Communiqué on the Update of Monetary Limits for Announcements of Sales to Be Made Under the Enforcement and Bankruptcy Law is Published
Gizem Şimşek co-authored this article.
The Communiqué on the Update of Monetary Limits for Announcements of Sales to Be Made Under Enforcement and Bankruptcy Law No. 2004 (“Law”) was published in the Official Gazette No. 32790 on January 22, 2025, and entered into force on the same date. (“Communiqué”) This update has been carried out within the scope of Article 114 of the Enforcement and Bankruptcy Law, titled Preparatory Measures for Auctions , within the monetary limits applicable to the preparation and announcement processes of sales are regulated under subparagraph (5) of the fourth paragraph, as well as the third paragraph of Article 12 of the Regulation on the Procedure for Electronic Sales under the Enforcement and Bankruptcy Law (“Regulation”) regulating the same.
As is known, Article 114 of the Law regulates the procedures and principles regarding preparatory measures for sales to be conducted through public auctions. Announcements to be published in newspapers or on internet news websites will also be simultaneously published on the Announcement Portal of the Press Advertisement Agency. Pursuant to the relevant fourth paragraph, the platform for the announcement is determined based on the appraised value of the asset subject to the sale.
Within the scope of the Regulation, the procedures and principles for conducting sales transactions through public auctions under the Law to be carried out via the Electronic Sales Portal integrated with the National Judiciary Informatics System (UYAP) are determined.
Therefore, the update to the monetary limits introduced by the Communiqué has concurrently impacted both the Law and the Regulation, as they regulate interconnected procedures.
Pursuant to subparagraph (5) of the fourth paragraph of Article 114 of the Law, it is stipulated that the monetary limits regarding the appraised value to be used as the basis for announcements made through the Press Advertisement Agency shall be updated annually by the Ministry of Justice, effective as of February 1 of each year.
Within this scope, the following updates have been made:
1. For sales where a decision taking into account the interests of the relevant parties will be made on whether or not to publish an announcement, the total appraised value limit has been changed from "up to 500,000 TRY" to "up to 925,000 TRY."
2. For sales to be announced in local newspapers or internet news websites in the location where the sale will take place, the total appraised value limit has been changed from "over 500,000 TRY and under 2,000,000 TRY" to "over 925,000 TRY and under 3,710,000 TRY."
3. For sales to be announced in nationally distributed newspapers or internet news websites, the total appraised value limit has been changed from "2,000,000 TRY or more" to "3,710,000 TRY or more."
You can access the relevant Communiqué here.
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