Amendment to the Electronic Sales Procedure of Seized Properties

Amendment to the Regulation on the Procedure of Electronic Sales Pursuant to the Execution and Bankruptcy Law

The Regulation on the Procedure of Electronic Sales Pursuant to the Execution and Bankruptcy Law [“Regulation”] entered into force upon publication in the Official Gazette no. 31772 on 08.03.2022. As we discussed in our article in March 2023, the Regulation governs the procedures and principles for the auction of movable and immovable assets through the Electronic Sales Portal integrated into the National Judicial Network Information System [“UYAP”]. With the Regulation Amending the Regulation on the Procedure of Electronic Sales Pursuant to the Execution and Bankruptcy Law [“Amending Regulation”] published in the Official Gazette no. 32149 on 31.03.2023, announcement procedure-related provisions have been amended. As a result, different procedures for immovable sale announcements have now been stipulated depending on the expected value of the assets. The amendments entered into force on April 1, 2023.

With the amendment, the auction announcements regarding the sale of movables and immovables can also be made on news websites instead of newspapers, and the announcements made will also be announced simultaneously on the Press Advertisement Agency Announcement Portal.

In addition, the Amending Regulation provides for different forms of announcements regarding the sale depending on the expected value of the assets. Prior to the amendment, it was regulated that the execution office would decide whether to make an announcement regarding the sale without any limit, considering the interests of the parties. With the amendment, the enforcement office will decide whether to make an announcement regarding the sale only for sales with a total estimated price of up to 500,000 Turkish liras.

The announcements regarding the sales with an estimated price between 500,000 and 2 million Turkish liras will be announced through a local newspaper or news website that is authorized to publish official announcements in the place where the sale will take place, while sales with a bidding price exceeding 2 million Turkish liras will be announced through a newspaper or news website reaching more than 50 thousand readers nationwide.