NEWSLETTER-2019-metin

62 NEWSLETTER 2019 Restructuring of Debts Owed to the Financial Sector* Att. Melisa Sevinc Atilganer Introduction Following the introduction of the provision concerning the con- cordat procedure under Enforcement and Bankruptcy Law numbered 2004 (“EBL”), due to difficulties confronted by the financial insti- tutions in relation to collection of their receivables and to economic conditions, restructuring of various facilities has become prevalent. In order to eliminate the concerns that have arisen in the financial sector during the course of the restructuring of facilities, especially those hav- ing a higher volume, and similar to the regulations introduced in 2002 and in 2007 with respect to the restructuring of the debts owed to the financial sector, approximately six months later than the regulations introduced in the EBL, the Regulation on the Restructuring of Debts to the Financial Sector (“Restructuring Regulation” or “Regulation”) has come into force through its publication in the Official Gazette dated 15. August 2018 and numbered 30510. Six months after the entry into force of the said Restructuring Regulation, it has been amended through the Regulation on theAmend- ment to the Regulation for the Restructuring of Debts Owed to the Financial Sector entered into force through publication in the Official Gazette dated 21 November 2018 and numbered 30602. Thereafter, the Regulation has been re-amended through the Regulation on the Amendment to the Regulation for the Restructuring of Debts Owed to the Financial Sector entered into force through publication in the Official Gazette dated 21 September 2018 and numbered 30886 (bis), and the majority of the provisions have been modified. The concerns of the financial institutions with respect to the re- structuring processes, especially for those facilities having a higher * Article of September 2019