As per the Presidential Decree no. 2279 ("Decree") published on Official Gazette of March 22, 2020, it has been decided that all on-going execution and bankruptcy proceedings, except for the ones related to alimony claims.

This report provides a basic overview of key concepts under US, UK and Turkish restructuring and insolvency processes and is not intended to be exhaustive or to be relied on as a legal opinion or advice.

The Decision provides that, notwithstanding a valid arbitration agreement, Turkish courts, not arbitrators, shall have jurisdiction to determine whether an alleged debtor...

Presidential Decree ("Decree") No. 4420 published in the Official Gazette on 27 August 2021 has extended the deadline for debt restructuring applications by one month.

This "Financial Restructuring vs. Konkordato/Composition (Turkish Scheme of Arrangement)" is presented as a reference source to give all market participants a schematic comparison of these two financial restructuring techniques ...

Esin Attorney Partnership and Baker McKenzie cordially presents the updated report on "Points of Comparison of Formal Restructuring Processes in US, UK and Turkey".

The Law numbered 7343 on the Amendments to the Code of Enforcement and Bankruptcy and Certain Laws was published in the Official Gazette dated 30 November 2021 and numbered 31675, and entered into force on the same day.

For the last few decades, the Court of Appeal's ("CoA") approach to arbitration clauses vis-à-vis bankruptcy cases has been extremely rigid. The CoA used to hold that Turkish courts had exclusive jurisdiction in...

The expected Law No. 7491 on Amendments to Certain Laws and Decree Laws ("Omnibus Law") entered into force upon its publication in the Official Gazette dated 28 December 2023...

Balance Sheet Insolvency expresses the situation where the liabilities of a company exceed its assets.

Article 376 of the Turkish Commercial Code No. 6102 ("TCC") regulates the determination of capital loss and insolvency situations in companies, and the procedures and principles to be followed in such cases are detailed in the "Communiqué on the Procedures and Principles.

With a presidential decision numbered 4299 and dated 14 July 2021, the effectiveness of Temporary Article 32 of the Banking Law regulating the financial restructuring transactions and related incentives and...

The Banking Regulatory and Supervisory Authority (the "BRSA") amended (the "Amendment") to the Regulation on the Restructuring of Debts Owed to the Financial Sector (the "Regulation").

With this extension, the term of the regulations which entered into force in 2019 and forming the legal basis of the financial restructuring process, has been extended until 2023.

The duration of the implementation of the financial restructuring implementation carried out within the scope of Provisional Article 32 of the Banking Law No. 5411 has once again been extended...

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.

The Regulation on Investigating Asset, Right and Receivable through the National Judiciary Informatics System (the "Regulation") has been published in the Official Gazette.

The changes are effective as of the date of promulgation on the Official Gazette, 19 December 2018, with pending applications remaining subject to the previous version of the provisions.

A provisional article was added to the Law Amending Some Laws dated March 25, 2020 and numbered 7226 With the Law Amending the Tax Procedure Law and Some Laws published in the Official Gazette dated April 30, 2021 and numbered 31470.

Pursuant to Article 179 of the Turkish Execution and Bankruptcy Code (the “TEBC”), an insolvent debtor is entitled to apply to the commercial court and suggest a proposal for restructuring its debts and strengthening its financial status.