NEW REGIME FOR ARREST OF NON-TURKISH VESSELS:

AS A RESULT OF THE TURKISH GOVERNMENT’S CONTINUING EFFORTS TO HARMONISE THE COUNTRY’S LEGISLATION WITH THAT OF THE EU AND TO MODERNISE ITS OLD LAWS, SOME OF WHICH DATES BACK TO 1925, A NEW TURKISH COMMERCIAL CODE (THE “NEW TCC”) WAS PASSED BY THE PARLIAMENT IN JANUARY THIS YEAR WHICH WILL COME INTO FORCE ON 1ST JULY, 2012. THE NEW TCC BRINGS ABOUT A MAJOR OVERHAUL OF THE LAWS OF ARREST OF NON-TURKISH VESSELS WITHIN THE TURKISH JURISDICTION.