Tomorrow the process of liquidation of seized assets begins

Tomorrow the process begins for the liquidation of the seized assets held by the trustees, which do not need to be legally preserved.

With the incorporation of provisional article 20 of the Enforcement and Bankruptcy Law, the notification regarding the liquidation of seized assets, which are in trust and no longer need to be legally maintained within the scope of the enforcement law, taking into account the interests of the parties and the public interest, was published in the Official Gazette on October 18, so the implementation process began on October 18, the entry into force of which was scheduled for November.

In this context, assets that have been seized and are still in custody can be received in the first instance by the debtor who owns the property, subject to legal exceptions. If the debtor does not receive the assets, the creditor will have the opportunity to seize the assets.

If the granted rights are not exercised, the registered assets and other assets will be transferred to MKE A.Ş. for the price determined by law, considering the public interest. In the event of a sale and transfer of ownership, the product will be retained and paid to the rightful owners.

If the specified products are not transferred to MKE A.Ş., they will be left to rot and transferred to the Turkish Red Crescent Association free of charge to avoid the damage they will cause to the country’s economy and environment.

Tomorrow the process for the electronic sale of the merchandise in question will begin. (AA)