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-  2018 

CONTR ADICTION OF “GUAR ANTEE” AS REGARDS TO GROUP COMPANIES THAT HAVE MADE A REQUEST FOR BANKRUPTCY POSTPONING

Keywords: iflas?n ertelenmesi,grup ?irketler,kefalet,ihtiyari/mecburi dava arkada?l???

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Abstract:

The practice of “Bankruptcy Postponing” in Turkish law first came about with the provision in Article 324 of the Turkish Commercial Code numbered 6762. The practice of “Bankruptcy Postponing” in Turkish law first came about with the provision in Article 324 of the Turkish Commercial Code numbered 6762. Later, regulations were made regarding the postponing of bankruptcy in Article 377 of the new Turkish Commercial Code. In summary of this Article: in the event that the financial situation of the company deteriorates, postponement of bankruptcy may be requested upon presenting a project of improvement to the court. In practice: group companies whose shareholders are the same or very similar, even though they are separate legal entities, can be tight-knit in terms of shareholders, guarantee, subcontracting etc. relations. For this reason, the financial situation of the group companies may deteriorate in circumstances where any one of the companies’ financial situation deteriorates or where the assets of the companies do not meet the liabilities. In this case, every one of the group companies as a separate legal entity make a request for postponement of bankruptcy. In lawsuits filed by group companies for postponement of bankruptcy, the interpretation of the companies’ suretyship as regards to each other will differ. As there is lack of legislation and practice, different interpretations lead to different implementation thus leading to errors with no remedies. The problem of guarantee interpretation as regards to group companies who have requested postponement of bankruptcy will be addressed and solution suggestions will be given in this stud

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