This article aims to explain Enforcement Procedure and Conditions in Turkey. International private and civil procedure law of Turkey and Turkish Procedure Law are the main laws governing the procedure of enforcement of Foreign Judgments in Turkey. In this article, we’ll guide our readers based on the provisions of these laws. It is also important to note that Turkey ratified Convention on the Recognition and Enforcement of Foreign Arbitral Awards which apply to the cross-border enforcement.

This article is a comparative study which points the differences between the Law on Financial Leasing, Factoring and Financing Companies and the repealed Financial Leasing Law.

This article is an overview of Debt Recovery Procedure in Turkey

In 1995, Turkey has started the necessary studies for building an active and modern intellectual and intellectual property rights system and achieved significant results. The steps taken by Turkey in the previous decade in the field of intellectual and industrial property rights are embodied in various laws, decree laws and regulations.

This article is aiming at to explain Contractual Liability of Administration in Turkey.

On 19 October 2012, the FATF (Financial Action Task Force) has decided to suspend Turkey’s membership on 22 February 2013 unless the following conditions are met before that date: (1) Turkey adopts legislation to adequately remedy deficiencies in its terrorist financing offence; and (2) Turkey establishes an adequate legal framework for identifying and freezing terrorist assets consistent with the FATF Recommendations.

Principally, the Turkish civil aviation legislation is prepared by two authorities in Turkey: Directorate General of Civil (“DGCA”) and the General Directorate of State Airports Authority (“GDSAA”). DGCA regulates and ensures the development of the civil aviation activities therefore GDSAA performs the management of Turkish airports and controls the Turkish airspace as a state owned enterprise since 1984.

Law & Justice Review, Vol. 1, Issue 4, Haziran 2012, ss.163-177

This article addresses the reference pricing system used for the pricing of the pharmaceuticals for human use in Turkey and the current problems arising from such system.

A new regulation has been promulgated in the Official Gazette dated December 8, 2012, numbered 28491, which determine the criteria for permission to operate at Istanbul Stock Exchange (“Stock Exchange”), and the liabilities of the members. The regulation is highly functional as it is in line with the principles of corporate governance in the new Turkish Commercial Law.

Journal of the Justice Academy of Turkey, vol. 6, 2011, p. 383-412. (Peer Reviewed)

Journal of the Justice Academy of Turkey, vol. 5, 2011, p. 419-450, (Peer Reviewed)

Examining Contracts Arising Under the Commercial Credit Transaction (Letter Of Credit) Commercial credits are most commonly used in the international transactions areas. Its main future is that; it gives security both the exporter (seller) and the importer (buyer). The Seller knows that, he will get paid if he completes his duty properly. The buyer, on the other hand, can ensure to part his money before the goods are received.

Formation of the contract under the Vienna Convention on Contracts for the International Sale of Goods 1980 (CISG) in comparison with Turkish Code of Obligations. 1 – General - The United Nations Convention on Contracts for the International Sale of Goods (CISG) was signed in Vienna on 11th April 1980 by the United Nations and entered into force on 1st January 1988.

The communiqué on principles of registered capital system in non-public companies has been declared by the Ministry of Customs and Trade (hereafter the “Ministry”) and published on the Official Gazette dated 19 October 2012. The revolutionary communiqué brings out new corporate responsibilities for non public companies having registered capital system.

A new regulation has been published on Official Gazette dated 14 October 2012 that contains a number of changes have been made on Regulation on Promotion of Medicinal Products For Human Use to ensure that the companies promoting a medicinal product is monitored by the Ministry of Health in wide range of their promotion activities. The main changes to the regulation include:

This article summarises the legal remedies available to both Turkish and foreign players for the collection of their receivables in Turkey.

Turkey, even restructured its banking sector several times, has still not made sufficient progress in money laundering and compliance legislation for improvement of the inspection obligations. In particular due to its location bridging Europe to Asia attracts the foreign criminal organizations of migrant smuggling, terrorism and narcotics. Turkey hosted many brass plate companies in the past set for the purpose of placement, layering and integration of laundering transactions by 1990s.

This article summarizes what should a non-Turkish company should do in order to open a bank account in Turkey. Business has been truly global for years. Nowadays, any company having a computer with an internet connection is theoretically capable of doing business worldwide. In such a world, Turkey, with its strategic geographical position, may instantly become a commercial hub for many companies having no presence in it.

