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We look at the reforms to the insolvency law of Turkey prompted by the coronavirus (COVID-19) pandemic. Written by Burak Baydar from the law firm Moroğlu Arseven, member of INSOL Europe.
As regards enforcement and bankruptcy proceedings, the Presidential Decree dated 21 March 2020 and numbered 2279 (‘Decree’) was published in the Official Gazette number 31076 dated 22 March 2020. Under the Decree, all enforcement and bankruptcy proceedings except those for alimony receivables shall be suspended until 30 April 2020. In this regard, requests to initiate enforcement and bankruptcy proceedings shall not be allowed and a preliminary injunction decision shall not be enforced or executed.
Turkey’s Ministry of Justice has issued a circular dated 24 March 2020 to clarify the matters regulated in the Decree and to ensure consistency in practice. In this regard:
the terms regarding enforcement and bankruptcy proceedings will be stopped until the end of the suspension period during the suspension decision
In addition to the above issues, it is stipulated by the Law that one of the parties shall request any act or transaction in favour of the counter party.
The Presidential Decree numbered 2480 (‘Decree’) aiming to prevent any loss of rights in legal proceedings due to the coronavirus (COVID-19) pandemic, was published in the Official Gazette number 31114 on 30 April 2020.
Within the scope of the Decree, all suspension periods stipulated under provisional Article 1 of the Law number 7226 Amending Certain Laws (‘Law’) excluding the terms for the mandatory administrative applications stipulated under the Public Procurement Law numbered 4734 are extended from 1 May 2020 until 15 June 2020. The Decree also specifies that if the pandemic is brought under control earlier than expected, the suspension decision will be re-evaluated.
terms regulated in the Enforcement and Bankruptcy Law and other laws related to the enforcement proceedings and the terms ruled by the judge or the enforcement and bankruptcy offices; and all enforcement and bankruptcy proceedings, all enforcement requests, submissions of new enforcement and bankruptcy proceeding requests and procedures regarding enforcement and execution of preliminary injunction decisions are suspended until 15 June 2020.
We look at various countries worldwide which are expediting reforms to their restructuring and insolvency laws, temporarily suspending onerous insolvency law provisions, increasing limits for statutory demands, suspending enforcement powers and introducing other measures to deal with the coronavirus crisis. As the situation is rapidly evolving with more countries adding new measures daily, you should contact local lawyers in the relevant jurisdiction to check the current measures in force.
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