24January2024

Monetary Limits for Announcements of Sales to be Made Pursuant to the Execution and Bankruptcy Law Updated

Communiqué on Updating the Monetary Limits Regarding the Announcements of Sales to be Made Pursuant to the Execution and Bankruptcy Law was published in the Official Gazette numbered 32438 on January 23, 2024.

With the related Communiqué, the monetary limits in the third paragraph of Article 12 of the Regulation on the Procedure of Electronic Sales Pursuant to the Execution and Bankruptcy Law published in the Official Gazette dated March 8, 2022 and numbered 31772 ("Sales Procedure Regulation") (In Turkish) were updated by taking into account the PPI rates.

The purpose of the Communiqué is to update the monetary limits based on the annual Producer Price Index (PPI) rates published by the Turkish Statistical Institute in December 2023.

With the new regulations;

The monetary limit for the announcements to be decided by the execution office by taking into account the interests of those concerned, whether to be announced in a newspaper or internet news site	Estimated price up to 720,000.00 TRY
Monetary limit for the announcements to be made in a local newspaper or an internet news website that has the right to publish official announcements published in the place where the sale will be held	Estimated price above 720,000.00 TRY and below 2,885,000.00 TRY
The monetary limit for the advertisements published on an internet news website or in a newspaper with the right to publish official advertisements, which is distributed and sold nationwide and whose daily actual sales are over fifty thousand copies on the date of the advertisement request	Estimated price 2,885,000.00 TRY and above

The current limits at the date of the announcement request are taken as basis in determining the monetary limits.

The relevant Communiqué will enter into force on February 1, 2024.

You can access the Official Gazette regarding the subject matter here. (In Turkish)

Should you have any queries or need further details, please contact your customer representative.

Author CottGroup Hukuk ve Mevzuat Ekibi, Taylan Ege Günel, Category Turkish Commercial Code

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