27.06.2026 11:59
A bankruptcy decision was made for Bursa-based Üstün Tekstil, which produces woven fabrics for global brands. The court ruled for bankruptcy after the company withdrew from the concordat process, and due to suspicions of irregular reduction of active assets, it decided to file a criminal complaint with the Bursa Chief Public Prosecutor's Office under "fraudulent bankruptcy."
Üstün Kumaş Tekstil Sanayi ve Ticaret Limited Şirketi, based in Bursa, went bankrupt after failing to overcome its financial difficulties.
In the case heard at the Bursa 1st Commercial Court of First Instance, upon the company and its official Şenol Üstündağ waiving their concordat requests, the court decided on the company's bankruptcy as of June 24, 2026. While it was ruled that the bankruptcy process would be conducted under the "simple liquidation" procedure, all measures applied within the scope of the concordat were lifted, and the duties of the concordat commissioner ended.
CRIMINAL COMPLAINT DECISION
The most notable part of the court decision was the ruling to file a criminal complaint against the company. Based on the concordat commissioner's reports and statements made during the hearing, it was assessed that the company's active assets were suspiciously reduced. The court panel decided to notify the Bursa Chief Public Prosecutor's Office to launch an investigation under Article 161 of the Turkish Penal Code, regarding the crime of "fraudulent bankruptcy," after the bankruptcy decision became final.
IT WAS PRODUCING FOR GLOBAL GIANTS
Established in 2010, Üstün Tekstil produced women's garment woven fabrics for leading global brands with its seasonally renewed collections. Operating with an export focus, the company was among the firms providing supplies to international brands for many years.
Proceedings regarding the bankruptcy process and claims about the company's assets will be carried out by the Bursa Bankruptcy Directorate and judicial authorities.