Turkey's major airline company Atlasglobal has officially gone bankrupt
A new development has occurred regarding the bankruptcy of Atlasglobal (Atlasjet Havacılık A.Ş.), one of Turkey's long-standing airline companies. The Court of Cassation has upheld the bankruptcy decision for the company, which had declared bankruptcy in June 2021.
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The Bakırköy 3rd Commercial Court of First Instance ruled for the bankruptcy of Atlasglobal on June 17, 2021. This decision was appealed to the Regional Court of Justice. The Regional Court of Justice stated that, in accordance with Article 376/3 of the Turkish Commercial Code, the company's board of directors should have requested the bankruptcy, and noting that no such decision existed within the file, it overturned the bankruptcy ruling of the Bakırköy 3rd Commercial Court of First Instance.
According to the report in Gazetepencere, in line with the decision rendered by the Regional Court of Justice, the file was sent back to the Bakırköy 3rd Commercial Court of First Instance for the trial to be conducted properly. With the decision issued in September 2022, the bankruptcy ruling for Atlasglobal was overturned, and a new hearing was held in January 2023.
TRIAL CONCLUDED
The Istanbul Regional Court of Justice (Appeals) issued a decision on September 22, 2022, to lift the bankruptcy. The Istanbul 3rd Commercial Court of First Instance re-examined the file and, stating that the documents previously deemed missing were present in the case file, concluded the open trial.
The Bakırköy 3rd Commercial Court of First Instance ruled for the bankruptcy of Atlasglobal again on January 19, 2023. The file was subsequently moved to the Court of Cassation, and the 6th Civil Chamber of the Court of Cassation unanimously upheld the bankruptcy decision. The Court of Cassation also ordered that a copy of the decision be sent to the 17th Civil Chamber of the Istanbul Regional Court of Justice.