Restructuring & Insolvency 2019

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LegislationWhat main legislation is applicable to insolvencies and reorganisations?>>🔗

Insolvencies and reorganisations are generally governed by the Enforcement and Bankruptcy Law (EBL) numbered 2004. The EBL is mainly supported by the provisions of the following laws and regulations:

  • the Turkish Civil Code (TCivC);

  • the Turkish Code of Obligations (TCO);

  • the Turkish Commercial Code (TCC);

  • the Banking Law;

  • the Law of Banks;

  • the Law on Procedure of Collection of Public Receivables (LPCOPR); and

  • the International Private and Civil Procedure Law (IPCPL).

Excluded entities and excluded assetsWhat entities are excluded from customary insolvency or reorganisation proceedings and what legislation applies to them? What assets are excluded or exempt from claims of creditors?>>🔗

As a rule, only the merchants are subject to bankruptcy. The following are considered to be merchants and subject to bankruptcy pursuant to article 18 of the TCC:

  • collective companies;

  • commandite companies;

  • joint-stock companies;

  • commandite companies with share capital;

  • limited liability companies;

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