Hungary designates Bayer Construct bankruptcy as strategically significant

The Hungarian government has designated the bankruptcy proceedings of Bayer Construct Zrt. and ZVK Development Kft. as having strategic high importance. This decision follows the companies' requests for bankruptcy protection related to the 300 billion HUF office development project at Bosnyák tér.

As a result of a government decree, the court has appointed the state-owned Nemzeti Reorganizációs Nonprofit Kft. as the official asset supervisor for both entities. The supervisor is granted extensive powers to transparently review the companies' financial status, books, contracts, and bank accounts. The supervisor must approve any new financial obligations, and has the authority to challenge unauthorized transactions or initiate the recovery of payments that violate bankruptcy protection rules.

Prime Minister Péter Magyar stated that the measure aims to prevent owners or associated individuals from transferring assets out of the companies to the detriment of the state, creditors, employees, and subcontractors. He specifically addressed the business circle of István Tiborcz, asserting that the misappropriation of public funds must end.