Turkey's long-established airline has officially gone bankrupt

A new development has occurred regarding the bankruptcy of Atlasglobal (Atlasjet Havacılık A.Ş.), one of Turkey's long-established airlines in the aviation sector.

The Court of Cassation has issued a confirmation ruling regarding the company, which declared bankruptcy in June 2021. The Bakırköy 3rd Commercial Court of First Instance had ruled for the bankruptcy of Atlasglobal on June 17, 2021, and the case was subsequently moved to the Court of Appeal. The panel of the Court of Appeal, which examined the bankruptcy files, had ruled to overturn the decision of the Bakırköy 3rd Commercial Court of First Instance dated June 17, 2021, with case number 2020/135 and decision number 2021/528, on the grounds that, pursuant to Article 376/3 of the Turkish Commercial Code, there should have been a decision by the company's board of directors requesting the company's bankruptcy, but no such decision was found within the file or in the National Judiciary Informatics System (UYAP).

With the ruling issued by the Court of Appeal, the file was returned to the commercial court for the trial to be conducted in accordance with the ruling and for a new decision to be rendered.

THE BANKRUPTCY RULING HAD BEEN OVERTURNED

With the decision taken in September 2022, the bankruptcy ruling issued for Atlasjet Havacılık A.Ş. on June 17, 2021, was thus overturned, and another hearing was held in January of last year.

According to the report in Ekonomim, the decision to lift the bankruptcy, numbered 2022/1308 and 2022/1031, taken by the Istanbul Regional Court of Justice (Court of Appeal) on September 22, 2022, was re-examined by the Istanbul 3rd Commercial Court of First Instance.

Following the examination, it was stated that the public trial was concluded as it was understood that the documents deemed missing by the Regional Administrative Court were actually already among the case documents and that there were no other matters left to investigate.

BANKRUPTCY DECLARED AGAIN

The Bakırköy 3rd Commercial Court of First Instance, which had ruled for the bankruptcy of Atlasjet Havacılık A.Ş. in June 2021 and whose ruling was later overturned by the Court of Appeal, had ruled for its bankruptcy again on January 19, 2023.

The file regarding Atlasjet was later moved to the Court of Cassation. Following the examinations conducted by the 6th Civil Chamber of the Court of Cassation, it was decided unanimously and definitively to uphold the bankruptcy ruling and to send a copy to the court of first instance, the 17th Civil Chamber of the Istanbul Regional Court of Justice.

News Source: 12punto