23February2023

Some Receivables Can Be Restructured Due to Earthquake

A state of force majeure has been declared between and including between dated 6th February 2023 and 31st July 2023 due to the earthquakes occurred in Kahramanmaraş on the dated 6th February 2023, Adana, Adıyaman, Diyarbakır, Elazığ, Gaziantep, Hatay, Kahramanmaraş, Kilis, Malatya, Osmaniye and Şanlıurfa provinces and Gürün district of Sivas province.

The installment payment periods of the people in debt due to the force majeure caused by the earthquake were extended exclusively to the payee administrations in these places.

The new terms are as follows:

The first installment from the installments to be paid under the law will be paid in the month following the expiry date, after the force majeure situation ends between and including 6th February 2023 and 31st July 2023.
Following payments will be paid in the two-month periods following this month.
The installments to be paid under item e of article 3 of Law No. 7256 (In Turkish) and sub-paragraph e of article 9/3 of Law No. 7326 (In Turkish) will be paid in six monthly installments starting from the month following the end of force majeure.

You can access the details regarding the subject from here (In Turkish).

Should you have any queries or need further details, please contact your customer representative.

Author CottGroup Hukuk ve Mevzuat Ekibi, Category Taxation Law

Notification!

The content in this article is for general information purposes only and belongs to CottGroup^® member companies. This content does not constitute legal, financial, or technical advice and cannot be quoted without proper attribution.

CottGroup^® member companies do not guarantee that the information in the article is accurate, up-to-date, or complete and are not liable for any damages that may arise from errors, omissions, or misunderstandings that the information may contain.

The information presented here is intended to provide a general overview. Each specific case may require different assessments, and this information may not be applicable to every situation. Therefore, before taking any action based on the information provided in the article, it is strongly recommended that you consult a competent professional in the relevant fields such as legal, financial, technical, and other areas of expertise. If you are a CottGroup^® client, do not forget to contact your client representative regarding your specific situation. If you are not our client, please seek advice from an appropriate expert.

To reach CottGroup^® member companies, click here.