Author: Alper Uzun
Introduction
With Law No. 7343 on the Amendment of the Execution and Bankruptcy Law and Certain Laws (“Law No. 7343”), which entered into force through its publication in the Official Gazette dated 30.11.2021 and numbered 31675 and which was publicly referred to as the “5th Judicial Package”, significant amendments were made to various laws, primarily Execution and Bankruptcy Law No. 2004 (“EBL”).
Although it is widely known that a new execution and bankruptcy law is being prepared, it has been observed that many amendments have been made in the existing law, especially regarding implementation and procedures, and that some habits will need to be changed.
The amendments aim to digitalize and accelerate the execution process and to simplify the functioning of the execution offices. In addition, the delivery of children in custody has become free of charge, and new regulations require that these procedures can be carried out only by experts. There has also been an important amendment regarding the requirement for authorization of a debtor for sale by consent of seized property. The Regulation on Authorization of the Debtor to Sell Pursuant to the Execution and Bankruptcy Law (“Regulation”), which entered into force through its publication in the Official Gazette dated 28.05.2022 and numbered 31849, regulates this process.
