The Law Number 7343 on Execution and Bankruptcy and the Law on Amendments to Certain Laws, which includes the 5th Judicial Package, entered into force after being published in the Official Gazette Number 31675 on 30 November 2021. With the entry into force of this Law, important changes were made in the Execution and Bankruptcy Law Number 2004.
- Before the amendment was made, the decision to suspension of execution was given by the Regional Courts of Appeal in the remedy of appeal, and by the Court of Cassation in the remedy of cassation. With the amendment, the phrase “from the Regional Courts of Appeal or the Supreme Court” has been changed to “from the execution court of the place where the proceedings are made”. Therefore, the authority to make the decision to suspension of execution was taken from the Regional Courts of Justice and the Supreme Court and given to the enforcement court of the place where the proceedings were made.
In addition, in case the appeal is open against the decision of the Regional Court of Appeals regarding the rejection of the application on the merits, the effect of the decision to suspension of execution the execution will continue until the expiry of the appeal procedure.
- Article 87 of the Execution and Bankruptcy Law has been amended, making it mandatory to have the valuation of the goods registered in the Registry done by experts registered in the regional expert panel list and authorized by the Ministry of Justice. In the absence of these, it has been made compulsory to have them done by other experts registered in the list. Therefore, the officer who made the lien will no longer be able to make a valuation on the goods registered in the registry.
Article 88 of the Execution and Bankruptcy Law has been amended and it has been regulated that the seized but not kept property will be taken into keeping upon the sale request. In terms of motor land vehicles registered in the registry, it is obligatory to make the keeping, valuation and sale request together and all the expenses related to these must be paid together and in cash.
- Article 8 of the Law on the Procedure for Initiating the Follow-up of Money Receivables Arising from the Subscription Agreement Number 7155 was amended, and the foreclosure request period, which was 2 years in terms of subscription agreements, was regulated as 5 years.
- With the Article 111/a added to Article 111 of the Law Number 2004, it was regulated that the debtor was authorized to sell.
- With the Article 111/b added to Article 111 of the Law Number 2004, sales by auction in the electronic environment are regulated. The sale of the seized goods is made by auction on the electronic sales portal integrated into the National Judicial Network Information System. In addition, according to the Law, the tender buyer has to pay the sales price in cash within seven days from the announcement of the auction result report, even if the termination of the tender is requested.
In the request for annulment of the tender made by persons other than the creditor, debtor, persons registered in the official registry and limited real rights holders, it is required to provide a guarantee of five percent of the tender price when making the demand.
- With the Article 32 of the Law Number 7343 on Enforcement and Bankruptcy and Amending Certain Laws, all articles regarding child delivery and establishing personal relations with the child were removed from the Enforcement and Bankruptcy Law. Delivery of the child and establishing a personal relationship with the child will be regulated by the articles added to the Child Protection Law Number 5395.