The provisions about the bills of exchange are regulated by the Turkish Commercial Code. Bills of exchange are negotiable instrument which represent money. These bills are subject to strict formal conditions. Furthermore abstract principle in bills of exchange are approved namely the indepence of the bill from the main debt relation which caused its arrangement. [...]
The creditors recourse to the assets of the debtor when the debtor does not perform his obligation. The elements of the assets of the debtor constitute a sort of guarantee for the creditors. The debtor is liable for his obligation with all of his goods, rights and claims as a rule. However some goods of [...]
Debt Recovery In Turkey Prior to initiating legal action As in any other system, the best way to begin the debt collection process is to contact the debtor by phone or by sending a demand letter, or a reminder. If the debtor has not paid his or her debt in time a letter written by [...]
Attachment of Debtor’s Assets in Turkey When it comes to enforcement proceedings, Turkish law distinguishes between non-monetary (e.g., specific performance) and monetary claims (i.e, payment of an amount of money). Enforcement of monetary claims is regulated by the Turkish Debt Collection and Bankruptcy Act. The same holds true for interim measures aiming at securing the [...]