As it is known following the unsuccessful military coup attempt
on 15.07.2016, the Turkish government has declared a state of
emergency ("SoE"), which came into force
upon the announcement in the Official Gazette dated 21.07.2016 and
numbered 29777 of a Cabinet Decree to this effect. The SoE shall
continue for a period of 90 days, and may, if deemed necessary, be
extended for another 90 days according to applicable laws. During
the term of the SoE, the Government will be exceptionally entitled
to make regulations by way of issuing Decrees in force of Law
("Decree Law"). Following the expiry of
the SoE, the Parliament will resume its post as law maker.
The Cabinet's authority to declare a SoE derives from (I)
the Turkish Constitution of 1982, and (ii) the State of Emergency
Law No. 2935 ("Law No. 2935"). Although
the ongoing SoE in Turkey does not currently hinder daily life and
trade activities, Law No. 2935 entrusts the Cabinet with the
authority to take appropriate measures as from 21.07.2016 for
providing public order and security, which include, by way of
example, (i) subjecting the holding of possession to, producing and
transferring of, among others, explosive or inflammable materials
to prior-permission of the official authorities, (ii) regulating
road, sea and air traffic and (iii) prohibiting entry of
transportation vehicles into the Turkish territory all together or
in part. In principle, these measures would potentially have a
negative impact on trade activities and hinder the performance of
obligations under commercial contracts. However, the Turkish
Government publicly announced before the commencement of the 90-day
period that it would only take measures that relate to the
post-coup attempt investigations and the restoration of public
security, and that daily life and trade activities would not be
Of the several measures that have been taken so far within the
ambit of SoE, the one which is related to commercial life has been
introduced by the Decree Law No. 669 which was published in the
Official Gazette on 31.07.2016. According to this Decree Law, for
so long as the SoE continues, corporate entities with financial
difficulties shall not be able to apply to courts for the
postponement of their declaration as bankrupt, a remedy which is
otherwise available under the Execution and Bankruptcy Law No.
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