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Selvi & Ertekin | Turkey | 19 Jun 2020

Attachment of debts arising from letters of guarantee

Letters of guarantee are an instrument under which a bank guarantees the payment of a certain amount to a beneficiary on request if an obligation undertaken by the applicant against such beneficiary is unfulfilled. In practice, a debtor's creditors are often willing to directly levy an attachment on a letter of guarantee. This article outlines letters of guarantee in the Turkish banking sector.
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Selvi & Ertekin | Turkey | 3 Apr 2020

Communique on banking fees and commissions published

The Communique on Procedures and Principles Regarding Fees to be Collected from Commercial Customers by Banks was published on 10 February 2020. The communique aims to determine the type, quality and maximum amount or rate of fees to be collected for providing products and services, ensure the accuracy of concepts and terms, prevent overpricing and increase the predictability and transparency......
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Selvi & Ertekin | Turkey | 10 Jan 2020

Communique on compliance with principles and standards of interest-free banking

The Communique on Compliance with Principles and Standards of Interest-Free Banking entered into force in September 2019. The communique aims to regulate the procedures and principles regarding the structures and processes to be established by participation banks and development and investment banks which finance their clients in accordance with the Regulation on Financing Transactions of Banks.
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Selvi & Ertekin | Turkey | 7 Jun 2019

Representation by proxy in suretyship agreements

Suretyships are a kind of security commonly used in loan transactions which provide personal security to lenders if a borrower fails to fulfil its payment obligation. The Code of Obligations sets out certain requirements regarding the validity of suretyship agreements and enacting a suretyship agreement by proxy. This article examines these requirements in detail.
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Selvi & Ertekin | Turkey, USA | 22 Mar 2019

Financial distress and board of directors' liabilities

Pursuant to Article 376/3 of the Commercial Code, where there are signs that a company is in financial distress, its board of directors should prepare an interim balance sheet. If the balance sheet verifies that the company is in financial distress, the board should notify the first-instance commercial court where the company is headquartered and request a bankruptcy declaration. Directors of......
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Selvi & Ertekin | Turkey | 16 Nov 2018

Amendments to decree protecting value of Turkish currency in relation to foreign currency loans

The Council of Ministers recently amended Decree 32 on the Protection of the Value of Turkish Currency. The amending decree introduced strict restrictions on foreign currency loans obtained from overseas or in Turkey. The provision of foreign currency indexed loans to legal entities or real persons is now forbidden. However, legal entities which generate no foreign currency income but have......
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