\u00e1s mellett. A biztos\u00edt\u00f3k \u00e1ltal\u00e1ban szoros egy\u00fcttm\u0171k\u00f6d\u00e9sben dolgoznak a tranzakci\u00f3s tan\u00e1csad\u00f3kkal \u00e9s jogi szak\u00e9rt\u0151kkel annak \u00e9rdek\u00e9ben, hogy pontosan felm\u00e9rj\u00e9k a kock\u00e1zatot \u00e9s kialak\u00edts\u00e1k a legmegfelel\u0151bb biztos\u00edt\u00e1si megold\u00e1st.<\/p>

Nagyobb \u00f6n\u00e1ll\u00f3 kock\u00e1zatok eset\u00e9ben r\u00e9szletesebb anyag sz\u00fcks\u00e9ges, ami jellemz\u0151en egy inform\u00e1lis jogi memorandum elk\u00e9sz\u00edt\u00e9s\u00e9t takarja, egy e-mail vagy \u00fan. informal legal opinion form\u00e1j\u00e1ban, amely \u00e1ltal\u00e1ban tartalmazza:<\/p>

  1. a kock\u00e1zat r\u00f6vid le\u00edr\u00e1s\u00e1t;<\/span><\/li>
  2. a relev\u00e1ns jogi \u00e9rtelmez\u00e9seket;<\/span><\/li>
  3. a v\u00e1rhat\u00f3 p\u00e9nz\u00fcgyi hat\u00e1sokat; valamint<\/span><\/li>
  4. \u00e1ll\u00e1sfoglal\u00e1st arr\u00f3l, hogy melyik jogi forgat\u00f3k\u00f6nyv val\u00f3sz\u00edn\u0171bb.<\/span><\/li><\/ol>\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\tW&I biztos\u00edt\u00e1si \u201eaffirmative\u201d fedezet vs. \u00f6n\u00e1ll\u00f3 contingent risk biztos\u00edt\u00e1s<\/b>

    \nAz M&A tranzakci\u00f3k sor\u00e1n azonos\u00edtott felt\u00e1rt kock\u00e1zatok nemcsak contingent risk biztos\u00edt\u00e1s keret\u00e9ben, hanem a W&I biztos\u00edt\u00e1si \u00fan. \u201eaffirmative\u201d (pozitiv) fedezetk\u00e9nt is biztos\u00edthat\u00f3ak. A W&I biztos\u00edt\u00e1s (ahogy kor\u00e1bban bemutattuk<\/a>) alapvet\u0151en az elad\u00f3 \u00e1ltal v\u00e1llalt szavatoss\u00e1gokat fedezi \u00e9s az ismeretlen kock\u00e1zatokra ny\u00fajt fedezetet. Azonban, ha alacsony vagy k\u00f6zepes m\u00e9rt\u00e9k\u0171 kock\u00e1zatok ker\u00fclnek felsz\u00ednre az \u00e1tvil\u00e1g\u00edt\u00e1s sor\u00e1n, akkor ezek \u201eaffirmative\u201d (pozit\u00edv) fedezet form\u00e1j\u00e1ban be\u00e9p\u00edthet\u0151k a W&I biztos\u00edt\u00e1sba. \u00c1ltal\u00e1nos szab\u00e1lyk\u00e9nt a W&I biztos\u00edt\u00e1son bel\u00fcli \u201eaffirmative\u201d (pozit\u00edv) fedezet nem haladhatja meg a megv\u00e1s\u00e1rolt W&I limit 5-10%-\u00e1t. P\u00e9ld\u00e1ul egy 100 milli\u00f3 eur\u00f3s tranzakci\u00f3 eset\u00e9n, ahol a W&I limit 20 milli\u00f3 eur\u00f3 (az EV 20%-a), az \u00f6sszes \u201eaffirmative\u201d (pozit\u00edvan) biztos\u00edtott kock\u00e1zat \u00f6sszege legfeljebb 1-2 milli\u00f3 eur\u00f3 lehet a W&I k\u00f6tv\u00e9nyen bel\u00fcl. Az ezt meghalad\u00f3 kock\u00e1zatok m\u00e1r nem alkalmasak \u201eaffirmative\u201d (pozit\u00edv) fedezetre, hanem k\u00fcl\u00f6n\u00e1ll\u00f3 contigent kock\u00e1zati biztos\u00edt\u00e1st ig\u00e9nyelnek. Az \u00f6n\u00e1ll\u00f3 contigent kock\u00e1zati biztos\u00edt\u00e1s teljesen f\u00fcggetlen minden m\u00e1s biztos\u00edt\u00e1st\u00f3l, \u00e9s nem sz\u00fcks\u00e9ges hozz\u00e1 megl\u00e9v\u0151 vagy p\u00e1huzamos W&I k\u00f6tv\u00e9ny. Ez lehet\u0151v\u00e9 teszi specifikus kock\u00e1zatok c\u00e9lzott kezel\u00e9s\u00e9t egyedi felt\u00e9telek mellett. B\u00e1r ez egy k\u00fcl\u00f6n\u00e1ll\u00f3 munkafolyamatot ig\u00e9nyel \u00e9s magasabb k\u00f6lts\u00e9gekkel j\u00e1rhat, ugyanakkor sz\u00e9lesebb k\u00f6r\u0171 v\u00e9delmet ny\u00fajt mind fedezeti tartom\u00e1nyban, mind limitben.\n\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: Szkiba Tam\u00e1s, Anton\u00a0Schopper<\/span>\u00a0<\/span><\/em><\/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\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
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    \n\t\t\t\t\t\t\t\tAnton Schnopper\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\tIgazgat\u00f3,

