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29 June 2018
The Law amending the Enforcement and Bankruptcy Law and Other Laws (the Amendment Law) was published in the Official Gazette 30361 and entered into force on 15 March 2018. The most significant amendments introduced to the Enforcement and Bankruptcy Law are:
The composition with creditors procedure is regulated under the Enforcement and Bankruptcy Law, but has not been actively used in practice. In order to create a more effective and functional composition with creditors procedure, the following amendments have been made:
Additional amendments introduced include:
In addition, in the liquidation of a bankrupt estate and the encashment process in enforcement proceedings by way of seizure, the liquidation of goods and rights (which form a commercial integrity or are established to generate a higher revenue when sold together) as a whole has been made mandatory.
For further information on this topic please contact Beril Yayla Sapan or Asena Aytuğ Keser at Gün + Partners by telephone (+90 212 354 00 00) or email (email@example.com or firstname.lastname@example.org). The Gün + Partners website can be accessed at www.gun.av.tr.
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