Read the untranslated law here: https://www.tbmm.gov.tr/kanunlar/k5569.html
Law No. 5569 Date: 27/12/2006 Objectives article 1-(1) the purpose of this Act; small and medium-sized businesses, Turkey operating in banks and other financial institutions received and 31/10/2006 in this organizations have found dull or suspicious claims account for credit debt devolved, the framework agreement and the scope of the contract;
a loan debt maturities), b) to renew their loans of these businesses, c) give credit to new Businesses added, c) the principal and/or interest on or principal of default interest and/or dividends from, or they give up, it's going to take the principal, interest or profit share d); translate the partially or completely iştirake, real estates, it shall audit or, depending on the terms of a price charged for transfer or conveyance, the debtor or third parties in whole or in part, in Exchange for real estates value to liquidate, by acting together with Other Bank e) protocols, will be in the form of measures, the financial sector to pay back any of its obligations and to continue to contribute to employment opportunities is to be given.
(2) the first paragraph is specified, the loans are partially or totally iştirake convert, 4603 numbered Turkey Republic Ziraat Bankası, Turkey Turkey real estate Bank public Bank joint-stock company and joint stock company with management and control banks subjected to the law about the savings deposit insurance fund cannot be transferred by banks.
(3) 30/1/2002 and restructuring of The Financial Sector Debt No. 4743 and some laws benefited from the application of the Law are not covered by this law.
Definitions article 2-(1) in the implementation of this Act;
a) Bank: 19/10/2005 and article 3 of Law No. 5411 Bank definition in Banking, the banks Association of Turkey b) Unity: and/or Turkey participation banks ' oneness, c) Framework Agreements: this Act shall be signed in accordance with article 3 Financial Restructuring Other financial institutions Framework Accords, ç): money and capital markets, the main activity and in accordance with their specific legislation in these matters received permission and license from the institution that operates with , leasing companies, factoring companies, consumer finance companies and asset management companies with credit guarantee fund operation and Mining a.ş., d) Committee: banking regulation and supervision Board, e) small-and medium-sized enterprise (SME): two hundred and fifty people employing or working less than years annual net proceeds or balance sheet total assets does not exceed twenty-five million new Turkish origin in value less than businesses, f) Contract : Financial Restructuring Framework Agreements made under financial restructuring agreements,.
Framework agreements on financial restructuring article 3-(1) Banks and other financial institutions and savings deposit insurance fund Liquidation with Turkey real estate Bank Incorporated receivables; Union bargaining, to be issued by the creditor institutions authorized to sign and approve and accept general terms for the Board by this Act to be issued within one month of the entry into force of the financial Restructuring that will be shown in the regulation the scope of the Framework Agreements and these agreements was approved by the Board within two year period provided that the financial restructuring agreement when they need to connect to the machine supplying the equipment used for their pledge of money, including my credit additional funding can be provided again can be configured, or it can also be connected to the new redemption plan.
(2) if necessary, additional funding can also be provided to the server that will be attached to the plans of a new redemption of scope; debtors and conditions and qualifications, minimum amount they owe with creditors will be signed separately between financial restructuring contract is determined by the minimum elements in the first paragraph of my cure the Financial Restructuring Framework Anlaşmalarıyla. Financial Restructuring Framework Agreements to be made by contract and imzalamayanlar for operations does not apply the provisions of this law.
(3) Financial Restructuring Framework Agreements will be held under the provisions of the financial restructuring agreement signed their SMEs, 31/10/2006 in unpaid when due up to the date of found; electricity, natural gas, telephone or water depending on the Ministry of finance with the debts arising from tax authorities and social security institutions and 21/7/1953 6183, dated and numbered public receivables according to the provisions of the legislation to which they are subjected to Law or tagged with debts, those involved in the two months from the date of the contract, apply the interest rate shall be applied without seeking legal guarantee for twenty-four months suspended. This scope implemented earlier due to the loan foreclosures, in parallel with the payment made will be removed.
(4) the creditor and the debtor will be signed between the parties to the contract of financial restructuring banks and other financial institutions and creditors outside the party testified.
(5) Agricultural Bank joint-stock company of the Republic of Turkey, Turkey Halk Bank joint stock company, financial Restructuring Framework Agreements and the scope of these Agreements should also be provided additional financing debts can be redeemed or reconfiguring a new plan that connects a borrower will be held with the financial restructuring is authorized to be parties to the contract.
(6) the savings deposit insurance fund and Turkey real estate Bank joint-stock company Liquidation, financial Restructuring within the scope of the Framework Agreements and contracts of the SMEs owe this to be done in addition to the financial restructuring agreement funding may be provided to parties.
(7) Financial Restructuring Framework Agreements within the scope of the financial restructuring agreement signed, the contracts signed the Statute of limitations for the SMEs as of the date of contract receivables, the cut.
(8) the creditor bank or other financial institutions by this Act within the scope of the credit, 4/12/1984 no. 3095 dated Faizine on the basis of the law concerning the Legal Interest and Default compound interest cannot be executed.
Promoting the tax exceptions and documents
Article 4-(1) Financial Restructuring Framework Agreements will be held under the provisions of the financial restructuring contracts, and that contracts under the following provisions regarding the process.
a) framework agreements with contracts and their principles held in accordance with the determined procedures and papers will be held on 1/7/1964 No. 488, dated and payable under stamp duty and stamp duty on 2/7/1964 and the 492 numbered Fees Act levies payable, see b) framework agreements and contracts according to creditor banks by whatever matter they amount to charged under nam 13/7/1956 and law No. 6802 expenditure tax payable under the law of banking and insurance transactions tax , c) framework agreement and held within the scope of the contracts, to be used to support the use of funding resources, loans and other financial obligations with the exception of the funds.
(2) Exception, the framework agreement and the creditor institutions have acquired assets in accordance with the contracts held by hand shall also apply in cases where they.
(3) implementation of the provisions of the agreement, SMEs owe Exceptions by which are delayed or breach of legal ways you get from cashing in the stages that must be paid in terms of taxes, duties and levies.
(4) the second article 53 of Act No. 5411 Banking Act, subsection is the corresponding parts, excluding contract from charged in accordance with the provisions of the tax code did that according to the provisions of the credit amounts to creditors, the debtor is to be considered as abandoned credit.
(5) Contract implemented processes with combustion take place, even if applied to back taxes and duty exemptions.
(6) according to Financial restructuring contract debts to newly reconstructed and a new redemption plan, which is taken by the SMEs owe encouragement that connects a document export with commitment periods of durations, contracts with extended time periods specified.
(7) as regards the exceptions under this article will be applied to SMEs will be recourse to the banks of the sanctions are subject to restructure debts amount to five percent of the unpaid be searched.
(8) the financial institution or creditor of deposit Credits by Associates as calling the fair value of assets and liabilities of SMES concerning the valuation, if requested by the borrower, either by the capital markets Board of the valuation is made by the person or institutions authorized to do.
Entry into force article 5-(1) this Act enters into force on the date of promulgation.
Execution article 6-(1) the provisions of this law, the Council of Ministers.
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