Legalixa Law Firm is a globally recognized Turkish debt recovery law firm with a long record of excellence and professional leadership in Istanbul, Turkey. Our Turkish insolvency lawyers are prepared to handle debt recovery cases. Our debt recovery lawyers have a wide range of experience in Turkish insolvency proceedings. We have represented both domestic and foreign clients in numerous insolvency cases in Turkey.
Our Turkish debt recovery lawyers have vigorously asserted creditor’s claims in a wide range of cases involving such debtors as shipyards, bio-tech companies, real estate developments, and textile manufacturers. We have successfully represented not only secured creditors, but also lien holders and unsecured creditors. For example, our attorneys have successfully marshaled the debtor’s assets for the benefit of a lien creditor. Our Turkish bankruptcy attorneys have also represented numerous clients in cancellation actions in fraudulent conveyance actions.
Turkish Insolvency Law & Proceedings
In addition to adversary proceedings, our attorneys have also counseled clients on a wide range of insolvency-related issues, including the merits of different types of insolvency proceedings, how best to protect themselves when doing business with a financially troubled entity, and lender liability. We have also advised clients in connection with purchases of debtors’ assets, tax issues arising from insolvency proceedings, and environmental issues related to acquisitions of debtors’ assets.
Turkish Insolvency Law & Debt Recovery
Our debt recovery lawyers have substantial experience in providing efficient and useful advice to clients to assist them to recover money owing in Turkey. All debt needs to be scrutinized, assessed and an action plan started to ensure you are not working without appropriate reward. Our lawyers in Turkey can assist you with implementing such an action plan.
Recover Your Hard-Earned Money
Many small businesses go under due to poor debt handling practices. Maintaining cash flow, ensuring your viability and ensuring money is coming in when due to you is why you are in business and how you stay in business. It has never been more relevant for businesses to be completely aware of how debt can impact on their enterprise. We only need to look at the TV and papers as to what is happening in the global economy to see the impact that debt has had on the world and the disastrous affect resulting to people’s financial well being.
Letter of Demand – The Starting Point
A letter of demand does not need to be a work of art. It simply needs to get across the details of the amount being claimed with sufficient certainty that the person who receives it is in no doubt as to the amount and the details of the claim and where and when it is to be paid. If the debtor is a company, then a statutory demand, being a formal notice under the Execution and Bankruptcy Act.
Agreed Fees – No Surprises
As with all the services we provide, we provide estimates before we undertake any work which sets out how we charge for any particular matter and how much can be expected to be paid, and just as importantly, how much you can get back if you are ultimately successful in your action.
Enforcement of Foreign Courts Decrees
According to International Private and Procedural Law, enforcement of court decrees rendered by foreign courts in the course of civil lawsuits in Turkey which are final pursuant to the law of that foreign state shall be subject to the enforcement decision of the competent Turkish court. Thus we must file an enforcement lawsuit against the debtor in Turkey upon service of the original foreign court decree on parties (both the Plaintiff and the Defendant). Upon enforcement decision of Turkish competent court, we can commence execution proceedings before the competent enforcement office to collect the amount of debt.
The Courts of First Instance shall have jurisdiction over enforcement decisions. These decisions shall be requested from the court at the place of habitual residence of the person against whom enforcement is requested if he/she does have a domicile in Turkey, or from one of the courts in Istanbul, Ankara, or Izmir if he/she does not have a domicile or habitual residence in Turkey. Nevertheless, there is no unity in practice, because some civil courts of first instance reject the applications owing to lack of jurisdiction and send the file to the relevant commercial, intellectual property or labour courts.
Requirements for Recognition of a Foreign Judgment
The competent court in Turkey shall render enforcement subject to the following conditions:
- The foreign judgement must be final under the laws of the foreign country & the Defendant must be properly and legally served with the original action in the foreign jurisdiction.
- Existence of an agreement, on a reciprocal basis between the Republic of Turkey and the state where the court decision is given or a de facto practice or a provision of law enabling the authorization of the execution of final decisions given by a Turkish court in that state is required.
- The judgment of the foreign country must have been given on matters not falling within the exclusive jurisdiction of the Turkish courts or, in condition of being contested by the defendant, the judgment must not have been given by a state court which has accepted himself competent even if there is not a real relation between the court and the subject or the parties of the lawsuit.
- The foreign court decree shall not openly be contrary to public order. In other words, foreign judgments that violate Turkish public order cannot be recognized or enforced.
- The person against whom enforcement is requested was not duly summoned pursuant to the laws of that foreign state or to the court that has given the judgment, or was not represented before that court, or the court decree was not pronounced in his/her absence or by a default judgment in a manner contrary to these laws, and the person has not objected to the exequatur based on the foregoing grounds before the Turkish court.
Reach us for Turkish Insolvency Lawyers
Since its foundation, Legalixa Law Firm has been the choice of numerous clients in Turkey. We’ve always worked differently than other law firms. We are committed to remaining forward-thinking and preparing for the dynamically changing world of employment law. You may reach our law firm for Turkish insolvency lawyers by sending an email or through Contact page.