Turkey has recently adopted new legislation requiring application to mandatory mediation for commercial disputes before filing a lawsuit.

The Law on Starting Legal Proceedings for Monetary Receivables Arising from Subscription Agreements, numbered 7155, published in the Official Gazette, numbered 30630 and dated 19 December 2018, introduced new provisions to the Turkish Commercial Code, numbered 6102 (“TCC”) and to the Law on Mediation in Civil Disputes, numbered 6325 (“Mediation Law”).

Turkey’s Constitutional Court recently confirmed that a company’s legal representatives are jointly responsible with the respective legal entity for public debts if they were payable during their time of influence at the company. The court held that this does not upset the balance between public benefit and an individual’s constitutional right to property.

Turkey recently introduced a range of secondary legislation, collectively outlining details of major legislative changes to the pledge and assignment regime for commercial transactions. The updated regime facilitates access to finance for SMEs and boosts competitiveness. The most notable aspect of the changes are that possession of the pledged asset no longer needs to physically change hands.

The decision from the Court of Appeal was handed down on 1 March 2017 and has confirmed that if a trust is created by an IVA that trust will continue in the absence of specific terms to bring it to an end. This is despite a debtor having received his certificate of discharge and confirmation that he has no liability to IVA creditors.

Turkey’s bankruptcy postponement mechanism has been regularly criticised for failing to fulfil its intended goals.

The European Commission’s (EC) wish to create a pan-European ‘rescue culture’ has been closely aided by INSOL Europe. No wonder the technical programme for INSOL Europe’s October conference was titled ‘A new European approach to insolvency?’ The meeting was presided over by Catherine Ottaway, this year’s President of INSOL Europe, and she had no hesitation in summing it up: “We held the conference in Istanbul, the bridge between Europe and Asia. As an organisation, that is what we aim to be: a bridge between different parts of the insolvency and restructuring community.”

Ian Grier & Michael Veder, Joint Technical Chairs, preview the forthcoming Annual Congress in Istanbul, Turkey Our venue this year is the Istanbul Hilton, located in the heart of the European side of the city with splendid views of the Bosphorous. The hotel is ideally situated for exploring this unique and fascinating city. It is a city with a long history dating from Roman times, successively named Byzantium, Constantinople and now Istanbul. It is currently the business and cultural centre of one of the world’s most dynamic countries.

Turnaround Wing: Proudly looking back to its 5th birthday in Paris 2013 We were again an important part of the technical programme with two sessions (“Shipping industry – the perfect storm?”; “Why do restructurings fail?”) which were both well attended and well received. Our Business meeting on Friday evening was well attended not only because of free wine and snacks... At this meeting we discussed future goals of this tremendously important group within INSOL Europe.

There are two main sources of confusion in the public corporate governance debate. One is the confusion about the role of public policy intervention. The other is a lack of empirical knowledge about the corporate landscape where rules are supposed to be implemented and the functioning of today’s equity markets, where voting rights and cash flow rights are traded. To mitigate some of this confusion, this paper provides both an analytical framework for the role of public policy and a description of the empirical context that influences the conditions for that policy.

Fourth Quarter 2010 – Volume 9 Chadbourne offers legal advice to companies, financial institutions and private funds conducting cross-border business in the Middle East, North Africa and Turkey. To help keep clients apprised of selected current cross-border deals, we track significant transactions in the region.