Recent Development

The Banking Regulation and Supervision Agency added a provisional article on consumer loan restructuring to the Regulation on Banks' Loan Transactions and the Regulation on Establishment and Activities of Financial Leasing, Factoring and Financing Companies. Pursuant to the provisional article, consumer loans whose principal and/or interest payments became overdue before February 10, 2019 can be restructured to a maximum of sixty months at the borrower's request.

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.  

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.

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

Recent development

Over the past two or three years, we have seen an increasing number of cases where a client holds and wishes to sell or transfer shares in a Cayman Islands company which is in liquidation, or is seeking to purchase shares in such a company from another party.  In those circumstances, the transfer of the shares would be void absent the validation of the Grand Court of the Cayman Islands, as a result of section 99 of the Companies Law (2013 Revision) ("Section 99").  Section 99 is in the following terms: