It has been learned that Bakırköy 1st Commercial Court of First Instance has declared bankruptcy for one of Turkey’s largest fair companies, CNR International Fairs and Trade Inc.
A bankruptcy case was filed by Flap Congress last February for the collection of receivables against CNR International Fairs and Trade Joint Stock Company, of which Ceyda Erem is the Chairman of the Board.
The lawsuit, which was heard in Bakırköy 1st Commercial Court of First Instance, was concluded on 13 July 2021 and the court decided to bankrupt the company.
Bakırköy 1st Enforcement Office started the liquidation process for CNR International Fairs and Trade Inc. CNR has the right to appeal the decision.
BACKGROUND OF THE CASE
Ankara-based Flap Congress faced off against CNR International Fairs and Trade Inc. for 822 thousand 563 Euros. Flap Congress filed a lawsuit in 2019, Bakırköy Commercial Court of First Instance, CNR Uluslararası Fuarcılık ve Ticaret A.Ş. was decided against. After Flap Congress could not collect its receivables, Ankara started an enforcement proceeding through the 22nd Executive Directorate.
Upon the failure to make a payment regarding the enforcement proceedings initiated on the basis of a court decision, 26 Branch Flap Kongre, CNR Uluslararası Fuarcılık ve Ticaret A.Ş. filed for bankruptcy.
EXPLANATION FROM CNR
After the court’s decision of bankruptcy, CNR Holding Chairman of the Board Ceyda Erem made a written statement. The statement included the following:
“We rented a place to the Ankara company mentioned in the news for a meeting they will hold in 2017, 8 years ago. It was clearly stated in the contract we made that there would be no cancellation except for force majeure. However, although there was no force majeure, they wanted to cancel the contract 3 months before the event and a lawsuit was filed in the local court. When we lost in the local court, we appealed to the Supreme Court with a Hearing. The Supreme Court accepted our request and gave a date to September 14, 2021. We will be there that day with all our lawyers and make our defense.
CNR International Fairs and Trade Inc. is one of our 21 group companies. This is a very old case and now our company is inactive. We have full confidence in the law. The judicial process is not yet complete. We will act according to the decision of the Supreme Court. We will do whatever it takes. We are waiting for the completion of the judicial process.”
HAS 4.5 MILLION LIRA CAPITAL
CNR International Fairs and Trade Inc., which was established in Istanbul in 1985 and started to serve, has organized more than a thousand fairs to date. Operating in CNREXPO, which has 150 thousand square meters of indoor and 120 thousand square meters of open area in Istanbul Yeşilköy, the company with a capital of 4.5 million lira organizes fairs for more than 50 different sectors.
The opinions expressed herein are the author’s and not necessarily those of News2Sea.
#CNR #International #Fairs #Trade #court #ruled #bankruptcy