The Ministry of Commerce issued a Communiqué on 15 September 2018 ("Communiqué") setting out the principles and procedures pertaining to the application of Article 376 of the Turkish Commercial Code ("TCC"). In brief, Article 376 regulates the measures to be adopted by joint stock companies and limited liability companies (for the purposes of this article, each a "company") in cases of loss of capital or insolvency.

In retail bankruptcies, it is important for suppliers consigning goods to merchants to be aware of the commercial law rules governing consignments. Disputes among consignors, inventory lenders, and bankruptcy debtors have been arising frequently in retail bankruptcy cases. Disputes like these can be avoided if consignors consider the basics of commercial law rules governing consignments, particularly under the Uniform Commercial Code, and take steps to protect their rights and interests.

Introduction

Law No 7101 on Amendments to the Enforcement and Bankruptcy Law and Other Laws (“Law No 7101”) has been published in the Official Gazette dated 15 March 2018. Law No 7101 i) abolishes the postponement of bankruptcy procedures, ii) introduces a new composition procedure for insolvent companies and iii) improves secured creditors’ rights in bankruptcy.

Lifting of Postponement of Bankruptcy

Many tax-exempt organizations can now change their state of organization and retain their current tax exemption.

Two key changes made to Australian insolvency law enhance restructuring efforts in Australia and could improve outcomes for US investors.

The court awarded OpCo Noteholders in excess of $320 million in Make-Whole Amount and post-petition interest, confirming that make-whole is an enforceable liquidated damage claim.

On 21 July 2017, a draft bill on the protection of over-indebted natural persons was submitted to the Bulgarian Parliament (the “Bill”). The Bill introduces a new legal framework to address personal over-indebtedness and to protect indebted persons from a lifetime of indebtedness while ensuring a fair satisfaction of creditors.

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Court holds that TIA § 316(b) prohibits only non‐consensual amendments to an indenture’s core payment terms.

A unanimous panel held that Asarco’s settlement in bankruptcy for its “share of response costs” did not preclude it from later bringing a CERCLA contribution claim.