Recent Development
In scope of the various response measures implemented by the Turkish government to prevent the spread of the coronavirus (COVID-19) in Turkey, the President of the Turkish Republic issued the "Decree to Suspend Enforcement and Bankruptcy Proceedings" on March 22, 2020, in accordance with Article 330, "Suspension In Case of Emergency", of the Enforcement and Bankruptcy Law ("EBL").
What Does the Decision Say?
1. Within the context of the measures taken for combating COVID-19, how will the courthouses function?
The courthouses across the country are open and active. That being said,
7226 Sayılı Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun (“Torba Kanun”) 26.03.2020 tarih ve 31080 sayılı (mükerrer) Resmî Gazete’de yayımlanmıştır. Kanun, Türkiye Büyük Millet Meclisi (“TBMM”) 24 Mart 2020 tarihli Genel Kurulu’nda görüşülerek kabul edilen ve Korona virüs (“Covid-19”) salgınıyla mücadele kapsamında tedbirlerin yer aldığı 196 Sıra Sayılı Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun Teklifi (“Kanun Teklifi”)’nin yasalaşmış hali olduğundan büyük önem arz etmektedir.
22 Mart 2020 tarihli ve 31076 sayılı Resmi Gazete’de yayımlanan 2279 sayılı Cumhurbaşkanı Kararı (“Cumhurbaşkanı Kararı”) uyarınca; COVID-19 salgın hastalığının yayılmasını önlemek amacıyla alınan tedbirler kapsamında, 22 Mart 2020 tarihinden 30 Nisan 2020 tarihine kadar, nafaka alacaklarına ilişkin icra takipleri hariç olmak üzere, yurt genelinde yürütülmekte olan tüm icra ve iflas takiplerinin durdurulmasına ve bu çerçevede taraf ve takip işlemlerinin yapılmamasına, yeni icra ve iflas takip taleplerinin alınmamasına ve ihtiyati haciz kararlarının icra ve infaz edilmemesine karar verilmişt
Turkey has introduced regulations regarding new and existing bankruptcy suspension requests and company guardians in the wake of the 90 day of State of Emergency declared on 21 July 2016. Drastic changes have recently been introduced for the Turkish bankruptcy postponement regime (more).
Following changes to legislation last year, Valentyn Gvozdiy makes recommendations to creditors
In Cukurova Finance International Ltd v Alfa Telecom Turkey Ltd [2013] UKPC 2, the Privy Council held that a borrower may claim relief from forfeiture notwithstanding that the forfeited security has been appropriated by the lender in satisfaction of a debt.
Turkish corporates have increasingly utilised international debt markets in the last decade, particularly in the infrastructure and energy sectors. These corporates are now under pressure due to recent political instability and depreciation of the Turkish lira. Restructuring candidates in 2014 have included Yuksel, the construction company which was last in discussions with bondholders and local lenders mid-year. Below we take a look at key legal issues for loan traders in Turkey.
The Law Amending Certain Laws for the Purpose of Improvement of the Investment Environment, Law No: 6728 has been published in the Official Gazette dated 9 August 2016 and numbered 29796 (“Amending Law”). It amends several laws including the (i) Stamp Duty Law No: 488, (ii) Law of Fees No: 492, and (iii) provisions of the Turkish Commercial Code Law No: 6102 on the incorporation of entities. With these amendments, the Turkish government aims to reduce the cost of foreign direct investment in Turkey.
У жовтні 2018 року Верховна Рада ухвалила Кодекс України з питань банкрутства («Кодекс») , який замінить чинний Закон України «Про відновлення платоспроможності боржника або визнання його банкрутом» («Закон»), що діяв у різних редакціях з 1992 року.
Кодекс набирає чинності через 6 місяців після його офіційного опублікування, що створює певний «перехідний» період, протягом якого можна встигнути ініціювати справу за чинним Законом, або чекати набрання чинності новим Кодексом та діяти відповідно до його положень.