How will the liquidation of savings finance companies take place?


The regulation on how the liquidation process of savings finance companies, which concerns about 40 thousand people, and how the savers will act, has been published in the Official Gazette.
On March 7, 2021, the Bill to Amend the Financial Leasing, Factoring and Financing Companies Law and Some Laws became law, after which the Banking Regulation and Supervision Agency decided to continue the adaptation process of 6 companies to the new period and to liquidate 29 companies.
It was also decided to set the minimum capital amount of savings finance companies as 100 million liras.
With the circular published in the Official Gazette yesterday, it was clarified how the liquidation would be implemented. Accordingly, companies willing to take over the savings financing agreements of the company in the liquidation period will apply to the SDIF.
A favorable opinion will be obtained from the Banking Regulation and Supervision Agency regarding the company requesting a contract takeover by the SDIF.
After the approval of the BRSA, for the transfer of contracts; A transfer agreement will be signed between the SDIF, the transferor company and the transferee company. Which contracts are transferred to which company will be announced to the public.

Not by the transferor company, but by the liquidation desk of the transferor company, within 1 month at the latest, the entire savings amount and 20 percent of the organization fee will be paid to the customer in cash at once. Then, if the saver deems it appropriate, he will be able to direct his savings to the savings finance company that continues to operate.

The remaining 80 percent of the organization price and other similar claims will be recorded at the liquidation desk of the transferor company as the 4th rank receivable within the scope of Article 206 of the Execution and Bankruptcy Law. In other words, the organization fee may be collected depending on the remaining assets of the transferor company.

There are nearly 400,000 customers in the savings finance sector. It is stated that the companies that have started the liquidation process cover 10 percent of the customers in the sector

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