Granting sale authority to the debtor in accordance with article 111/a of the Execution and Bankruptcy Law

Granting sale authority to the debtor was introduced to Turkish legal system by Law No. 7343 as an important regulation aiming to increase the efficiency of enforcement proceedings in Turkish law. This regulation was designed as an alternative method of cashing out, aimed at enabling creditors to collect their receivables more quickly and eliminating the disadvantages of auction sales. However, the fact that the draft regulation was enacted without sufficient academic and practical discussion has caused some deficiencies and criticisms in practice. thus, a new method of conversion into cash has been introduced to our enforcement law. With Article 111/a of the Execution and Bankruptcy Law (EBL), the debtor has the authority to personally sell the seized property; thus, a new method of conversion into cash has been introduced to Turkish enforcement law. The debtor's right to use this authority is dependent on requesting the authority within seven days from the notification of the appraisal report. For the sales transaction to be legally valid, the debtor must comply with the conditions set forth in Article 111/a-2 of the EBL. However, the sale transactions carried out by the debtor are subject to a formal review by the enforcement court and the transfer of ownership takes place with the approval of the sale. In this study, the issue of granting sales authority to the debtor, regulated by Article 111/a of the EBL, which was introduced to Turkish legal system within the framework of the amendments and additions made by Law No. 7343 to the Enforcement and Bankruptcy Law, has been discussed and the legal nature of the institution, the basic features of the procedure and the contributions of the regulation to the law literature has been explained.