Recent Development
The Turkish Parliament enacted a law amending the composition (tr. "konkordato," a Turkish scheme of arrangement) articles in the Code of Enforcement and Bankruptcy in response to widespread abuse of the composition proceedings. The changes are effective as of the date of promulgation on the Official Gazette, 19 December 2018, with pending applications remaining subject to the previous version of the provisions.
The Amendments
The major amendments are summarized below.
Yeni Gelişme
Türkiye Büyük Millet Meclisi, konkordato sürecinin suiistimal edildiğine ilişkin gelen tepkileri göz önünde bulundurarak, İcra ve İflas Kanunu'ndaki konkordato hükümlerinde değişiklikler öngören kanun teklifini yasalaştırmıştır. Değişiklikler 19 Aralık 2018 tarihinde Resmi Gazete’de yayımlanarak yürürlüğe girmiştir. Ancak görülmekte olan konkordato talepleri hakkında önceki hükümler uygulanmaya devam edecektir.
Kabul Edilen Değişiklikler
Önemli değişiklikler aşağıda özetlenmiştir.
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.
Moody's announced in October 2014 that the detainment of Agile Property Holdings' chairman, Chen Zhoulin by government authorities was credit negative, in Moody's view, "similar incidents would adversely affect developers' borrowing costs and/or their access to offshore funding". The events that have unfolded since show that Moody's were right on the money.
Introduction
Gaining access to development land in the PRC has often been linked to government connections and dubious business practices. However, a number of investigations into the allegedly corrupt activities of high-level real estate executives in China have recently taken place.
With APCOA Parking, the English High Court sets out the latest line of authority in the increasing use of schemes of arrangement by foreign companies.
This case, APCOA Parking (UK) Limited & Ors [2014] EWHC 997 (Ch), presents two novel aspects: