From the Ministry of Justice:

BANKRUPTCY ADMINISTRATION FEES, DOCUMENT AND NOTIFICATION EXPENSES

NOTICE REGARDING THE TARIFF

 

Purpose

ARTICLE 1 - (1) The purpose of this Notice is to determine the tariff for the fee to be paid to the bankruptcy administration and the method of payment, pursuant to the third and fourth paragraphs of Article 223 of the Execution and Bankruptcy Law No. 2004 dated 9/6/1932.

Scope

ARTICLE 2 - (1) This Notice covers the amount, timing, method of payment of the fee to the bankruptcy administration, document and notification expenses, and other related costs.

Legal Basis

ARTICLE 3 - (1) This Notice has been prepared pursuant to the third and fourth paragraphs of Article 223 of the Execution and Bankruptcy Law No. 2004 dated 9/6/1932.

Payment of Fee

ARTICLE 4 - (1) The bankruptcy administration fee determined according to the tariff covers all services rendered until the completion of the bankruptcy liquidation.

(2) In determining the fee, the effort, diligence, importance, and nature of the work of the bankruptcy administration officers are taken into account.

(3) Payment is made according to the provisions of the tariff in effect on the date the share schedule is prepared. The fee determined according to the tariff is paid separately and equally to each bankruptcy administration officer.

Payment Timing and Advance Payment

ARTICLE 5 - (1) The fee of the bankruptcy administration is paid at the end of the liquidation. However, upon the request of the bankruptcy administration, the enforcement court may, if necessary and after consulting the bankruptcy office, decide to pay a reasonable advance against the fee. The existence of the debtor’s operational license is considered when determining the advance amount.

Fee Amount

ARTICLE 6 - (1) For services rendered, the bankruptcy administration is paid a fee based on the total receivable amount to be paid to ordinary creditors in the share schedule, according to the following rates:

a) For the first 50,000.00 TL: 6%

b) For the next 100,000.00 TL: 5%

c) For the next 200,000.00 TL: 4%

d) For the next 300,000.00 TL: 3%

e) For the next 400,000.00 TL: 2%

f) For the next 500,000.00 TL: 1%

g) For the next 1,000,000.00 TL: 0.75%

h) For the next 1,500,000.00 TL: 0.50%

i) For amounts exceeding 4,000,000.00 TL: 0.25%

(2) Additional fees may be paid to the liquidation administration for services related to converting pledged receivables into cash, considering the time and effort spent. However, this additional fee cannot exceed 25% of the fee calculated based on the pledged receivable amount using the above rates.

Fee Determination by Enforcement Court

ARTICLE 7 - (1) The enforcement court may determine a fee up to double the amount specified in the tariff, taking into account the effort and work of the bankruptcy administration and the importance and nature of the work.

(2) The enforcement court may also set a fee below the tariff amounts or decide not to pay the fee if justified reasons exist.

Fee in Cases of Resignation, Dismissal, or Death

ARTICLE 8 - (1) In cases of resignation, dismissal, or death of the bankruptcy administration officer, the fee is determined by the enforcement court considering the work and effort spent until that time, as well as the importance and nature of the work.

(2) In the cases mentioned above, fees for officers serving in the bankruptcy administration are paid from the remaining balance of the previous officer’s fee, considering the time and effort of their service after joining.

Fee in Composition (Concordato) Cases

ARTICLE 9 - (1) When the case is transferred to the debtor due to composition (concordato), the fee of bankruptcy administration officers, determined by the enforcement court based on the above principles, is deposited in advance to the bankruptcy office by the debtor.

Expenses and Notification Fees

ARTICLE 10 - (1) Pursuant to the third paragraph of Article 223 of the Execution and Bankruptcy Law, the bankruptcy administration may request creditors who want notifications to be served to pay an advance three times the total of estimated document and regular notification costs, to be offset and refunded at the end of the liquidation.

Effective Date

ARTICLE 11 - (1) This Notice enters into force on 1/1/2024.

Enforcement

ARTICLE 12 - (1) The provisions of this Notice are enforced by the Minister of Justice.

 

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