It is increasingly common for companies or individuals to be declared bankrupt in one country while still holding significant assets in another. If your debtor has been placed into insolvency or bankruptcy proceedings abroad but owns real estate, bank accounts or shares in Turkey, you cannot simply assume that the foreign insolvency automatically “covers” the […]
Many foreign creditors believe that once they have a final court judgment or arbitral award from their own country, they can immediately seize assets in Turkey. Under Turkish law this is not possible. Before you can start “ilamlı icra” (enforcement based on a judgment) in Turkey, you must usually obtain a recognition and enforcement decision […]