Understanding the Turkish Enforcement and Bankruptcy Law (EBL) is essential for foreigners doing business in Turkey. Here's an article that explains the basics of the EBL and how it applies to foreign entities.
The EBL governs the procedures for enforcing claims and managing bankruptcies in Turkey. It applies to all Turkish citizens and foreign entities operating in Turkey.
One important aspect of the EBL is that it provides a legal framework for the enforcement of claims. Creditors can initiate legal proceedings to collect debts owed to them, including through court-ordered seizures of assets.
The EBL also sets out procedures for bankruptcies and restructuring. Under Turkish law, foreign entities can file for bankruptcy or seek court-administered debt restructuring. During bankruptcy proceedings, creditors are prohibited from initiating legal proceedings against the debtor or taking any other action to collect their debts.
The EBL also provides for the appointment of bankruptcy administrators who oversee the distribution of assets and the settlement of claims. These administrators are typically appointed by the court and work to ensure that the bankruptcy proceedings are conducted in a fair and transparent manner.
Navigating the EBL can be challenging, especially for foreign entities unfamiliar with the Turkish legal system. That's why it's crucial to have legal guidance from experienced professionals who can help you understand the law and its implications for your business.
At Gulseven Law, we have a team of experienced lawyers who specialize in Turkish bankruptcy and enforcement law. We can advise you on the best course of action based on your unique circumstances, whether that's filing for bankruptcy, negotiating debt restructuring, or defending against creditor claims.
If you're a foreign entity doing business in Turkey and need legal assistance with enforcement and bankruptcy law, contact us today. We're here to help you navigate the legal complexities and protect your interests.
Comments