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company and any proceedings previously initiated are suspended.
Prescription periods and statutes of limitations deadlines shall be sus-
pended until the end of the postponement of bankruptcy. It is important
to note that foreclosure proceedings, mortgage claims and commercial
pledges may be initiated or continued during such postponement peri-
od. Although such proceedings may be in effect, it is important to high-
light the fact that during the postponement period, creditors may not
take repossession measures, and the sale of pledged property may not
be carried out.
Conclusion
According to Turkish enforcement legislation, there are different
types of proceedings for each legal circumstance. The legal remedies
for execution proceedings and the rights granted to the creditor depend
on the legal power of the documents possessed on which the proceed-
ing is based on. If a creditor has a legal security over the assets of the
debtor, then the creditor has to initiate special execution proceedings
against the debtor first, a process called “enforcement by foreclosure
of collateral”. For unsecured debts, the creditor may initiate a bank-
ruptcy proceeding against the debtor, where the ordinary execution
proceeding seems ineffective.
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