“The Draft Amendments on Enforcement and Bankruptcy Law and Some other Laws to Improve the Investment Environment” is submitted to the National Parliament – T.B.M.M. on 2 February 2018. The Draft is not ratified and came into force yet. Significant changes in the commercial life are expected upon enactment of the draft law, through the ratification by the National Parliament and after being published in the Official Gazette.
The amendments include following changes;
Abolishment of Suspension of Bankruptcy Procedure
-The suspension of bankruptcy procedure regulated in Turkish Commercial Code will be abolished from the Turkish legal system and the commercial life, and it is planned to take necessary measures to activate the efficient use of concordatum procedures.
Resolving Commercial Disputes – Appeal Institution of the Arbitral Awards
–For the purpose of facilitating the resolution of commercial disputes swiftly, designation of the courts in cases where their intervention is required during the arbitration proceedings shall be specified.
– The authority for appealing against the arbitral awards is determined as the Regional Appeal Courts.
-The scope of the electronic notification requirement has been broadened to include all public institutions, municipalities, peasants, companies, cooperatives, associations, foundations, trade unions, professional associations, public economic organizations, and companies majority shares of which belong to public, lawyers, notaries, experts, mediators and legal counsels. It is aimed to ensure the right to fair trial through shortening the trial period by making the notifications electronically. Further information will be provided upon the enactment of the draft law.