On August 23, 2019, President Donald J. Trump signed into law two bills amending the Bankruptcy Code: (i) the Family Farmer Relief Act of 2019 (“FFRA”); and (ii) the Small Business Reorganization Act of 2019 (“SBRA,” and with FFRA, the “Acts”).1 Here are summaries of the Acts and important takeaways.
DEBT LIMIT INCREASE APPLICABLE TO AGRIBUSINESSES
On 15 July 2019, UNCITRAL formally approved a new model law (linked here) for enterprise group insolvencies on how to administer group insolvencies across multiple jurisdictions. A lesson learnt from the 2008 global financial crisis when we saw the collapse of Lehman Brothers was the absence of legislation that dealt with group insolvencies. This has been identified as a major gap in UNCITRAL’s model law on cross-border insolvency (MLCBI).
Yeni Gelişmeler
Gelir Vergisi Kanunu ile Bazı Kanunlarda Değişiklik Yapılması Hakkında Kanun ("Torba Kanun") 19 Temmuz 2019 tarih ve 30836 sayılı Resmi Gazete'de yayımlanarak yürürlüğe girdi. Torba Kanun finansal yeniden yapılandırmaya ve gelir vergisine ilişkin düzenlemeler içeriyor.
Torba Kanun ne getiriyor?
Finansal Yeniden Yapılandırma
Recent Developments
The Law on the Amendment to the Income Tax Law and Certain Laws (the "Omnibus Bill") entered into force upon its publication on the Official Gazette No. 30836 dated July 19, 2019. The Omnibus Bill includes provisions for financial restructuring and tax related matters.
What’s New?
Financial Restructuring
2018 yazındaki kur şokuyla, "finansal yapılandırma" kavramı hayatımıza girdi.Borçlu şirketin mali yapısının elden geçirilip, mali stratejisinin tekrar belirlenmesi olarak tanımlanabilecek finansal yapılandırma; bir anda finansal kuruluşlarımızın en büyük gündemi haline geldi. İlgili kurumlarımız hemen müdahale edip, yapılandırma için yasal altyapıyı oluşturma yönünde çalışmaya başladı.
The concept of "financial restructuring" was introduced in Turkey following the country's currency crisis in the summer of 2018. Financial restructuring, defined as revising a debtor's financial structure and redetermining its financial strategy, became the major agenda of Turkish financial institutions. Regulators intervened immediately and began working to form the legal infrastructure for restructuring.
Trademark licensors and licensees, as well as their stakeholders (including lenders), should heed the U.S. Supreme Court’s decision in Mission Product Holdings, Inc. v. Tempnology, LLC n/k/a Old Cold, LLC, No. 17-1657. The Justices resolved a long-standing question arising from the intersection of bankruptcy and trademark law: whether a debtor/licensor’s rejection of a trademark license terminates the licensee’s right to use a trademark after rejection.
Trademark licensors and licensees, as well as their stakeholders (including lenders), should heed the U.S. Supreme Court’s decision in Mission Product Holdings, Inc. v. Tempnology, LLC n/k/a Old Cold, LLC, No. 17-1657. The Justices resolved a long-standing question arising from the intersection of bankruptcy and trademark law: whether a debtor/licensor’s rejection of a trademark license terminates the licensee’s right to use a trademark after rejection.
The US Supreme Court has reversed the First Circuit's ruling in Mission Products (Mission Prod. Holdings v. Tempnology, LLC (In re Tempnology, LLC), 879 F.3d 389 (1st Cir. 2018)), thereby allowing the trademark licensee in that case to continue using the licensed trademark despite the debtor trademark licensor's rejection of the underlying trademark agreement in its bankruptcy case.
The US Supreme Court has reversed the First Circuit’s ruling in Mission Products (Mission Prod. Holdings v. Tempnology, LLC (In re Tempnology, LLC), 879 F.3d 389 (1st Cir. 2018)), thereby allowing the trademark licensee in that case to continue using the licensed trademark despite the debtor trademark licensor’s rejection of the underlying trademark agreement in its bankruptcy case.