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Introduction 

To summarize, this article will provide a detailed analysis of enforcement and bankruptcy law applicable in Turkey. In essence, it will be displayed in the present research that debt enforcement and bankruptcy law represent a complicated area. 

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What is the definition of debt enforcement, insolvency and bankruptcy? 

It has been largely accepted that those three terms are interrelated and interchangeable. 

Firstly, debt enforcement action means the filing a lawsuit to tolerate an overdue payment. 

Secondly, the term insolvency means the condition of not having enough money to pay debts. It necessarily follows that the involved person cannot have a chance to meet debt payments on time.  

Thirdly, bankruptcy refers to a legal process when the relevant natural or legal person declares his/her/its debts will not be able to be paid. 

What is meant by the term of concordat?

Concordat is not the same; albeit very similar to bankruptcy. Any natural or legal person that is unable to pay can be declared bankruptcy. However, concordat is deemed as a useful alternative to bankruptcy. Contrary to bankruptcy, concordat is used to avoid bankruptcy. 

What is the meaning of the enforcement and bankruptcy law in Turkey? 

Generally speaking, fundamental purpose of the enforcement and bankruptcy regulatory framework is to settle disputes between the creditors and debtors concerned. 

Enforcement and Bankruptcy Law (Numbered 2004) regulates detailed procedures for insolvency, bankruptcy and enforcement. What is more, the Law in question stipulates the bankruptcy liquidation steps for insolvent debtors.

Can you declare bankruptcy in Turkey? 

It is beyond doubt that bankruptcy rules are applicable to natural or legal persons in Turkey. In accordance with the Turkish legal framework, any individual or any legal entity may go bankrupt or be declared bankrupt. 

Which stages are applied to enforcement proceedings? 

Creditors have a right to initiate an enforcement proceedings against the debtor before competent execution authority. In case the debtor does not have any willingness to pay for overdue payment, the debtor can object to the payment request.  Afterwards, judicial authorities intervene in the payment terms and conditions.

It is critical to stress at this juncture that finding competent judicial authority and time-limit about judicial procedures have been a matter of concern. The basic reason is that the relevant legal framework is quite confusing and complex. 

Conclusion 

In a nutshell, this article is designed to give a brief information on debt enforcement and bankruptcy proceedings in Turkey. Debt enforcement and bankruptcy proceedings represent one of the most complicated areas of practice in Turkey for even legal practitioners. Enforcement and bankruptcy lawyers find it very difficult to move on time because every single complex procedure can be made within a certain period of time.  

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