Insolvency proceedings and avoidance actions play a significant role in safeguarding creditors' interests and maximising the insolvency estate in Türkiye. The European Commission's Proposal for a Directive (COM (2022)702) aims to harmonise contestation rights in insolvency across EU member states. Although Türkiye is not an EU member states, Türkiye has similar avoidance actions regulated under its own insolvency legislation, the Turkish Enforcement and Bankruptcy Law (EBL).
Overview
Are the courts of England and Wales establishing themselves as a flexible forum for cross-border enforceability? Here, we consider this question in light of two recent High Court decisions: Re Silverpail Dairy (Ireland) Unlimited Co. [2023] EWHC 895 (Ch) (Silverpail) and Invest Bank PSC v El-Husseini & Ors [2023] EWHC 2302 (Comm) (Invest Bank).
On 7 December 2022, the European Commission published a draft directive aimed at harmonizing certain aspects of insolvency law. The intention behind this directive is to mandate the inclusion of "pre-pack proceedings" in national insolvency laws across the European Union ("EU"). Although Türkiye is not a member of the EU and does not have specific rules for governing pre-pack insolvency sales, it does have procedures that are similar, if not an identical, to pre-pack proceedings.
In this article we will take a closer look at Türkiye's pre-pack-like institution.
On 20 December 2020, Turkey enacted Presidential Decision No. 3433, which extends the period for applying and making payments vis-à-vis new restructuring regime on receivables contained in the Law on Restructuring of Certain Receivables and Amending Certain Laws No 7256 (“Restructuring Law”), which came into force 17 November last year.
On 17 November 2020, Turkey enacted the Law on Restructuring of Certain Receivables and Amendment of Certain Laws No 7256, which allows the restructuring of certain public receivables and introduces several amendments to the tax legislation.
The Dutch Supreme Court has confirmed the decision of the Amsterdam Court of Appeal, which found that the bankruptcy of the Russian based oil company, Yukos, could not be recognised in the Netherlands because it violates Dutch public policy.
The High Court of Hong Kong refused to allow a Chapter 11 Trustee to disclose a Decision from Hong Kong winding up proceedings in the US bankruptcy court. The US proceedings were commenced to prevent a creditor from taking action following a breach of undertakings given to the Hong Kong court in circumstances where the company had no jurisdictional connection with the US.
The Australian Federal Court has clarified the limitations for foreign entities and their office holders in pursuing action in Australia to access the voidable transaction provisions of the Australian Corporations Act.
Control to Serbian Creditors- the amendments to the Serbian Insolvency Act
The recent amendments to the Serbian Insolvency Act enacted 9 December 2018 have placed more control into creditors’ hands allowing them to suggest the insolvency administrator to be appointed, as well as providing less restrictive provisions on the proposers of reorganisation proposals.
In October 2018 Judge Glenn of the United States Bankruptcy Court (New York) considered the common law principles of comity and the English common law Gibbs rule to grant recognition of a Croatian company's settlement agreement which modified both New York and English law.
Background