Asc Law Istanbul

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„I should especially mention Okan Beygo, who did a great job.“ AVUKATLIK KANUNU İLE TÜRK BORÇLAR KANUNUNDA DEĞİŞİKLİK YAPILMASINA DAİR KANUN, 11 HAZİRAN 2022 TARİHİNDE RESMİ GAZETE`DE YAYIMLANARAK YÜRÜRLÜĞE GİRDİ. KONUT KİRALARI HAKKINDA TÜRK BORÇLAR KANUNU`NA GEÇİCİ MADDE EKLENDİ. ASC Law is a leading full-service law firm with a unique composition of advisory, litigation and debt enforcement/collection services. With more than 50 lawyers and a total of 170 employees, she has been serving national and international clients since 2001. Languages: English, French, German, Russian, Turkish [2] This debt restructuring instrument was the subject of the Regulation on the restructuring of debts to the financial sector adopted by the Turkish Parliament in 2018 (as amended in 2019). Restructuring operations concluded under a framework agreement will benefit from certain important tax advantages, including exemptions from Turkish stamp duty and its banking and insurance transaction tax, as well as other charges provided for in the relevant legislation. „In-depth knowledge of related topics and legislation – thinking outside the box and offering creative solutions through alternative approaches, always in a positive way!“ I think the answer to the first question simply depends on the customers. There are customers looking for stability as our world is now much more complicated than ever and stability might be the right approach for some businesses. However, some customers also believe that stability means slow change and that a dynamic environment brings more opportunities. For example, one could imagine the time that is not so far away when contracts revolve around blockchain transactions and crypto-currencies are put into circulation by some „central banks“. Personally, I believe that no one should ignore the fact that the business world is very dynamic and that customers must be able to react quickly to changes and adapt to new technologies.

In my opinion, most clients will indeed be looking for a more strategic direction for their law firm in an unstable post-virus environment that awaits us. 3. COMPARISON OF THE CUMULATIVE VOTING SYSTEM WITH THE DIRECT VOTING SYSTEM [13] THE Banking Association of Turkey – Framework Agreement on Financial Restructuring (tbb.org.tr). 23 to the Union of Turkish Bar Associations; Aksu Çalışkan Beygo Attorney Partnership, registered with the Istanbul Bar under Registration Number 6, was established in 2001. Our head office is located in Levent, the financial center of Turkey. We provide services throughout Turkey, especially in Istanbul, Ankara and Izmir, with local law firms we work with and our strong ties. [20] Although these steps are set out in the framework agreements, the reality of developments in this regard is much more fluid. For example, when preparing the feasibility report, there are often significant and meaningful interactions with the debtor, which often leads to a change in the plan. Therefore, it is fair to say that restructuring negotiations usually begin well before the completion of the feasibility report. It should also be noted that between the end of 2019 and August 2021, the successful restructuring using Turkey`s „framework agreement“ procedures amounted to more than $12 billion. ASC Law`s share of this figure was $5 billion.

See levent Yetkil and Arda Coşar`s article by ASC Law, Focus On: Debt Restructuring in Turkey: Use of „Framework Agreements“ (2021). 4.2 There must be no provision in the articles of association that deactivates the cumulative voting system: according to the Communiqué on the cumulative voting system, it is forbidden for a private limited company to include in its statutes a provision that renders the cumulative voting system ineffective. [21] In this case, the creditors holding at least two-thirds of the debt in question. [9] The term „financial institutions“ includes not only banks, but also leasing and factoring companies and certain other companies providing financial services. It should be noted in this context that, although non-financial creditors can theoretically participate in restructuring negotiations, i.e. with the consent of a number of financial creditors, we have found that non-financial creditors are rarely allowed to participate in such negotiations or, more specifically, to participate in them rarely. 4. THE CONDITIONS OF APPLICATION OF THE CUMULATIVE VOTING SYSTEM Also within the framework of its advisory department, ASC Law advises on all aspects of the financing of infrastructure projects and often represents the main lender in consortia composed of Turkish and/or foreign financial institutions. ASC Law Firm is also an expert in the negotiation and documentation of large infrastructure projects and has particular expertise in FIDIC-based transaction documents. Our firm`s commitment in this area includes, among others, projects related to transport and energy infrastructure, including recently major energy projects related to renewable energies, whether biomass, geothermal, hydroelectricity, solar or wind energy. 4.4 The direct voting system applies to all resolutions of the Annual General Meeting, with the exception of the election of the Board of Directors: Even if a shareholder has made written notice and the Board of Directors is elected with the cumulative voting system, the other items on the agenda of the Annual General Meeting are subject to the direct voting system. Thus, in the responsible general meeting, the cumulative voting system and the pure voting system would be applied together, the cumulative system being limited to the election of the members of the board of directors.

Our debt collection and enforcement department consists of three partners, 12 employees, 10 articling students and approximately 100 paralegals and other employees. In 2020 alone, the ministry processed the total outstanding debt of more than TL 400 million ($30 million). Following such a request, BAT formed a three-member „expert group“ to settle disputes. Each decision of the Expert Group must be supported by a majority of its members, i.e. at least two, and its decisions shall be binding on all parties. From 2019 to today, the total estimated value of the completed debt restructuring and refinancing work is approximately US$11 billion. The figure for acquisition financing is more than $11 billion and more than $9 billion for energy projects, with infrastructure projects exceeding $4 billion. In light of this systemic and ongoing economic weakening, Turkey amended its bankruptcy law in 2018 to provide for an amended „deferred bankruptcy procedure“, also known as a „Concordat“, in which a Turkish company in temporary but serious financial difficulty can apply for creditor protection under the auspices of a Turkish court[7]. Under this procedure, for example, creditors can be held in check for almost two years, giving the parties the opportunity to seek a negotiated restructuring. [12] A complete list of financial institutions` „signatories“ for „large-scale“ and „small-scale“ framework agreements is available on the BAT website.

Association of Banks of Turkey – Framework Agreement on Financial Restructuring (tbb.org.tr) (under the tab „Signatories of Framework Agreements“). Shareholders do not have direct management rights, but indirectly affect the management and policies of the company by having the right to vote to appoint the members of the board of directors. Shareholders are entitled to voting rights on the basis of their shareholdings. Each share gives the shareholder at least one voting right and at the annual general meeting, the voting rights are proportional to the number of shares.

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