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In response to the 2001 Turkish banking crisis, Turkey introduced an insolvency procedure known as bankruptcy postponement in 2003. As bankruptcy postponement does not require creditor approval, the procedure proved immediately popular, with its use increasing from 484 cases in 2012 to more than 1,000 in 2015, prompted by the contraction of available credit, foreign exchange fluctuations, and a rapid increase of loan debt. Companies across sectors – including construction, textiles, food and industrial machinery manufacturing – continue to file for bankruptcy postponement, sounding the alarm for banks and other creditors.

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