In its much-discussed decision, City of Chicago v. Fulton, 141 S. Ct. 585 (2020), the Supreme Court ruled that the City of Chicago (“City”) was not in violation of Section 362(a)(3) of the Bankruptcy Code for failing to release an impounded car to a debtor in bankruptcy.

Debtor's Right to Consensual Sale of Seized Property

On Tuesday, November 30, 2021, the Law numbered 7343 on the Amendment of Enforcement and Bankruptcy Code and Some Other Codes were promulgated in the Official Gazette numbered 31675 and entered into force on the date of promulgation in accordance with Article 5 of the same code.

Although several changes have been made regarding mentioned code, in the compulsory enforcement system for the first time. The debtor is authorized to consensually sell the seized property.

5. Yargı Paketi kapsamında 30.11.2021 tarih ve 31675 sayılı Resmî Gazete’de yayımlanarak yürürlüğe giren 7343 sayılı İcra ve İflas Kanunu ile Bazı Kanunlarda Değişiklik Yapılması Hakkında Kanun (“7343 sayılı Kanun”) ile, 4721 sayılı Türk Medeni Kanunu ve 5395 sayılı Çocuk Koruma Kanunu gibi diğer kanunların yanı sıra, 2004 sayılı İcra ve İflas Kanunu’nda (“İİK”) pek çok önemli değişiklik yapılmıştır.

The Law Amending the Enforcement and Bankruptcy Law and Certain Other Laws No. 7343 (“AmendmentLaw”), known as the 5^th Judicial Reform Package, which entered into force upon publication in the Official Gazette (31675) dated November 30^th, 2021, introduced several important changes to the Enforcement and Bankruptcy Law No. 2004 (“Law No. 2004”), as well as Turkish Civil Law No. 4721 and Child Protection Law No. 5395.

SUBSTANTIAL CHANGES IN DEBT ENFORCEMENT AND BANKRUPTCY LAW

The proposal on the Law Regarding Debt Enforcement and Bankruptcy Code and the Amendment of Certain Laws, which is also called the fifth judicial package, was accepted by the Grand National Assembly of Turkey. The Law was published in the Official Gazette on 30.11.2021 and entered into force with its publication. The regulations and innovations made in the Debt Enforcement and Bankruptcy Code No. 2004 (“DEBC”) are as follows:

İCRA İFLAS HUKUKUNDA ÖNEMLİ DEĞİŞİKLİKLER

Beşinci yargı paketi olarak adlandırılan İcra ve İflas Kanunu ile Bazı Kanunlarda Değişiklik Yapılması Hakkındaki Kanun Teklifi, Türkiye Büyük Millet Meclisi tarafından kabul edilmiştir. Kanun, 30.11.2021 tarihinde Resmi Gazete’de yayımlanmış ve yayımıyla birlikte yürürlüğe girmiştir. 2004 sayılı İcra İflas Kanunu’nda (“İİK”) yapılan düzenlemeler ve yenilikler şu şekildedir:

A three-judge Bench of the Supreme Court of India (SC) in V. Nagarajan v. SKS Ispat and Power Ltd. & Others (judgment dated 22 October 2021 in Civil Appeal No. 3327 of 2020) dismissed an appeal against an order passed by the National Company Law Appellate Tribunal (NCLAT) which had dismissed an appeal against an order passed by the National Company Law Tribunal Chennai (NCLT) under the Insolvency and Bankruptcy Code, 2016 (IBC) as barred by limitation.

Facts

Government of Montenegro enacted a Bill on amendments of the Bankruptcy Law, in an effort to make the bankruptcy proceedings more efficient and straightforward, but it also offers significant amendments to the provisions regulating bankruptcy administrators’ appointment and status.  

Highlights

In a decision that will likely impact bankruptcy proceedings around the country, the Supreme Court recently denied the petition for writ of certiorari of David Hargreaves, which challenged the equitable mootness doctrine.¹ As a result, the concept of equitable mootness remains anything but moot.