Turkey: Insolvency/Bankruptcy

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

Konkordato ilanı, ticari ilişkilerde taraflardan birinin mali dengesinin sarsıldığını gösteren kritik bir süreçtir.

The Execution and Bankruptcy Law No. 2004 (the "Law") has aimed to improve the debtor's financial situation and to establish a balance between the interests of the debtor and the creditor through the institution of composition with creditors.