A new era in trust property sales

A new era in trust property sales

Auction period begins for properties without seizures in custody

The Ministry of Justice determined the principles relating to the liquidation of seized assets held by the liquidator within the scope of the enforcement and bankruptcy law.

According to the notification on the procedures and principles relating to the implementation of provisional Article 20 of the Enforcement and Bankruptcy Law published in today’s Official Gazette, the liquidation of assets falling within this scope will be carried out ex officio by the enforcement office. where the proceedings are carried out.

The information related to the assets decided to be liquidated by the application office will be announced by the liquidation office through portals integrated into the UYAP Information System. The corresponding customs administration will receive the liquidated goods that are not in free circulation within a period of 10 days to carry out customs procedures.

‘Fiduciary’, a legal term, means the person entrusted with property whose legal status is in dispute between more than one person until the dispute is resolved.


If the liquidation process is not carried out in this way, the corresponding collection office will receive the liquidated assets, which are encumbered on them in accordance with the public credit law, within 10 days for conservation or sale operations.

If the liquidation process is not carried out in this way, the assets will be delivered to the debtor and, subsequently, to the pledgee.

If no liquidation results are obtained from these stages, the ex officio sale process of the assets in question will begin. The sale of goods will be carried out through electronic auction, and sales announcements will be made only on the electronic sales portal.

If liquidation cannot be carried out through sale, the trustee may request the transfer of ownership of the assets. In the following stages, it may be decided to sell the products as scrap metal to Makine ve Kimya Endüstrisi AŞ or to transfer them to the Red Crescent free of charge. The statement will come into force on October 31. (REUTERS)

Justice Department Chemistry Reuters

Source: Sozcu


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