Debt Collection in Turkey and The Collection Process Learn about Turkey’s unique debt collection process, its Turkey’s Debt Collection Office system, how to collect a debt owed to you in Turkey and what to do if a Debt Collection Order is filed against you... The Turkish legal system provides a framework for creditors to collect [...]
Obtaining Recognition or Enforcement of a Foreign Award Foreign arbitral awards may be enforced in Turkey either in accordance with the Convention or under the “Act on Private International Law and Procedural Law,” No:5718 of 27 November 2007 (APIL). According to a viewpoint, a party seeking recognition or enforcement of a foreign arbitral award may [...]
Turkish Succession Law Succession is covered by the fourth book in the Turkish Civil Code. For Turkish people, the law lays down who has to inherit what. If the deceased did not make a will, she or he will be considered intestate. There is mandatory heirship in Turkish law, but foreigners are bound by the [...]
Basic Distinctions Between A Joint Stock Company and A Limited Liability Company The following are the major distinctions between joint stock companies and limited liability companies: The minimum number of shareholders required is one for a joint stock company and also for a limited liability company. A limited liability company may not have more than [...]
General Information On Limited Liability Companies A limited company is founded by at least one individual or entity. The upper limit has been determined as 50. There is no nationality requirement for the shareholders. Compared to a joint stock company, a limited liability company has a certain “personal” character. For instance, unlike the joint stock [...]
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 [...]
