Türkiye'de yatırım ortamının iyileştirilmesi amacıyla oluşturulan ve 2001 yılından bu yana faaliyet gösteren Yatırım Ortamının İyileştirilmesi Koordinasyon Kurulu ("YOİKK") tarafından yürütülen çalışmalar kapsamında reform niteliğinde yenilikler getirdiği ifade edilen "İcra ve İflas Kanunu ve Bazı Kanunlarda Değişiklik Yapılması Hakkında Kanun" ("Kanun") 15 Mart 2018 tarihli ve 30361 sayılı Resmi Gazete'de yayımlanmıştır.
Introduction
Law No 7101 on Amendments to the Enforcement and Bankruptcy Law and Other Laws (“Law No 7101”) has been published in the Official Gazette dated 15 March 2018. Law No 7101 i) abolishes the postponement of bankruptcy procedures, ii) introduces a new composition procedure for insolvent companies and iii) improves secured creditors’ rights in bankruptcy.
Lifting of Postponement of Bankruptcy
Introduction
On 15.03.2018 Amendments to Enforcement and Bankruptcy Law has been introduced by Law No. 7101 and published in the Official Gazette. The most significant changes are as follows:
The Ministry of Trade introduced the Communiquéon the Implementation of Article 376 of the Turkish Commercial Code Numbered 6102 ("Communiqué") detailing the measures to be implemented in companies subject to technical bankruptcy.
What's New?
The Communique provides helpful guidance about how companies and their shareholders and management must address a company's financial distress.
A range of legislative changes have been made in Turkey following the attempted coup on 15 July 2016, as well as changes to the structures and compositions of government, military and judicial bodies. Notable aspects for companies include bankruptcy suspension requests being deemed invalid during the national three month State of Emergency, as well as increased powers for guardians appointed to companies under investigation.
Bankruptcy postponement requests suspended
Turkey has tightened up its postponement of bankruptcy regime. Bad faith debtors would regularly exploit the prior legislative arrangements and court processes, using them to threaten or bargain with their creditors by depriving them of enforcement and execution avenues for a significant and uncertain amount of time. However, legislative amendments go a significant way towards evening up the balance between creditors and debtors in this area.
Turkey has introduced regulations regarding new and existing bankruptcy suspension requests and company guardians in the wake of the 90 day of State of Emergency declared on 21 July 2016. Drastic changes have recently been introduced for the Turkish bankruptcy postponement regime (more).
Introduction
Postponement of bankruptcy
Comment
Introduction
On July 15 2016 Parliament enacted an omnibus bill which amended several laws. The Law on the Amendment of Some Laws to Improve the Investment Environment focuses on: