Yeni Gelişme
Türkiye Büyük Millet Meclisi, konkordato sürecinin suiistimal edildiğine ilişkin gelen tepkileri göz önünde bulundurarak, İcra ve İflas Kanunu'ndaki konkordato hükümlerinde değişiklikler öngören kanun teklifini yasalaştırmıştır. Değişiklikler 19 Aralık 2018 tarihinde Resmi Gazete’de yayımlanarak yürürlüğe girmiştir. Ancak görülmekte olan konkordato talepleri hakkında önceki hükümler uygulanmaya devam edecektir.
Kabul Edilen Değişiklikler
Önemli değişiklikler aşağıda özetlenmiştir.
Recent Development
The Turkish Parliament enacted a law amending the composition (tr. "konkordato," a Turkish scheme of arrangement) articles in the Code of Enforcement and Bankruptcy in response to widespread abuse of the composition proceedings. The changes are effective as of the date of promulgation on the Official Gazette, 19 December 2018, with pending applications remaining subject to the previous version of the provisions.
The Amendments
The major amendments are summarized below.
What you need to know
On 7 December 2018, amendments to the Australian Insolvency Practice Rules(Corporations) came into effect, which overhaul the manner in which assigned debts can be deployed in formal corporate insolvencies. These changes have the potential to significantly impact commonly used techniques for a solvent parent/group entity looking to control the formal insolvency of a subsidiary or affiliate.
In Water Matrix Inc. v Carnevale, Justice Sanfilippo found that a consent judgment may survive bankruptcy if it arises from a claim that is based in fraud. This allowed a company that was defrauded by a former employee to continue to enforce the company’s judgment after bankruptcy.
Background
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.
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.
The UAE has issued by Decree Federal Law No. (10) of 2018 on Netting (theUAE Netting Law), with the aim of strengthening the regulatory framework for the settlement of obligations arising from qualified financial contracts. Parties to a contract previously relied on Article 183 of Federal Law No. (9) of 2016 on Bankruptcy (the Bankruptcy Law) to settle debts agreed to under a contract, provided that it is within the context of insolvency and that such contract does not fall within the claw-back provisions (Article 168 of the Bankruptcy Law).
Ipso facto clauses An ipso facto clause is a contractual provision that allows one party to the contract to terminate or modify the operation of the contract upon the occurrence of a specified insolvency related event (such as the appointment of an administrator, receiver or liquidator) in respect of another party.
What you need to know
The Court of Appeal – Supreme Court of Western Australia has confirmed that the existence of a general security interest does not of itself destroy mutuality between a company in liquidation and its creditors and as a consequence section 553C of the Corporations Act 2001 (Cth) (Corporations Act) can apply to allow a creditor to set-off its debts against amounts owed to the company in liquidation.
In a comprehensive unanimous decision, the Court of Appeal confirmed the following propositions:
In a recent decision Industrial Alliance Insurance and Financial Services Inc. v Wedgemount Power Limited Partnership 2018 BCSC 970, the British Columbia Superior Court confirmed that: