Installment periods for restructuring in earthquake-affected regions regulated

Due to the earthquakes that occurred in Kahramanmaraş, and based on the ongoing state of force majeure in the provinces of Adıyaman, Hatay, Kahramanmaraş, and Malatya, as well as the İslahiye and Nurdağı districts of Gaziantep, the Presidential Decree on the Redetermination of Installment Payment Periods under Law No. 7256 on the Restructuring of Certain Receivables and Amendments to Certain Laws, and Law No. 7326 on the Restructuring of Certain Receivables and Amendments to Certain Laws, has been published in the Official Gazette and entered into force.

The decree recalled that the state of force majeure, declared effective as of February 6, 2023, has been extended until August 31, 2024, in Adıyaman, Hatay, Kahramanmaraş, Malatya, and the İslahiye and Nurdağı districts of Gaziantep.

Under these laws, the payment period for the first of the installments that were due between February 6, 2023, and August 31, 2024 (including those whose final payment date falls on the date the state of force majeure ends), may be paid in the month following the end of the state of force majeure. Thus, the installment payment period has been extended until the end of September. Subsequent installments will be paid in monthly periods following September (over a total of 12 months).

Those whose number of installments during the force majeure period exceeds 12 will pay the excess amount along with the 12th installment.

News Source: AA