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ARTICLE · 19 AUGUST 2016

Turkey Tightens Bankruptcy Postponement Regime

Moroglu Arseven
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Turkey has tightened up its postponement of bankruptcy regime. Bad faith debtors would regularly exploit the prior legislative arrangements and court processes.

TurkeyInsolvency/Bankruptcy/Re-Structuring
Burak Baydar
Burak Baydar
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Turkey has tightened up its postponement of bankruptcy regime. Bad faith debtors would regularly exploit the prior legislative arrangements and court processes, using them to threaten or bargain with their creditors by depriving them of enforcement and execution avenues for a significant and uncertain amount of time. However, legislative amendments go a significant way towards evening up the balance between creditors and debtors in this area. The amendments entered into force on 9 August 2016, but will not apply until after the current three month State of Emergency has been lifted.

The Law Regarding Amendment of Certain Laws for Improvement of Investment Environment numbered 6728 ("Amendment Law") was published in Official Gazette number 29796 on 9 August 2016. 

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