ERDEM-NEWSLETTER-2018-metin

290 NEWSLETTER 2018 Important Amendments to the Execution and Bankruptcy Law, Concordat and Mandatory Mediation * Att. Alper Uzun Introduction Important regulations have been made by Law No. 7155 on “The Procedure for Initiating Proceedings based on Monetary Receivables Arising from Subscription Agreements” (“Law”), which entered into force through publication in the Official Gazette dated 19.12.2018, within the scope of the execution and bankruptcy law, concordat and mandatory mediation. The Law essentially sets forth a special execution procedure for monetary receivables “arising from subscription agreements”, which constitute the major workload of execution offices. By the same law, certain amendments have been made to the provisions regarding the concordat provisions that entered into force in 2018 in relation to the problems that occurred during the 8 month-long practice period. Another regulation introduced through this Law is the mandatory ap- plication to a mediation process prior to initiating legal proceedings in commercial cases. New System for Execution Proceedings regarding Monetary Receivables Arising from Subscription Agreements The purpose of Law No. 7155 is to regulate procedures and prin- ciples regarding commencement of execution proceedings without judgment through seizure regarding monetary receivables arising from the subscription agreements, and the services or goods reflected in the invoice that are provided to consumers for the execution of these agreements through the Central Pursuance System created within the * Article of December 2018