This article provides an overview of the Turkish tobacco legislation. Law No. 4733 Regarding the Organization and Duties of the Tobacco and Alcohol Market Regulatory Authority (the “Law”) sets forth the general principles applicable in four markets in Turkey, which are (i) tobacco market, (ii) tobacco products market, (iii) alcohol market and (iv) alcoholic beverages market.

The Regulation governing the liaison office opening procedures in Turkey was recently amended. This article discusses the main changes brought about by the amended Regulation. In accordance with Turkish law, establishment by a foreign company of a liaison office in Turkey is governed by the Law No. 4875 on Foreign Direct Investments (the Law).

This article aims to explain about Resolution in the Course of Litigation Proceedings regarding Turkish Law. Dispute resolution in the course of litigation is held with article 313 – 315 of Turkish Procedural Law. Article 313 states that dispute resolution is an agreement between the parties in order to cease the dispute partially or completely at the presence of the court.

This article aims to explain about Appointment of a Turkish Lawyer with Power of Attorney. - Representation of an applicant at the court is only possible by giving power of Attorney. In Turkish Law, representative is called as an “Attorney” and “Applicant” who will be represented called as a “Client”. In Turkish Law, the power of attorney can be solely issued on behalf of an attorney for practicing law in Turkey.

This article aims to explain Interim Injunctions in accordance to Turkish Law. Interim injunctions are required to avoid any possible negative results in the course of the case. Therefore, in the course of the case, court may decide cautionary judgment in order to prevent any damages. İnterim injunctions can be requested from the court before or after the case is filed.

The Memorandum of Understanding (MoU) between Ministry of Finance, Financial Crimes Investigation Board (MASAK) of the Republic of Turkey and Financial Intelligence Unit of Netherlands concerning cooperation in exchange of financial intelligence related to money laundering and terrorism financing has been published on official gazette of 15 August 2012.

This article aims at explaining the stages of legal proocedings in Turkey and in Turkish Procedural Law. Subsequent to establishment of modern Turkish Republic, the law regarding procedural law had been changed in the light of Swiss law in 1927. Since 1st October 2011, Swiss adopted rules were applying to the proceedings of lawsuits in Turkey. Due to the need of speeding up the litigation procedure and candidateship for EU, a new Turkish procedure law is entered into force in 1st October 2011.

This article explains what is required for lawsuit petition in Turkish Procedural Law. In consideration of litigation, there are two procedures in Turkey. Written Proceeding which can be appllied to the court of first instance. In this procedure, preparation of the case sources requires written documents. It is noteworty to mention that the court is also obliged to review oral proceedings.

Turkish Parliament has adopted a new law, Law No 6322 that brings out a limitation to financial expenses to corporate and income taxpayers. Accordingly, amounts including but not limited to credit interest, foreign exchange losses i.e. as a part of financial charges that exceed the equity capital and not a part of investment expenses shall not be determined as financial expenses and be written off as of 01 January 2013.

A new regulation published on 03 July 2012 dated, 28342 numbered Official Gazette amending the Regulation for Implementation of Foreign Direct Investment Law. By thus, liaison offices are subject to new regulations both in in permission and operation proceedings. According to the article 6 of the new Regulation, Ministry of Economy is authorized to give permissions as the governmental body.

Turkish Cabinet has announced a new decree on 15th June 2012, numbered 2012/3305 and published on official gazette of 19th June 2012.

Turkish Government has incorporated The Republic of Turkey Prime Ministry Investment Support and Promotion Agency (“ISPAT”) by law no 5523 (“Law”) as of 4 July 2006. ISPAT is incorporated as a legal entity with administrative and financial autonomy in association with Prime Ministry.

The Turkish Parliament has enacted a law, Law No 6302 (“Law”) that enables foreigners to buy real estate in Turkey in line with the interests of the country. Accordingly, compliance with legal restrictions, provided that the interests of the country where this is justified in terms of international bilateral relations established by the Council of Ministers, citizens (individuals) of foreign countries may acquire immovable property and limited real rights in Turkey.

The new Turkish Commercial Code will become effective as of July 1, 2012 pursuant to the Law numbered 6103 on the Validity and Application of the Turkish Commercial Code 1 July 2012 and Law. Whereas some of the provisions therein will be effective on different dates. The new Turkish Commercial Code numbered 6102 (the “New TCC”) was promulgated in the Official Gazette on February 14, 2011.

In the event that the individual or the legal entity that has conferred power of attorney to a lawyer in Turkey files a lawsuit or initiates a collection proceeding, he is under the obligation to provide collateral. However, the citizens or legal entities of the listed countries are excluded.

