While citizens are struggling with the cost of living due to the economic crisis, small-scale companies have also taken their share of the crisis.
Palme Makina, which made history as the first domestic manufacturer of the Turkish Construction Machinery Distributors and Manufacturers Association (İMDER) with 129 models in 6 different product groups, has gone bankrupt.
REQUESTED CONCORDAT
The 28-year-old company, which has been grappling with economic difficulties since last year, had applied to the court as a final effort and requested a concordat (a court-approved creditor agreement).
BANKRUPTCY DECISION
According to the report by Patronlar Dünyası, the Ankara West Commercial Court of First Instance rejected the concordat request of the massive company, which exports to 65 countries, and issued a bankruptcy decision.
In its decision dated July 23, the court stated that it had decided to reject the concordat case of Palme Makina Sanayi ve Ticaret AŞ, registered with the Ankara Trade Registry Office, and ruled that it was bankrupt as of July 23, 2024.
CONCORDAT COMMISSION'S DUTY TERMINATED
The court, which lifted all measures imposed within the scope of the file and ruled for the termination of the duty of the concordat commissioner board, also noted that the decision could be appealed within 10 days.
PALME MAKİNA: 28 YEARS OF SUCCESS
Founded in 1996 in the Başkent Organized Industrial Zone located in the Sincan district of Ankara, Palme Makina was producing construction and heavy machinery in its massive factory.
The company, which provided employment to hundreds of people and had numerous dealers across Turkey, was producing critical machinery such as concrete rollers.
News Source: 12punto
