Enforcement Proceedings and Bankruptcy in Turkey
Execution and Bankruptcy Law is the field of law that regulates procedures and rules in order creditors to collect their receivables by using the powers of the judicial state organs due to the debtor’s failure to fulfill his/her debt. The Turkish Execution and Bankruptcy Law No. 2004 (“EBL”) regulates various enforcement and bankruptcy procedures related to the collection and recovery of creditors’ receivables.
The experience of different states, given in the brochure, will demonstrate the existence of not one, but several ways to overcome the slowness and inefficiency of execution in practice, and also that the possible solutions to the problem are varied, but they all ultimately are based on a delicate balance, along with other things, of the norms of executive the law and practice of their application, a high level of training and responsibility of various professionals involved in the implementation process, as well as the institutional and social systems in which these professionals are forced to carry out their activities.
Islamic Finance challenges in Turkey
Having almost 40 years of history, the Islamic banking sector in Turkey currently only has a 5–6% share of the fi nance market in the country. Out of 40 active banks, six are operating (excluding investment and development banks) under the Participation Banks Association of Turkey (TKBB) as Islamic banks and they have not yet reached the average level of their conventional competitors in terms of profi ts, total assets, deposits and loans.
The right of easement is a right in rem which provides the right of utilization from a good to the rightholder on that good. This right may be asserted to anyone because of being a right in rem. The right of easement contains the right of usage and usufruct (usus - abusus). The rights in rem are subject to principle of “numerus clausus”, so parties may not create a new right in rem between them by agreeing.
Incoterms (International Commercial Terms) are the rules that determine the distribution of responsibilities and costs between the parties during the transportation and delivery of goods within the purchase and sale relationship, regulated by ICC (International Chamber of Commerce).
Mediation condition in commercial lawsuits
With the Law published in the Official Gazette dated 19 December 2018 and numbered 30630, mediation was brought as a condition to file a lawsuit for commercial receivables. Within this scope, some provisions of the Turkish Commercial Code (“TCC”) and the Law on Mediation in Civil Disputes (“HUAK”) have been amended.
According to the Industrial Property Law, which entered into force on 10 January 2017, an enterprise of goods or services ensure distinguishing from or service goods other undertakings and brand owners to ensure protection of the subject it is turned on and including the names of persons, provided that shown on the register can provide an understanding of the exact words, shapes, colors, letters, numbers, to format the audio and goods or the packaging brand can be any kind of sign. A mark which is open to the public for the use of the mark is left to the person who registers him / her by registering. In this respect, an absolute right that can be put forward against everyone with a trademark right and compulsory by everyone is provided.
Compensation is not limited with the damage amount, according to the Turkish competition rules
In Civil Law and Common Law System, the fundamental of the compensation are separated from each other. In Civil Law System, the punishment of person or persons who cause harm and the prevention of similar behaviour are the adopted remark in determining the compensation of competition law. Meanwhile in Common Law, the logic of compensation for damage, adopted comment in the determination of compensation.
Ancillary restraints in the mergers and acquisitions within the scope of Turkish law
Ancillary restraint is frequently one of competition restricting agreements in case of accepted as illegal it can damage market. Because mergers and acquisitions sometimes lose its importance without ancillary restraints. Thus, ancillary restraints was accepted legal in practise and then it was regulated. Our country competition law is improving by EU competition law. Competition restricting agreements are prohibited but ancillary restraints accepted legal even it is one of competition restricting agreements.
Recognition and enforcement, which is one of the legal terms, is regulated in International Private and Civil Procedure Law. The point of this regulation is how the decision given by the Foreign Court will be valid in the Turkish Courts. In other words, foreign court’s claims feature has importance on the nature of the decision, its recognition, or its enforcement. Therefore, the terms of recognition and enforcement need to be clarified;