“The Code on Amendments to the Enforcement and Bankruptcy Code and Other Codes (“Code”)” published on the Official Gazette dated 30/11/2021 and numbered 31675 and came into force.
Scope of the Amendments
Some of the significant amendments to the Enforcement and Bankruptcy Code that set out with the Code are as follows:
- Electronic sales system has been introduced regarding the seized properties.
- The authority to enforce court decisions on residence or contact of the child has been taken from the enforcement offices and has been given to the judicial support and victim services directorates established by the Ministry of Justice.
- Upon request, the debtor may be authorized to consensually sell the seized property.
- The authority to decide on stay of execution, which was previously held by Regional Courts of Justice and the Court of Cassation, has been given to the enforcement court in the place where the proceedings were held.
- In the event that the debtor and the third party claiming revindication possess together a movable property, the property cannot be taken into custody if the third party accepts to act in the capacity of sequestrator. However, if the enforcement court decides to stay of execution, the relevant movable property may be taken into custody.
- The period for requesting the sale of movable properties, which was previously six months, has been increased to one year, as is the case with immovable goods.
- It will not be possible to sell the seized properties that are not took into custody.
Conclusion
The purpose of respective amendments is to eliminate the issues that have been denounced for a long time in respect of current practice.
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