NEWSLETTER-2019-metin

65 COMMERCIAL LAW Article shall not constitute embezzlement under Article 160 of the Banking Law. Under Provisional Article 32 of the Banking Law, in addition to the provisions of the Regulation, it is regulated that the valuation of collaterals of credits, or the fair value of the assets and liabilities of the borrowers to be acquired by the creditor institutions, shall be made by the institutions authorized to conduct the valuation by the Capital Markets Board, upon the request of one of the parties. Through the said provision, the uncertainty that had arisen in relation to the institution to conduct such valuation was, thereby, eliminated. Conclusion As a result of difficulties confronted by financial institutions in collecting their receivables, due to the consequences of economic con- ditions and the provision introduced to the EBL concerning concordat procedures thereunder, a legal background has been established for restructuring processes through the Regulation and Provisional Article 32 of the Banking Law. The provisions of Provisional Article 32 of the Banking law shall be implemented for two years and through the provision to extend such period has been granted to the President. The explained Regulations on restructuring have eliminated various con- cerns that have been confronted by financial institutions.