Bankruptcy is arranged with the aim of satisfying all creditors of the debtor from all assets of the debtor.
In bankruptcy, all of the seizable property and rights of the debtor on the date of bankruptcy form the bankrupt's estate.
Until the closure of the bankrupt's estate, all income that acquired by the debtor is also included in the bankrupt's estate and is used to pay the debts of the debtor.
As a rule, only merchants are subject to bankruptcy and all creditors benefit from the result of the bankruptcy proceedings and bankruptcy case against the debtor. That is, if any creditor pursues bankruptcy proceedings against the debtor and gets a bankruptcy decree from the court, all other creditors will also benefit from it. Other creditors apply to the bankrupt's estate.
Another important feature of bankruptcy law is that all creditors are equal against the bankrupt's estate. In other words, the creditor who filed for bankruptcy does not have priority over other creditors just for this reason.
What should be considered is the first three privileged creditors included in article 206 of bankruptcy and enforcement law.
In which court is the bankruptcy case opened?
Bankruptcy cases are opened at the Commercial Courts of General Jurisdiction.
Can the debtor claim his bankruptcy from the Commercial Court of General Jurisdiction?
A debtor subject to bankruptcy does not have to wait for the request of the creditor and can apply to the Commercial Court of General Jurisdiction for his own bankruptcy
Who are those who are subject to bankruptcy although they are not merchant?
Bankruptcy of a person, who acts as a partner, as if he opened a commercial enterprise, on his behalf or on behalf of an ordinary company or another company that is not legally assumed by any means whatsoever, may be requested by the third parties who have good faith as he is liable to third parties who have good faith as a merchant.
TCC ARTICLE 12/3 A person who acts as a partner as if he has opened a commercial enterprise, on his behalf, on behalf of an ordinary company or any other company that is not legally deemed to exist by any means, shall be liable to third parties with good faith as a merchant.
TCC ARTICLE 14- (1) A person who runs a business in violation of a prohibition arising from the law or a judicial decision, or without the permission or approval of another person or an official authority, due to his personal situation or the nature of his business, or because of his profession and duties, is also considered a merchant.
TCC ARTICLE 17- (1) The provisions regarding the merchant are exactly applied to the association of shipowners.
Bankruptcy and Enforcement Law ARTICLE 44/2-A former merchant who abandoned the trade continues to be subject to bankruptcy within one year of the announcement of his commercial abandonmen
Partners of Collective Companies are also subject to bankruptcy due to company debts.
The active partners of Commandite Companies are also subject to bankruptcy due to company debts.
Even if the debtor is not subject to bankruptcy, if the term of concordat is cancelled or if the concordat is not approved or the concordat is terminated completely, if one of the creditors makes a request in time, the bankruptcy is decided immediately.
Persons subject to bankruptcy are also regulated in the Banking Law.
If a person subject to bankruptcy dies after being followed through bankruptcy, the creditor can continue the proceedings against the estate, if he wishes.
Whether the person is subject to bankruptcy or not is an issue that should be investigated ex officio by the court.
The creditor, who has opened a debt proceeding against the debtor by means of attachment, can turn the proceeding type into bankruptcy for once.
The subject of the bankruptcy request may be any kind of money receivables.The bankruptcy of the debtor may also be requested due to public receivables.
The competent authority in bankruptcy proceedings is the enforcement office where the debtor's transaction center is located.