In the latter case the choice is easy because termination of another company may only be initiated by filing a petition for liquidation, in particular by a creditor, through a Hungarian lawyer if the company concerned is insolvent.
Nevertheless, the mode of termination of your own company depends on whether there are certain outstanding debts which the company cannot expectedly satisfy within a short time. If there are no such outstanding debts, dissolution proceedings should be conducted, as the case may be, using the services of a Hungarian lawyer. In turn, if it is evidently unable to recover from its debts, your company will be terminated by liquidation so that in such a case the petition for liquidation is submitted by the company against itself through a Hungarian lawyer.
In the event of occurrence of any situation carrying the danger of insolvency, before electing to terminate the company, it is worth reconsidering whether the company could be saved by granting some respite of payment or potential reorganizing its operations. In particular, such situations might be solved a bankruptcy proceedings, as the case may be, using the services of a Hungarian lawyer.
