Szecskay Attorneys at Law claims victory in an EUR 35 million real property litigation
- December 12, 2017
The litigation, which was commenced by the Hungarian State, was aimed at establishing that the contracts by which our client acquired two real properties were null and void. The properties were first sold by the Hungarian State to the local municipality, then the municipality sold them to our client. The case concerns two high profile real properties. The value of the claim was EUR 35 million (HUF 11 billion).
On November 14, 2017, the Kúria upheld the first instance judgement of the Metropolitan Court of Budapest, which rejected the Hungarian State’s claim. The Kúria confirmed that the contracts subject to the lawsuit were not invalid. The Kúria’s judgement is noteworthy because it overturned the second instance judgement, which held that the contracts were null and void for several reasons.
Szecskay Attorneys at Law’s litigation team consisted of András Szecskay, Judit Gulás and Miklós Boronkay.
András Szecskay, lead counsel in the case said: “We are extremely proud to have successfully represented our client in this high value litigation. The Kúria’s judgement concludes four years of litigation, which consisted of two first instance and two second instance proceedings. It is always difficult to overturn a second instance judgement, and we are happy to have achieved this.” Miklós Boronkay, senior associate added: “This was a complex and challenging case, both from a factual and a legal point of view. We saw two favourable first instance judgements getting overturned by the second instance court. We are therefore very pleased that we could secure the final victory.”