The Law numbered 7343 on the Amendments to the Code of Enforcement and Bankruptcy and Certain Laws ("Amending Law") was published in the Official Gazette dated 30 November 2021 and numbered 31675, and entered into force on the same day.
Among other changes brought by the Amending Law to the Code of Enforcement and Bankruptcy, some of the most important ones are as follows:
- Pursuant to Article 87, the enforcement officer appraises the attached property except for the properties that are recorded with a registry. For the properties that are recorded with a registry, the appraisal will be made by the experts who are (i) listed at the regional council of experts and (ii) permitted by the Ministry of Justice.
- Prior to the Amending Law, the Code of Enforcement and Bankruptcy made a distinction between the attached movable and immovable properties with regards to the terms to request the sale of those properties. The creditors were entitled to request the sale of the attached movable property within six months starting from the date of the attachment whereas this term was one year for the attached immovable properties. With the amendment to Article 106, both the creditors and debtors are now entitled to request the sale of the attached property within one year starting from the date of the attachment.
- Pursuant to a newly adopted Article 111/A, the debtor can request to be granted with authority for consensual sale within seven days starting from the issuance of the appraisal. In cases where the appraisal was not made, the debtor may as well request for the appraisal.
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.