The Modernisation of Hungarian Company Law in Act V of 1930 with Special Regard to Limited Liability Companies

Abstract

Ödön Kuncz’s proposal was adopted by the Hungarian Parliament in the form of Act V of 1930, as the reception of the limited liability company into Hungarian company law. The concept of Kuncz was based on criticism of the earlier bills of Dávid Pap and Géza Bozóky, and the experiences of jurisdictions that had already been adopted the German GmbH model, and it was in line with the needs of domestic business practice. This study analyses the reception of legal institution of limited liability company into Hungarian law and its medium-term effects based on the concept drawn up by Kuncz.