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The First World War and the Trianon Treaty shocked the Hungarian economy. The Hungarian government implemented a payment moratorium from the start of the war, but after a one-year long moratorium, the government wanted to restore the working of the economy. But it desired to avoid the massive bankruptcies of the firms; therefore, a new institution, the compulsory non-bankruptcy settlement was introduced by the government in Hungary for helping the debtors. In my paper, I examine the rearrangement of the insolvency law in the interwar period which was generated by the compulsory nonbankruptcy settlement. This appeared beside the bankruptcy procedure, which regulation was passed by the National Assembly in 1881. It was the second Hungarian bankruptcy act, which remained unchanged until socialism. These two procedures were the significant elements of the insolvency law in the examined period. In my paper, I present the circumstances of the new institution’s introduction, its modification and its relation to the bankruptcy procedure.

This study reviews the recent developments in capital markets and institutional investors in Russia, and examines the policy challenges ahead for the development of the sector. The analysis covers key impediments for further development and policy challenges for securities markets, in particular legal and regulatory framework, market infrastructure, government bonds, sub-sovereign bonds, corporate bonds, and equities. The analysis also covers key impediments for further development and policy challenges for mutual funds, pension funds, and insurance companies.