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03May2021

Regulation on the Prohibition of Cheque Submission

Regulation on the Prohibition of Cheque Submission

A provisional article was added to the Law Amending Some Laws dated March 25, 2020 and numbered 7226 With the Law Amending the Tax Procedure Law and Some Laws published in the Official Gazette dated April 30, 2021 and numbered 31470. You can reach the Official Gazette from here.

What Does the Regulation Bring?

Within the scope of the fight against the Covid-19 epidemic, a regulation has been made regarding the follow-ups based on the cheques and bill of exchange to prevent loss of rights, taking the restrictions applied through the country into account. The amendments entered into force as the publication date in the Official Gazette. According to the regulation;

  1. Cheques that fall between the dates 31/04/2021 - 34/05/2021 on the last day of cheque period of representation period (including these dates) will not be submitted on these dates and will be submitted with the period of representation remaining after 01/06/2021.
  2. Enforcement and bankruptcy proceedings will not be initiated, provisional seizure will not be made, and the proceedings that have already begun will be suspended for the receivables based on the bills of exchange due between 30/04/2021 and 31/05/2021 (including these dates).
  3. Enforcement and bankruptcy proceeding cannot be initiated between the dates of 31/04/2021 - 31/05/2021 (including these dates) regarding the public law or private law receivables of the public administrations within the scope of the Public Financial Management and Control Law numbered 5108 dated 10/12/2003 has been taken under provision.

In addition, the Communiqué regarding the implementation of subclause (a) of the first paragraph of the provisional Article 3 of the Law numbered 7226 on the Amendment of Certain Laws was published in the recurrent Official Gazette. With this Communiqué, cheque clearing transactions and collection of honored cheques in return have been made possible. Namely, the cheques that fall on the dates 30/04/2021 - 31/05/2021 the last day of the period of representation by the person concerned are submitted to the bank between the specified dates and if the cheque account holder has a cheque account balance, the cheque fee may be paid. Otherwise, if there is no sufficient amount in the issuer's bank account, the check will not be considered as an uncovered cheque as per Cheque Act numbered 5941 and no transaction will be made thereof. After June 1, 2021, necessary transactions regarding the uncovered cheques can be made.

You can access further information on the subject through our article published on our website.

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

Written by Selin Malkoç, Posted in Turkish Commercial Code

  • Notification!

    Contents provided in this article serve to informative purpose only. The article is confidential and property of CottGroup® and all of its affiliated legal entities. Quoting any of the contents without credit being given to the source is strictly prohibited. Regardless of having all the precautions and importance put in the preparation of this article, CottGroup® and its member companies cannot be held liable of the application or interpretation of the information provided. It is strictly advised to consult a professional for the application of the above-mentioned subject.

    Please consult your client representative if you are a customer of CottGroup® or consult a relevant party or an expert prior to taking any action in regards to the above content.

About The Author

Selin Malkoç

Legal Consultant - Attorney
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