Hungary: COVID-19 legislation in Hungary
The Hungarian legislator introduced exceptional, temporary rules regarding loan contracts to help debtors who became unable to meet their contractual obligations. Under the payment moratorium that lasts until 31 December 2020, the payment of capital, interest, and fees is suspended provided that they arise from a contract that existed on 18 March 2020. As a result of the moratorium, the maturity of loans will be prolonged. Apart from that, under the moratorium, financial institutions may not apply an annual percentage rate exceeding the amount of the interest base rate (published by the National Bank of Hungary) + 5 % for contracts concluded after 18 March 2020. In case of contracts not falling under this legislation, it remains to be seen whether the courts will be ready to intervene in line with the traditional principle of clausula rebus sic stantibus.
Besides contractual relationships, newly established company law rules intend to handle the operation of companies in the event of lockdowns that would otherwise hinder the companies decision-making without holding members meetings.
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