Turkey: Insolvency/Bankruptcy/Re-Structuring

The deterioration of a company’s (namely joint stock companies, limited liability companies and partnerships limited by shares are subject to this provision) financial standing and its legal consequences are governed by Article 376 of the Turkish Commercial Code numbered 6102 (published in the Official Gazette dated February 14, 2011 and numbered 27846 (“TCC”) and the Communiqué on the Procedures and Principles regarding the Implementation of Article 376 of the TCC published in the Of

In many jurisdictions around the world and in the Republic of Türkiye, stakeholders in the country's economy, particularly credit market participants, are heavily influenced by the insolvency and corporate reorganisation regime in force.

The Turkish Execution and Bankruptcy Law numbered 2004 (“Current Law”) , which has been in force since 1932, traces its origins back to the Swiss Federal Law on the Collection of Monetary Claims and Bankruptcy of 1889 (“Model Law”).