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Investment Opportunities In The Turkish Market 8 October 2019
Due to the economic situation experienced in recent years, there occur a lot of advantages for foreign investors to invest in Turkey. Considering its industry base, human capital, infrastructure and geographic advantages, Turkey is a valid destination for investors seeking high long-run returns.
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What Is Duty of Loyalty of Limited Liability Company Shareholders? 3 October 2019
Limited Liability Company is an equity company established by its shareholders for a specific purpose. For this reason, the common purpose should always be prioritized, and the company's interests must be protected from the actions of the shareholders.
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Is Mediation As A Cause Of Action Subject To Entity Of Arbitration Agreement? 24 September 2019
Arbitration agreement is an agreement that is concluded between parties by solving the dispute between parties by arbitrators instead of regular government jurisdiction. In other words, having dispute upon a right, two parties’ consensus on this dispute’s be examined and concluded by particular people is called arbitration.1
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Data Controller Information System 10 September 2019
As is known, under Turkish Personal Data Protection Law (“Law”), a number of obligations have been introduced to the data controller who is defined as the natural person or legal entity who establishes manages a personal data recording system or processes the personal data recording system.
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Is It Possible To Collect The Receivables Arising From The Contracts With Arbitration Clause Through Enforcement Proceedings? 6 September 2019
Associated with the development of international trade, the relations between the parties of the commercial relationship have become diversified, complicated and the nationalities of the parties have started to be different from each other. Therefore, the parties have decided to stipulate arbitration clauses in the contracts in order to resolve various and complex disputes arising from the contractual relationship between them to be solved by experts in their field and to prevent the parties who are subject to different nationalities to encounter a legal order that they do not recognize. In spite of a valid arbitration clause, there is no explicit provision under Turkish Law as to whether the receivables arising from this contract can be collected through enforcement proceedings without ju...
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Can The Action For Annulment Of Objection Be Heard Before Arbitration? 3 September 2019
The action for annulment of an objection is defined as a special type of case to enforcement proceeding without a judgement in bankruptcy and enforcement law. This issue is stated in Article 67 of the Bankruptcy and Enforcement Law as “the creditor whose executive proceeding is objected may apply to the court within one year from the date of notification of the objection and file the annulment of objection case by means of proving the existence of the claim in accordance with general provisions”. The action for annulment of an objection aims to ensure the continuation of the execution proceeding which suspended automatically due to objection of the debtor. At this point, the issue of the legal character of the action for annulment of an objection causes some hesitations which create signif...
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Nationality of Arbitration Awards 29 August 2019
In order to arbitral awards that have elements of foreignness to bear consequences in Turkey, it is required to commence separate law suits for enforcement or recognition of the arbitral award according to the presence or absence of qualification of the performability of arbitral award. However, the arbitral awards that do not have any element of foreignness are not required to obtain a performability document before Turkish Courts in order to bear consequences in Turkey. In other words, domestic arbitral awards become executory in Turkey as of the date of award. Due to this distinction, it is important to determine which arbitration awards have foreignness element.
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Differences Between Surety Bonds And Bank Guarantees 23 August 2019
Surety bonds, which became popular in commercial life lately, are regarded as equivalence of bank guarantees and being commonly used as an alternative project financing.
Banks undertake to pay the bank guarantee amount to the beneficiary in case the debtor fails to fulfill its obligations against the beneficiary. Similarly, the insurers undertake to assume the risk of failure of the debtor fails to fulfill its obligations against the beneficiary. However, there are some differences between the surety bonds and bank guarantees and some advantages of the surety bonds instead of bank guarantees.
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Surety Bond Instead Of Bank Guarantee 22 August 2019
The Notion of “Surety Bond” was firstly introduced to Turkish legal system in 2014 by the publishing of Surety Bond General Conditions (“General Conditions”) by the Undersecretariat of Treasury. Surety bond, which is a substitute for bank guarantees, has been used globally over 75 years to meet the needs of private sector for guarantee and accordingly, to provide a comfort to the same by allocating the current bank credit line to their other activities. Lately, surety bond was accepted as a guarantee type under Public Tender Law by the amendment of Article 4 of such Law on 2017 and became more popular since then.
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What Will Change with the Electronic Era of Check and Promissory Note? 11 July 2019
The Ministry of Trade introduced the Draft “Law on Electronic Checks and Promissory Notes” (the “Draft Law”) proposing the use of electronic checks and promissory notes. The Draft Law is expected to enter into force on January 1, 2020. With the entering into force of the Draft Law, checks and promissory notes can be issued, endorsed and paid electronically. For the purpose of these transactions, besides the systems within banks, an Electronic Checks and Promissory Notes System –Elektronik Çek ve Bono Sistemi- (“ÇEBSİS”) will be established as to enable interaction between banks’ systems.
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