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“image of invoices”, stated in the aforementioned article, introduces a
new concept to Turkish law. The word “image” may be interpreted as
the copy of the invoice at stake, obtained in any manner. According to
this interpretation, the Regulation envisages a new opportunity for fac-
toring companies and banks allowing them to archive the images
(
scanned copies
or digital images) of the invoices in electronic data-
bases. However, due to the fact that a photocopy is also a form of
image obtained from the original invoice, the same provision may be
deemed to include the photocopy (hard copy) of the invoice in ques-
tion. We consider that the application and implementation of such pro-
vision shall be clarified in time.
Another novelty the Regulation introduces concerns the cancella-
tion of the invoices. Pursuant to Article 7 of the Regulation, the factor-
ing companies or the banks performing factoring operations shall be
obliged to obtain a letter of undertaking from their clients, stating that
upon issuance of new invoices following the cancellation of initial
invoices, they shall submit such new invoices to the factoring compa-
ny or to the bank. As per the second paragraph of such provision, the
factoring company or the bank shall inform its clients in this regard,
and must obtain this undertaking in the form of a “notification form”
that shall be a standard form announced by the BSRA.
Bills of Exchange and Other Bills
The third section of the Regulation entitled, “Received Bills of
Exchange and Other Bills,” governs the points to consider by factoring
companies and banks in the event of receiving bills of exchange or
other types of bills in reference to invoice receivables. In such events,
the factoring companies and banks shall investigate and bear in mind
that the drawer of the bill of exchange or other type of bill shall be the
same person as the person stated to be the creditor on the invoice.
Additionally, the person before the drawer shall be the same person
stated as the debtor in the invoice.
Additionally, Article 8 of the Regulation stipulates certain require-
ments in order for factoring companies and banks to receive addition-
al bills of exchange and other bills from their clients, other than the
ones related to invoices.
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