Council of Elrond

this is the scenario, a player is moving, let's say that his hl is 2. I play a dragon or drake creature and my opponent tries to cancel it with dragon's hunger. I discard a creature from hand so attack isn't cancelled and HL reduces by 1, then he plays many turns and doublings in order to reduce the HL by 1 more.

The question is, since there is no HL left, the creature has no effect on the company and it's discarded and "cancelled"? Or do the company has to face the attack because the creature is already in play?

marcos wrote:I play a dragon or drake creature and my opponent tries to cancel it with dragon's hunger.

Such playing is wrong. You cannot cancel attack from creature before creature is resolved. In other words you cannot play dragon or drake creature and Dragon's Hunger in the same chain of effect.

Reducing HL is not method of canceling of attack from hazard that is already resolved. Reducing HL to the point in which more hazards are declared than the HL, you can prevent hazard from resolving.

so the attack isn't cancelled but the HL left will be 0?

Yes. 0 or less.