Recent development

Recent Development

The Law on the Amendments to the Code of Enforcement and Bankruptcy and Certain Laws ("Law No. 7101") was published on the Official Gazette on March 15, 2018.

Background

As a result of the studies conducted by the Coordination Council for the Improvement of the Investment Environment, the Law No. 7101 was introduced to the Turkish Parliament.

The Turkish collateralization system was recently updated through the introduction of the Law No. 6750 on Movable Pledges (the “Movable PledgeLaw”).

Recent Development

Recent Development

In scope of the various response measures implemented by the Turkish government to prevent the spread of the coronavirus (COVID-19) in Turkey, the President of the Turkish Republic issued the "Decree to Suspend Enforcement and Bankruptcy Proceedings" on March 22, 2020, in accordance with Article 330, "Suspension In Case of Emergency", of the Enforcement and Bankruptcy Law ("EBL").

What Does the Decision Say?

Recent Development 

Amendments to the Financial Restructuring Framework Agreement (the "Framework Agreement"), which was drafted by the Turkish Banks Association (the "TBA") within the scope of the Regulation Regarding the Restructuring of Debts Owed to the Financial Sector (the "Regulation"), were distributed to banks and other financial institutions to be executed.

Yeni Gelişme

Koronavirüs (COVID-19) salgın hastalığının Türkiye'de yayılmasını önlemek amacıyla hükümet tarafından alınan tedbirler kapsamında Cumhurbaşkanı tarafından İcra ve İflas Kanunu'nun ("İİK") "Fevkalade Hallerde Tatil" başlıklı 330. maddesinde kendisine verilen yetkiye dayanarak verilen "İcra ve İflas Takiplerinin Durdurulması Hakkında Karar", 22.3.2020 tarihinde yürürlüğe konmuştur.

Karar Ne Diyor?

Yeni Gelişme  

Finansal Sektöre Olan Borçların Yeniden Yapılandırılması Hakkında Yönetmelik ("Yönetmelik") kapsamında Türkiye Bankalar Birliği ("TBB") tarafından hazırlanan Finansal Yeniden Yapılandırma Çerçeve Anlaşması'na ("Çerçeve Anlaşma") ilişkin değişiklik protokolü bankalar ve diğer finansal kuruluşların imzasına açıldı.  

This week we bring you part II of Esin Attorney Partnership’s report on the newly adopted Provisional Article and the effect on financial restructuring and NPL reform in Turkey. Last week’s post is available here. In this post they provide additional insight into the newly adopted legislation and discuss their recommended actions on the legal front.

1) Financial Restructuring Considerations

What needs to be cured on the legal and tax fronts: A proposal for a financial restructuring and NPL reform

1 Available at: https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB +TR/Main+Menu/Istatistikler/Odemeler+Dengesi+ve+ Ilgili+Istatistikler/Ozel+Sektorun+Yurtdisindan+Sagla digi+Kredi+Borcu/Veri+%28Tablolar%29/

2 Available at: https://www.bddk.org.tr/ContentBddk/dokuman/duyur u_0730_01.pdf