In recent periods, financial difficulties in the construction sector and developments related to unfinished projects have increased the legal risks faced by individuals who purchase real estate from such projects. In particular, disputes regarding the failure to deliver properties and transfer title deeds have become more frequent in practice.
In this context, the legal status of property buyers and the procedures they must follow in the event of bankruptcy of contractor companies are of great importance. The bankruptcy decision concerning Yeşil Gayrimenkul Yatırım Ortaklığı A.Ş., which came to the forefront with the Innovia 4 project located in Istanbul Esenyurt, serves as a current and concrete example on this issue.
Following the bankruptcy decision issued by the Bakırköy 1st Commercial Court of First Instance on 05.03.2026, the liquidation process was initiated through the Bakırköy 1st Enforcement and Bankruptcy Office under file number 2026/14 Bankruptcy, and the opening of the bankruptcy was publicly announced on 06.03.2026 in accordance with Article 166 of the Enforcement and Bankruptcy Law.
With this announcement, the following legal consequences arise for individuals who have purchased property from the project:
- The announcement is deemed to constitute official notification to all creditors and marks the commencement of statutory limitation periods.
- Buyers are required to file a claim registration with the bankruptcy estate starting from the date of the announcement.
- If no application is made within the prescribed period, inclusion in the liquidation process may not be possible, and the ability to assert the claim may be largely lost.
With the opening of the bankruptcy, all assets of the debtor company are gathered within the bankruptcy estate, and buyers must assert their rights through this estate. In this framework, registering the claim with the bankruptcy estate constitutes a fundamental and mandatory step in the legal process.
The claim registration application must be submitted to the relevant bankruptcy office along with contracts, payment documents, bank records, and other supporting evidence. It should also be taken into account that, in most cases, buyers’ claims are unsecured and will be subject to the order of priority (ranking table).
Following the review conducted by the bankruptcy administration, a ranking table is prepared to determine whether claims are accepted and their priority. If a claim is rejected or partially accepted, a claim acceptance lawsuit must be filed within the time limits prescribed by law from the date of publication of the ranking table.
In addition, the bankruptcy process is not limited solely to debt collection. In practice, alternative resolution mechanisms may also be implemented through negotiations with the bankruptcy administration. Within this scope, solutions such as the direct transfer of the property to the buyer in exchange for a certain payment or by offsetting existing claims may also be possible.
Overall, the most significant risk for property buyers in the event of a construction company’s bankruptcy is being excluded from the process. On the other hand, by filing timely applications and pursuing effective legal follow-up, it is possible not only to prevent loss of rights but also to achieve tangible outcomes, including title deed transfer, through appropriate strategies.
Therefore, individuals facing a similar situation should assess the process without delay, in order to avoid loss of rights, and determine and implement a legal roadmap tailored to their specific circumstances.
Nexpo Legal