Following the said draft becomes law upon the decision of the parliament; foreigners will be able to purchase property from all sides of Turkey provided that they comply with the legal limitations. It should be noted that, the condition of reciprocity is removed for the property acquisition of foreigners with the Draft Version. The maximum area to be purchased by a foreigner is increased from 2,5 hectares to 30 hectares with the condition of a project.

1. Upon the legitimacy of the New Code of Obligations, what kind of a legal arrangement regarding the Real Estate Leases has been enacted? - The Law on Real Estate Leases numbered 6570 shall be vanished upon inurnment of the provisions embodied in the context of the Turkish Code of Obligations (T.B.K) numbered 6098 as of the date of 01.07.2012.

“The Act to Amend of Check Law” numbered 6273, accepted on the date of 31.01.2012 by the Grand National Assembly of Turkey has been entered into force by publishing in the Official Gazette numbered 28093 and dated 03.02.2012. This Law brought radical amendments with respect to check which is one of the most important and vital payment instrument of the commercial life. The prison sentence concerning bad check has been abolished.

The new Turkish Commercial Code will enter into force as of July 01, 2012. Although the provisions regarding the commercial agents are in parallel with the current Turkish Commercial Code in general, the new Turkish Commercial Code has introduced some important novelties in order to harmonize the agency provisions with the Council Directive 86/653/EEC.

Turkey has recently ratified the Convention on International Interests in Mobile Equipment (the "Convention") and the Protocol to the Convention on Matters Specific to Aircraft Equipment (the "Protocol" and, together with the Convention, the "Cape Town Convention"). By ratifying such Convention, Turkey has become a country which is very fit for aircraft finance in all respects.

Main purpose of this article is to explain the principle characteristics of the new ICC Arbitration Rules that will come into force on 1st of January 2012 and to analyze how they differ from the prior version. The author focuses to substantial amendments, major procedural innovations, new introduced mechanisms and de-regulated rules of existing ICC principles.

In that aviation has helped advance the globalization of our world, it is important to review our beginnings and look forward to where we see ourselves in the future. This article will concentrate on the origins, functions and licensing of modern air transportation systems throughout our world; in particular, where we started and the direction we are headed.

In this article you will find general information on Free Trade Zones regulation of Turkey that will help foreign investors to make transit trade through Turkey without involving to any domestic trade area.

Although it has been long time to have CFC regulation in Turkey, in parallel with the increasing rate of growth of Turkish economy, many major entrepreneurs making Turkey related businesses required to focus on management of their taxation policies in consideration of CFC regime in Turkey.

Legality and application of foreign judgments in Turkey depends on completion of several procedures which are called enforcement and recognition in Turkish Law. The provisions about recognition and enforcement take place in Law numbered 5718 dated 22.11.2007. Recognition is regulated under Art. 58 of Law numbered 5718.

The Turkish Parliament has recently adopted a legislation that brings down penalties on bounced checks. Accordingly, contrary to the former legislation the issuers of bounced checks will only be subject to administrative fine rather than imprisonment. During the years of high inflation and the several economic crises in Turkey, the checks especially by textile and raw materials sector have been preferred as the payment tool in Turkey.

Balance Sheet Insolvency expresses the situation where the liabilities of a company exceed its assets. According to Article 324/2 of TCC Numbered 6732 and Article 179 of Execution and Bankruptcy Code (“EBC”) Numbered 2004, it is the board of directors duty to determine whether the company is balance sheet insolvent or not. If it is determined that the company is balance sheet insolvent, the board of directors are obliged to notify it to the competent commercial court.

This article aims to explain the procedures regarding debt collection. There are two separate procedures in Turkey in order to follow your debt. 1. Debt Execution Procedure which will be provided by Administrative Body and 2. Litigation Procedure which will be examined by the Court.

Turkey is currently an energy-dependent country, with approximately 70% of its energy being supplied from imported sources. More investment in renewable energy has thus become vital for Turkey.

The new Turkish Commercial Code (“NTCC”) No. 6102 shall enter into force as of July 01, 2012. In parallel with the harmonization process of Turkish Law with acquis communautaire, the NTCC has significantly changed the existing system and replaced the outdated provisions of the current Turkish Commercial Code (“TCC”) with practical ones. As one of the aims of the NTCC is to boost investment, advanced provisions regarding the establishment of the companies have been introduced.

So far as the global shipping practice is concerned, laytime & demurrage is one of the most complicated topics for both ship-owners and charterers under voyage charter-parties. Thus, the dynamic between the parties has been sought to be balanced through a number of attempts which have been made either by courts or legislators in shipping world.