    Aon Central Europe\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\tAnton Schnopper\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\tAnton 2022 \u00f3ta foglalkozik tranzakci\u00f3s biztos\u00edt\u00e1sokkal, jelenleg az Aon Central Europe igazgat\u00f3ja, ahol M&A kock\u00e1zati tan\u00e1csad\u00e1ssal foglalkozik, amelynek keret\u00e9ben tranzakci\u00f3s kock\u00e1zati biztos\u00edt\u00e1si megold\u00e1sokat alak\u00edt ki. F\u00e9lig magyar, f\u00e9lig n\u00e9met sz\u00e1rmaz\u00e1s\u00e1nak k\u00f6sz\u00f6nhet\u0151en m\u00e9lyen ismeri mindk\u00e9t kult\u00far\u00e1t, \u00e9s foly\u00e9konyan besz\u00e9l magyarul, n\u00e9met\u00fcl, angolul \u00e9s sv\u00e9d\u00fcl. Jogi alapjait a b\u00e9csi WU-n saj\u00e1t\u00edtotta el, \u00e9s nemzetk\u00f6zi tapasztalatot szerzett N\u00e9metorsz\u00e1gban, Ausztri\u00e1ban, Sv\u00e9dorsz\u00e1gban \u00e9s Magyarorsz\u00e1gon. Kor\u00e1bban befektet\u00e9si banki \u00e9s tan\u00e1csad\u00e1si ter\u00fcleten dolgozott, ami sz\u00e9lesk\u00f6r\u0171 szak\u00e9rtelmet biztos\u00edt sz\u00e1m\u00e1ra a k\u00f6z\u00e9p-eur\u00f3pai r\u00e9gi\u00f3ban v\u00e9gzett munk\u00e1j\u00e1hoz.\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\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\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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    Kapcsol\u00f3d\u00f3 tartalmaink<\/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<\/h4>\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\t\t\t

    \n\t\t\n\t\t\n\t\t\tTov\u00e1bb >>\t\t<\/a>\n\n\t\t\t\t\t<\/div>\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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    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<\/h4>\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\t\t\t

    \n\t\t\n\t\t\n\t\t\tTov\u00e1bb >>\t\t<\/a>\n\n\t\t\t\t\t<\/div>\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
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    \n\t\t\t\n\t\t\t\tW&I biztos\u00edt\u00e1s: elad\u00f3-vev\u0151 oldali \u00e1t\u00e1ll\u00e1s (“seller to buyer flip”)\t\t\t<\/a>\n\t\t<\/h4>\n\t\t\t\t
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    Cikk\u00fcnkben a seller to buyer flippel kapcsolatos legfontosabb gyakorlati tudnival\u00f3kat j\u00e1rjuk k\u00f6r\u00fcl dr. Szkiba Tam\u00e1s szenior M&A \u00fcgyv\u00e9d \u00e9s dr. Juh\u00e1sz Gergely tranzakci\u00f3 biztos\u00edt\u00e1si szak\u00e9rt\u0151 k\u00f6zrem\u0171k\u00f6d\u00e9s\u00e9vel.<\/p>\n\t\t<\/div>\n\t\t\t\t\t

    \n\t\t\n\t\t\n\t\t\tTov\u00e1bb >>\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\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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    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<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    Az M&A \u00fcgyletek sor\u00e1n kiemelt szerepe van a c\u00e9lt\u00e1rsas\u00e1ggal kapcsolatos inform\u00e1ci\u00f3k ismeret\u00e9nek \u00e9s a kapcsol\u00f3d\u00f3 kock\u00e1zatok felek k\u00f6z\u00f6tti megoszt\u00e1s\u00e1nak. Cikk\u00fcnken a c\u00e9lt\u00e1rsas\u00e1ggal kapcsolatos felt\u00e1rt, ismert kock\u00e1zatok kezel\u00e9s\u00e9re
    \n szolg\u00e1l\u00f3 tranzakci\u00f3s biztos\u00edt\u00e1si megold\u00e1sokat mutatjuk be. 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