The Corporate Enforcement Authority recently published its guidance note on EU Directive 2019/1023 known as the "Preventive Restructuring Directive", which you will find here (Information Note).
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Yargıtay İçtihadı Birleştirme Büyük Genel Kurulu’nun 3 Haziran 2022 tarih ve 2021/1 E., 2022/3 K. sayılı Kararı (“İçtihadı Birleştirme Kararı“), 26 Kasım 2022’de Resmi Gazete’de yayımlandı. İçtihadı Birleştirme Kararı uyarınca, aleyhine icra takibi başlatılan borçlu, takibe vekili aracılığıyla itiraz etse dahi, alacaklının açacağı itirazın iptali davasında dava dilekçesi vekile değil asıla (borçlunun kendisine) tebliğ edilmelidir.
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Recent development
Background
On 5 October 2022, the Supreme Court handed down its long-awaited judgment in BTI 2014 LLC v. Sequana S.A. [2022] UKSC 25 concerning the trigger point at which directors must have regard to the interests of creditors pursuant to s.172(3) of the Companies Act 2006 (the "creditors' interests duty").
Readers will recall, on April 1, 2020 the RF President signed RF Law No. 98-FZ, amending RF Law No. 127-FZ On Insolvency (Bankruptcy) of October 26, 2002 (the Law) and authorising the Government to impose a moratorium on creditors’ initiation of bankruptcies to stabilize the economy in exceptional cases (a Moratorium).
Immediately thereafter, by Decree No. 428 of April 3, 2020 as part of the COVID-19 relief program, the Government adopted such a Moratorium until 7 January 2021 (the COVID Moratorium).
A limitation period is the statutory time limit set out in law for a person to file a lawsuit as a result of some loss or damage. Each Canadian province has a specific statutory framework governing limitation periods for legal matters falling under provincial jurisdiction. Many provinces use a “discoverability” scheme under which a person must commence legal proceedings within two years of specific factual elements being “discovered” by the person.
In this article, Dentons gives its inside view on the pre-pack evaluator's report, made compulsory earlier this year to improve the confidence of creditors in pre-pack administration sales to connected persons. We consider the practicalities of selecting the right evaluator for the job, the potential for "opinion shopping" from evaluators and whether these new regulations have achieved what was intended.
A recap on pre-packs
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5. Yargı Paketi olarak da anılan İcra ve İflas Kanunu ile Bazı Kanunlarda Değişiklik Yapılması Hakkında Kanun Teklifi (“Teklif”), TBMM Adalet Komisyonu tarafından kabul edildi. Kabul edilen Teklifin kanunlaştırılması doğrultusunda Salı günü TBMM Genel Kurulu’nda görüşmeler başladı. Söz konusu Teklif ile icra ve iflas süreçlerinde iş yoğunluğunun azaltılması ve verimliliğin artırılması amacıyla İcra ve İflas Kanunu’nda önemli değişiklikler öngörülüyor.
New development
The Justice Commission of the Parliament accepted the Bill on Amendments to the Enforcement and Bankruptcy Code and Other Codes (“Bill“), also known as the Fifth Judicial Package. In line with the enactment of the accepted Bill, discussions began at the General Assembly of the Grand National Assembly of Turkey on Tuesday. With the Bill, significant changes are envisaged regarding the Enforcement and Bankruptcy Code to reduce workload and increase efficiency in enforcement and bankruptcy processes.