Fraudulent bankruptcy, in Article 161 of the Turkish Penal Code No. 5237, “A person who makes fraudulent dispositions to reduce his assets is sentenced to imprisonment from three years to eight years, in case bankruptcy is decided before or after these fraudulent dispositions.” formatted. According to this article, fraudulent bankruptcy is the fraudulent disposition of the person subject to bankruptcy to reduce his assets. In fraudulent bankruptcy, the bankrupt who makes fraudulent dispositions must be bankrupt in order to be punished. Again, according to Turkish Penal Code 161;
a) Hijacking, concealing or causing a decrease in the value of the goods that are the guarantee of the creditors’ receivables,
b) Concealing or destroying commercial books, records or documents in order to prevent the emergence of their savings for smuggling their assets,
c) Issuing documents in a way that will cause the debts to increase, as if there is such a relationship, even though there is no receivable and debt relationship in reality,
d) Understatement of the asset by false accounting records or the preparation of a false balance sheet,
Such crimes are classified as fraudulent bankruptcy.
