What Are The New Determinations Under Article 1530 Of The Turkish Commercial Code ? 02 January 2023
In the Official Gazette numbered 32061 published on 02.01.2023, the Central Bank of the Republic of Turkey announced the Communiqué on the Default Interest Rate to be aplied for Late Payments in the Supply of Goods and Services and the Minimum Expense Amount that can be claimed for the Collection Costs of Receivables ("Communiqué").
The Communiqué concerns Article 1530 of the Turkish Commercial Code No. 6102 titled "F) Transactions prohibited by commercial provisions and the consequences of late payment in the supply of goods and services." Theprovision protects producers, SMEs and commercial enterprises and individuals who provide services in return for invoices or equivalent payment requests against commercial enterprises, especially shopping centres such as markets, supermarkets and hypermarkets, which are in a position to impose consitions. Many large and powerful commercial enterprises use late payment as a financing tool. However, this tool puts those who provide goods and services to grocery market, supermarkets, hyper markets andsimilar powerful commercial enterprises in a very difficult situation, shakes their financial situation an deven leads them to bankruptcy. The provision is envisaged to prevent this bad practice.
According to the relevant provision,
"In transactions between commercial enterprises for the supply of goods and services, if the creditor has fulfilled its supply obligation arising from the law or the contract, but the debtor fails to pay its debt on the date stipulated in the contract or within the specified payment period, except in cases where it cannot be held liable for delay, it is in default without the need for notice.
The creditor of the defaulting debtor is entitled to interest from the date stipulated in the contract or from the day following the end of the payment period, event it is not stipulated.
In cases where the default interest rate for late payments made to the creditor pursuant to the provisions of this article is not stipulated in the contract or the relevant provisions are invalid, the Central Bank of Republic of Turkey shall announce the interest rate to be applied and the minimum amount of expenses that may be claimed fort he costs of collection of the receivable in January each year. The interest must be at least eight per cent higher than the default interest rate applicable to commercial transactions stipulated in the Law on Legal Interest and Default Interest dated 4/12/1984 and numbered 3095."
Accordingly, with the explicit authorisation of the Turkish Commercial Code No. 6102, to be implemented as of 1 January 2023,
- In cases where the default interest rate for late payments made to the creditor in the supply of goods and services is not stipulated in the contract or the relevant provisions are invalid, the interest rate to be applied is 11,25 per cent
- The minimum amount of expenses that can be claimed for the costs of collection of receivables is 800,00 TL
is determined as.
With our respect,
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