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ARTICLE · 01 APRIL 2019

A Second Chance: Financial Restructuring

ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
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ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law is an eminent, independent Turkish law firm based in Istanbul. The...

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The Banking Regulatory and Supervisory Agency published the Regulation on the Restructuring of Debts Owed to the Financial Sector amid ongoing currency and inflation pressures.

TurkeyInsolvency/Bankruptcy/Re-Structuring
Gönenç Gürkaynak
Gönenç Gürkaynak
Nazlı Nil Yukaruç
Nazlı Nil Yukaruç
Damla Doğancalı
Damla Doğancalı
Büşra Üstüntaş
Büşra Üstüntaş
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I. General Overview and Scope of the Financial Restructuring Process

The Banking Regulatory and Supervisory Agency ("BRSA") published the Regulation on the Restructuring of Debts Owed to the Financial Sector ("Regulation") amid ongoing currency and inflation pressures. The Regulation was published in the Official Gazette No. 30510 on August 15, 2018, and entered into force on the same date. The Regulation primarily covers debts owed to banks, financial leasing companies, factoring companies and financing companies in Turkey ("Creditors"). However, the Regulation also leaves the door open for other creditors to participate in the financial restructuring process.

The primary purpose of the Regulation is to offer a chance to debtors to fulfil their repayment obligations. In order to achieve this goal, the Regulation provides a general overview of the contractual restructuring of financial debts.

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