Pursuant to Article 179 of the Turkish Execution and Bankruptcy Code (TEBC), an insolvent debtor is entitled to apply to the commercial court and suggest a proposal for restructuring its debts and strengthening its financial status. This is referred to as "stay of bankruptcy" under the relevant article. Under the TEBC, a corporation whose assets are not sufficient to cover its debts may apply to the relevant court on its own initiative; or any of the creditors may request this from the competent court with a restructuring project prepared for that insolvent debtor.
May 31 2009