06-09-2012

Press Release: Court rules on transfer of film industry assets to the Hungarian National Film Fund to pay off MMKA’s debts

    On September 4, the Metropolitan Court of Budapest approved the agreement concluded between the Hungarian Motion Picture Public Foundation (MMKA) and the Hungarian National Film Fund during the summer. The objective of the agreement was to settle the HUF 6.3 billion debt due from MMKA to the Hungarian National Film Fund. The Hungarian National Film Fund acquired the debts of MMKA from the banks and various film production companies.  As a result of the deals with banks the Hungarian National Film Fund also acquired the lawsuits initiated against the MMKA. MMKA is to pay its debt by transferring its corporate and real estate assets to the Hungarian National Film Fund. MMKA and the Hungarian National Film Fund commenced implementing the transfer of assets immediately. As a result, Mafilm Zrt. and Magyar Filmlaboratórium Kft. will be transferred to the Fund.

    The court decision puts an end to a lengthy process. Andrew G. Vajna, government commissioner in charge of renewing the Hungarian film industry started settling the financial and structural problems that had accumulated during the past twenty years in the Hungarian film trade.

    This approval represents a crucial step in closing the past. The Hungarian National Film Fund intends to utilise the assets in the interests of the Hungarian film industry.

    Only five out of the 25 founding members of MMKA intended to get involved in the lawsuit; however, their petition was rejected by the court because it was legally and factually unfounded.

    The duties of MMKA related to the state controlled film industry ceased pursuant to amendments to the Film Law effective as of January 2012; functions associated with film production and other goals of the film industry are now administered by the Hungarian National Film Fund.

     

    Best regards,

    PAPP Csaba Zoltán

    This email address is being protected from spambots. You need JavaScript enabled to view it. / + 36 30 936 31 49

    Public Relations

     

    Magyar Filmunió / International Division of the Hungarian National Film Fund

    www.filmunio.hu  / www.filmalap.hu 

     

    Published in Press releases
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