New regulation for the liquidation of seized goods no longer requiring storage

In a statement made by the Ministry, it was noted that within the scope of the Law on Amendments to the Enforcement and Bankruptcy Law and Certain Other Laws numbered 7445, which was published in the Official Gazette on April 5, 2023, and entered into force, the temporary article added to the Enforcement and Bankruptcy Law numbered 2004 resolves the liquidation of seized goods held in storage that no longer legally require preservation under enforcement law, while considering the interests of the parties and the public interest.

The statement noted that the liquidation of seized goods held in storage for long periods has been accelerated with this legal regulation, emphasizing that the rights of all right-holders are protected by the regulation.

PROTECTION OF THE DEBTOR'S INTERESTS HAS BEEN ENSURED

The statement included the following:

"With the regulation, it is ensured that goods still held in storage despite the lifting of the seizure subject to the preservation measure are primarily taken delivery of by the debtor, except for legal exceptions, thereby protecting the debtor's interests.

In the event that the debtor, who is the owner, does not take delivery of the goods, the pledgee is given the opportunity and encouraged to exercise their rights arising from the pledge.

In the event that the right-holders refrain from exercising their rights, the regulation provides for the application of electronic sale provisions for goods registered in the registry, again considering the interests of the right-holders and the public interest."

It was stated that for goods registered in the registry that could not find a buyer despite the application of electronic sale provisions, as well as other goods, the transfer of ownership to the storage facility or to MKE A.Ş., which operates for the public interest, in exchange for a price determined by the Law, is regulated, and it was reported that the proceeds to be obtained in the event of sale and transfer of ownership will be preserved and paid to the right-holders.

IMPLEMENTATION BEGINS ON NOVEMBER 1

The statement indicated that the regulation also stipulates that if the goods cannot be liquidated despite all processes being carried out, they will be transferred to the Turkish Red Crescent (Kızılay) free of charge in order to prevent the damage that such goods would cause to the national economy and the environment by being left to rot, and it was stated that the regulation will begin to be implemented as of November 1, 2023.