06.08.2024 08:40
One of Turkey's long-established airline companies, Atlasglobal, has officially declared bankruptcy. The Supreme Court has unanimously approved the decision regarding the bankruptcy of the major airline company, which was announced in June 2021. With this decision, Atlasglobal has officially closed down.
One of Turkey's long-established companies in the aviation sector, Atlasglobal (Atlasjet Aviation Inc.), declared bankruptcy in June 2021. After this bankruptcy decision, in the legal process that followed, Bakırköy 3rd Commercial Court issued the bankruptcy decision, but this decision was appealed to the Court of Appeals and the process was prolonged.
BANKRUPTCY OF THE ESTABLISHED COMPANY FINALIZED
The Court of Appeals stated that according to Article 376/3 of the Turkish Commercial Code, there should be a bankruptcy request from the company's board of directors and overturned the bankruptcy decision due to missing documents. The court sent the file back to Bakırköy 3rd Commercial Court. As a result of the retrial, on January 19, 2023, a decision was made again for the bankruptcy of Atlasglobal.
This decision was appealed to the Court of Cassation, and the Court of Cassation 6th Civil Chamber approved the bankruptcy decision unanimously. Thus, the bankruptcy of Atlasglobal was finalized, and this company, which has been operating in the Turkish aviation sector for many years, officially closed.
The decision taken by the Court of Cassation is as follows: