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ARTICLE · 23 AUGUST 2016

Overview Of Recent Significant Changes In Turkish Law

Aksac Law Office
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Applications by Companies for Postponement of Bankruptcy during the Current State of Emergency Not Permitted

TurkeyGovernment, Public Sector
Arzu Aksaç
Arzu Aksaç

Applications by Companies for Postponement of Bankruptcy during the Current State of Emergency Not Permitted

As it is known following the unsuccessful military coup attempt on 15.07.2016, the Turkish government has declared a state of emergency ("SoE"), which came into force upon the announcement in the Official Gazette dated 21.07.2016 and numbered 29777 of a Cabinet Decree to this effect. The SoE shall continue for a period of 90 days, and may, if deemed necessary, be extended for another 90 days according to applicable laws. During the term of the SoE, the Government will be exceptionally entitled to make regulations by way of issuing Decrees in force of Law ("Decree Law"). Following the expiry of the SoE, the Parliament will resume its post as law maker.

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