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). More recently, it was clarified
that courts must immediately decline bankruptcy suspension requests
made during the State of Emergency, without examining the
conditions of the bankruptcy. Courts will also urgently review
injunction decisions made in favor of companies later found to be
linked to terrorist organizations.
For bankruptcy suspension requests filed before the State of
Emergency was declared (21 July 2016), courts cannot:
Pass bankruptcy suspension decisions
during the State of Emergency.
Pass injunction decisions (and those
injunctions which have been given will be immediately
Courts will urgently examine injunction decisions made under the
Enforcement and Bankruptcy Law no. 2004 before the State of
Emergency was declared. Injunction decisions will be revoked if
they are in favor of companies and cooperatives which have since
been appointed a guardian under Criminal Procedure Law no. 5271 due
to their connection to terrorist organizations, structures, or
groups which act against national security according to the
National Security Council.
Please see this link for the full text of Decree Law No
673 on Measures to be taken regarding the State of Emergency,
published in Official Gazette number 29787 on 31 July 2016 (only
available in Turkish).
Information first published in the MA | Gazette, a fortnightly legal
update newsletter produced by Moroğlu Arseven.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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