Turkey recently amended Article 344 of the Code of Obligations, which regulates the upper limit of rent increases for residences and workplaces with a roof that can be agreed on by parties to a rental agreement or determined by the courts. The upper limit will now be calculated based on the consumer price index rather than the producer price index as before.
Each January, the Central Bank determines and announces the default interest to be applied where parties fail to agree on such interest or when their agreement is or becomes invalid. According to the Central Bank's recent announcement in the Official Gazette, default interest has been set at 21.25% as of 1 January 2019, compared with 10.75% in 2018.
The Law regarding Procedures for Initiating Legal Proceedings for Monetary Claims deriving from Subscription Agreements, which introduces a mandatory mediation process for commercial disputes to the Commercial Code, was recently published in the Official Gazette. Mandatory mediation will apply to all lawsuits that fall within the scope of the new law; however, it will not apply to lawsuits pending before first-instance courts, regional courts of justice or supreme courts.
The Communique on the Procedures and Principles regarding the Application of Article 376 of the Commercial Code recently came into force. 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.