On 15 September 2018, Communiqué on Procedures and Principles on Implementation of Article 376 of the Turkish Commercial Code no. 6102 ("TCC") (“Communiqué”) was published in the Official Gazette and entered into force. The Communiqué provides procedures and principles to be followed in case of capital loss and insolvency situations, and sets out details of remedial actions to be taken pursuant to Article 376 of the TCC.

2018 yazındaki kur şokuyla, "finansal yapılandırma" kavramı hayatımıza girdi.Borçlu şirketin mali yapısının elden geçirilip, mali stratejisinin tekrar belirlenmesi olarak tanımlanabilecek finansal yapılandırma; bir anda finansal kuruluşlarımızın en büyük gündemi haline geldi. İlgili kurumlarımız hemen müdahale edip, yapılandırma için yasal altyapıyı oluşturma yönünde çalışmaya başladı.

The concept of "financial restructuring" was introduced in Turkey following the country's currency crisis in the summer of 2018. Financial restructuring, defined as revising a debtor's financial structure and redetermining its financial strategy, became the major agenda of Turkish financial institutions. Regulators intervened immediately and began working to form the legal infrastructure for restructuring.

Certain amendments are made on multiple laws concerning Turkish financial markets with the Law No. 7186 and the Capital Movements Circular in line with the letter of Ministry of Treasury and Finance dated 16 July 2019.

Yeni Gelişmeler

Gelir Vergisi Kanunu ile Bazı Kanunlarda Değişiklik Yapılması Hakkında Kanun ("Torba Kanun") 19 Temmuz 2019 tarih ve 30836 sayılı Resmi Gazete'de yayımlanarak yürürlüğe girdi. Torba Kanun finansal yeniden yapılandırmaya ve gelir vergisine ilişkin düzenlemeler içeriyor.

Torba Kanun ne getiriyor?

Finansal Yeniden Yapılandırma

The Financial Restructuring Framework Agreement (“Framework Agreement”) drafted by the Banks Association of Turkey (“BAT”) pursuant to Article 5 of the Regulation on Restructuring of Debts to Financial Sector published in the Official Gazette dated 15 August 2018 and No. 30510 (“Regulation”) has been approved by Banking Regulation and Supervision Agency (“BRSA”) and has entered into force.

The recent volatility experienced in Turkish financial markets and in particular the devaluation of Turkish lira have brought many borrowers to the brink of default. This has prompted the Turkish authorities to take action. Accordingly, the Banking Regulatory and Supervision Authority in Turkey (the “BRSA”) has published a new set of restructuring rules, the Regulation on the Restructuring of Debts Owed to the Financial Sector (the “Restructuring Regulation”), which came into force on 15 August 2018.

The Communique on the Procedures and Principles regarding the Application of Article 376 of the Commercial Code (6102) was published in the Official Gazette on 15 September 2018 and entered into force on the same date. It determines the procedures and principles that will apply to certain companies (ie, joint stock companies, limited liability companies and limited partnerships whose capital is divided into shares) in cases of capital loss and insolvency.

Recent Development

The Law on the Amendments to the Code of Enforcement and Bankruptcy and Certain Laws ("Law No. 7101") was published on the Official Gazette on March 15, 2018.

Background

As a result of the studies conducted by the Coordination Council for the Improvement of the Investment Environment, the Law No. 7101 was introduced to the Turkish Parliament.

Türkiye'de yatırım ortamının iyileştirilmesi amacıyla oluşturulan ve 2001 yılından bu yana faaliyet gösteren Yatırım Ortamının İyileştirilmesi Koordinasyon Kurulu ("YOİKK") tarafından yürütülen çalışmalar kapsamında reform niteliğinde yenilikler getirdiği ifade edilen "İcra ve İflas Kanunu ve Bazı Kanunlarda Değişiklik Yapılması Hakkında Kanun" ("Kanun") 15 Mart 2018 tarihli ve 30361 sayılı Resmi Gazete'de yayımlanmıştır.