Bankruptcy proceedings in Turkey are a long process, that it is why we recommend using the services of a qualified attorney. Our lawyers are able to provide legal support at every stage of the bankruptcy procedure.

Who can be declared as ‘bankrupt’ in Turkey?

According to Turkish law, any individual or legal entity that is unable to pay in full for its obligations can be declared bankrupt.

Any form of ownership in Turkey can be declared bankrupt:

1. Entrepreneurs (individuals)

2. Companies (Legal entity)

3. JSC and JSC

4. Any form of business

What definitions are included in the concept of obligation?

Obligations can be divided into the following subclasses:

⦁ salaries of company employees, payment of interest on shares, dividends, etc.

⦁ tax, government, customs and other mandatory payments for citizens and businesses;

⦁ debts to contractors, suppliers and partners.

What happens if debt accumulates on any item?

   1. The bankruptcy procedure of a company or an individual starts;

2. The sale of property to cover debts may begin on a compulsory basis.

What important changes have occurred in the Turkish legislation regarding the bankruptcy procedure?

Since 2020, in accordance with the new changes, it has appeared to preserve the enterprise and restore profitability by means of concluding an agreement on a deferred payment (concordat) – an agreement between the creditor and the debtor. This agreement can be concluded by any type of organization (commercial and non-commercial). Resolution of this this case will be considered by the arbitration court in Turkey.

What is the punishment provided in Turkey for hiding from the payment of debts and falsifying the status of “bankrupt”?

Criminal liability is provided if the company ignores all notification of the need to pay off the debt or hides from the creditor, as well as if the company deliberately declares bankruptcy, falsifying the actual state of affairs.

What services do our lawyers provide in Turkey?

– Legal advice on bankruptcy and company liquidation procedures in Turkey;

– Legal support at all stages of bankruptcy and liquidation of a company in Turkey;

– Protection of your interests in the prosecutor’s office, in the arbitration court, as well as in front of creditors;

You can get detailed information at the initial free consultation of a lawyer by phone, online consultation or in person at our office in Alanya.