“Law Amending the Enforcement and Bankruptcy Law and Certain Laws” has been published 19 March 2018

The Law Amending the Enforcement and Bankruptcy Law and Certain Laws (“the Law”) has been published in the Official Gazette dated 15.03.2018 and numbered 30361.

Suspension of bankruptcy, which was prevented to be applied for by equity companies and be given by the Court in accordance with the Statutory Decree numbered 669 which was published on 31.07.2016, has been abolished from the legislation as whole by the Law. Instead, concordat that is already regulated under the Enforcement and Bankruptcy Law has been amended to a large extent in order to functionalize.

Additionally, via the amendment to the Law on Collecting Procedure of Public Receivables, custom duties, public receivables arose from immovable assets such as building and land taxes will come after pledgees.

While e-notice will become mandatory by 01.01.2019 to notaries, lawyers and mediators; it will be mandatory for real persons as well if they demand so.

Lastly, as the money limit for simple judgment procedure in the Turkish Commercial Code has been changed as 100.000.-TL (one hundred thousand Turkish Liras) and in accordance with the amendment on International Arbitration Law, law suits for annulment of an arbitral award shall be filled before the regional courts of justice;  civil court of first instance or commercial court of first instance will have authority for other matters depending on the characteristics of the dispute.