In order to sale confiscated properties, in other words, in order to convert those into actual money, the creditor or the debtor need to claim sale (1). There is not any official form regulated to claim the sale demand however, it needs to be claimed to the execution office which decided for the confiscation (2). If the creditor claims, the selling expenses need to be paid in advance (3). The time periods for claiming the sale of movable and immovable properties have been changed by the Law No, 6352. According to the Article 106 of the Enforcement and Bankruptcy Law (Icra ve Iflas Kanunu,hereafter it will be referred to as IIK); (i) if the property is movable, the time period for claiming sale is six months from the decision of the confiscation (before the Law No. 6352, the duration of the sale demand was one year), (ii) if the property is immovable, the time period for claiming sale is one year from the decision of the confiscation (before the Law No. 6352, the duration of the sale demand was two years).
The sale of movable properties is regulated between the Articles 112 and 119 of the İİK. According to the Article 112 of the İİK, the movable properties will be sold within two months after the sale demand. The movable properties will be sold by auction. According to the Article 114 of the İİK, where the auctions will be practised, its date and time need to be announced. The type of auction, its place, date and whether or not its announcement needs to be announced in a gazette are determined by an execution officer. When the execution officer exercises his right to determine the sale conditions, he needs to consider the benefits of those concerned in the confiscation (4). Also the provision of “the sale announcement is announced on electronic media too” has been added to article 114 of the İİK by the Law No 6352.
The sale of the movable properties is started by an offer on the electronic media. Giving an offer on the electronic media is started ten days before the first bid and is finished one day before the end of the day which the first bid completed. Giving an offer on the electronic media for the second bid is started five days after the first bid started and is finished one day before the end of the day which the second bid completed. The offers which are given on the electronic media should be at least 50% of the determined value of the movable property and before giving an offer the assurance should be shown at least 20% of the determined value of the movable property. According to article 115 of the İİK; the auction will be started on the announced place, day and time and it will be started from the high offer which is offered on the electronic media. In the auction, offers should be at least 50% of the determined value of the movable property. The sale is adjourned, if any buyer cannot be found for the movable property on the first bid, however the sale demand is fallen, if any buyer cannot be found for the movable property on the second bid.
The sale of the immovable properties is regulated between the Articles 123 and 136 of the İİK. The execution office, which the immovable property is on the Execution Office’s area of jurisdiction, will have authority to sale the confiscated immovable property. According to the Article 123 of the İİK, immovable properties will be sold within three months after the sale demand. The execution office will decide the auction’s conditions due to immovable properties place’s custom. The conditions of the auction will be kept open for everyone to see at least ten days in the execution office. This announcement needs to be published at least one month before the sale (5). The announcement should contain the followings; (i) The type of the property, (ii) The nature of the property, (iii) The significant qualifications of the property, (iv) The determined value of the property, (v) The place of the property, (vi) The place, date and time of the first and the second auction, (vii) The notice explains that persons who will participate to the auctions need to submit the deposit or the bank letter of assurance valued of 20% of the determined value of the immovable property (6).
According to the Article 126 of the İİK, the auction will start an offer which will be made by the electronic media. Giving an offer on the electronic media will start twenty days before the first bid and finish at the end of the one before that the auction will be completed. Giving an offer on the electronic media for the second bid will start five days after the first bid and finish at the end of one day before the second bit completes.
The changes have been made by the Law No 6352 on the Article 124 of the İİK (as articles 114 and 115; encashment of the movable properties) in regard to give an offer on the electronic media for the auction. The aim of this change is to correlate the Article 115 and 124.
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(1) KURU Baki, İcra ve İflas Hukuku El Kitabı, II. Baskı, Türkmen Yayınları, Istanbul-Ocak 2006, p.515-516, İİK Art.113
(2) KURU, ibid, p.517
(3) İİK Art.59 par.I
(4) KURU, n (1), p. 526-527, İİK Art.114/II
(5) İİK Art.126 par.I
(6) İİK Art.126/III
(7) DİNÇ Mutlu, KAYA PALA Dilek, İcra ve İflas Kanunu, Seçkin Yayınları, Ankara 2012, p.84
