As an Istanbul Bankruptcy Lawyer; provides you with legal assistance in receivables matters based on bankruptcy law. As Turkey Bankruptcy Lawyer, we aim to protect your rights with our knowledge and experience based on many years. We provide you with legal support as Istanbul Bankruptcy Lawyer, which serves in many areas as a Turkey Bankruptcy Lawyer with our lawyers with vast experience.
WHAT IS BANKRUPTCY?
Real or legal persons who operate a commercial firm in whole or in part on their own behalf are called merchants. Responsible as a merchant in accordance with the Turkish Trade Law; Those who transact as if they have opened a commercial enterprise even though they do not have a commercial enterprise, Equipping subsidiary, Those who have abandoned trade, Partners of collective companies, Limited liability company partners, Persons who may be requested to be bankrupt in accordance with Article 110 of the Banking Law, Murisin terekesi , Debtors who claim Concordat is also subject to bankruptcy. Persons who are considered to be merchants are the persons who notify the public that they have opened a commercial enterprise even if they do not actually start the business and these persons are also subject to bankruptcy. In addition, persons who continue to trade despite being prohibited from trading are also considered subject to bankruptcy.
The method of collective liquidation, which provides for the sequential payment of all known debts of a merchant as a result of the redemption of all the seized assets through bankruptcy, is called bankruptcy. While the execution process is the confiscation of the debtor's property only sufficient for the relevant debt, in bankruptcy all the debtor's property is confiscated is converted into cash. While bankruptcy law applies only to merchants, the enforcement process applies to everyone. Whilemerchants can request the execution process for themselves, people cannot request the execution procedures themselves.
WHAT ARE THE CAUSES OF BANKRUPTCY?
There are two causes of bankruptcy, general and specific, as definedat the time of K. The general cause of bankruptcy i is that the merchant does not pay his debt even though his debts are due. The specific reasons for bankruptcy are;
In proceedings made through foreclosure, the debtor's half of the assets are out of his hands and the remaining assets are not enough to cover the debts that have come due and will be due within a year,
The amount of the land is not sufficient for the debt,
It is the case that the passive of the capital firmis more than its assets.
Since the follow-up and execution of bankruptcy procedures requires special knowledge and experience, it is important to work with an Istanbul bankruptcy lawyer in this regard .
If the real or legal person who is in debt does not pay the merchant debt, the bankruptcy case can be applied by the creditor. In bankruptcy cases, the attorneyship of both the plaintiff and the defendant is carried out by Turkish Bankruptcy Lawyers specialized in the field of bankruptcy law.
WHAT ARE THE BANKRUPTCY APPLICATIONS?
1. Pursuit by Ordinary Bankruptcy
Ordinary bankruptcy is the procedure applied to debts other than bills of exchange . The creditor first initiates enforcement proceedings and sends a payment order to the debtor. If the debtor does not fulfill the payment order or does not object to the execution proceedings, a bankruptcy case is filed with a request to the commercial court of first instance to decide the bankruptcy of the debtor merchant. If the court decides to declare the applicant bankrupt, this decision will be announced to the other creditors and the other creditors may also intervene in the court process. Some of the articles of law related to the practice of pursuing through ordinary bankruptcy are as follows:
ARTICLE 155 – It is added that if the debtor is one of the persons subject to proceedings through bankruptcy and the creditor wishes, if the debt is not paid within seven days to the payment order, the creditor may file a bankruptcy claim with an application to the court and if the debtor has an objection that he has no debt and that he is not one of the persons subject to bankruptcy, he must notify the executive office with a petition within this period and may propose a concordat.
ARTICLE 156 – If there is no objection by the debtor within the period specified in the payment order, the creditor may request a bankruptcy decision from the Commercial Court with a petition. In this petition, it is necessary to attach the copy of the payment order to the respondent that the debtor has not objected to the payment order. If the debtor has objected to the payment order, the pursuit shall cease and the creditor may request the Commercial Court with a petition to decide the bankruptcy of the debtor with the removal of this objection.
ARTICLE 158 – When the bankruptcy proceedings of the creditor are finalized, they shall be declared in accordance with the procedure in the second paragraph of Article l66. Within fifteen days of the declaration of the bankruptcy claim, other creditors may intervene or object to the case and ask the court to reject the claim, arguing that there is no circumstance requiring bankruptcy.
2. Bankruptcy Due to Bills of Exchange
The bill of exchange is the most widely used document in today's commercial life. These documents are legally in the form of debts. Creditors use the bill in their possession as evidence in court. If Bfails to pay the amount specified in the promissory note within the specified period, the creditor may apply for bankruptcy.
3. Direct Bankruptcy
Insolvency directly arises when the creditor applies directly to the commercial court for bankruptcy without resorting to enforcement proceedings. This procedure can be realized by the application of the creditor or debtor. The conditions necessary for the realization of direct bankruptcy ;
Failure to determine the place of residence of the debtor (this article applies to natural persons)
Debtor fleeing in order to get rid of the commitment
Debtor's attempts to cheat;
Retention of the debtor's goods
Numerous enforcement proceedings against the debtor
Expiration or termination of the deadline for the bankruptcy agreement of the applicant
Itcan be expressed as the non-payment of the requested payment by the executive order.
HOW DOES ISTANBUL BANKRUPTCY LAWYER PROVIDE SERVICES ?
As an Istanbul bankruptcy lawyer, we act in accordance with the laws in your search for rights. Wealso apply to the executive office and initiate enforcement proceedings and demand that the debtor pay the debt within seven days, which is the period specified by law. If the debt is not paid within the specified period, we apply to the convict and initiate the bankruptcy proceedings of the debtor and carry our receivables to the commercial courts. During the legal process, we will conclude your legal struggleby following it legally with you.
As Istanbul Bankruptcy Lawyer; Consultancy and mediation services, Debt determination procedures, Concordat procedures for before and after bankruptcy, Bankruptcy process follow-up procedures, Debt structuring transactions, Sale transactions of bankrupt companies, Registration procedures at the bankruptcy desk, Bankruptcy status arrangement, Company debt status determination , Arrangement of improvement projects, Arrangement of company agreements, Drafting of bankruptcy process plans, Company rescue studies, Execution of merger processes of companies that are or have been bankrupt, Execution of sales processes of companies that are or have been bankrupt, Arrangement of restructuring transactions , Execution and follow-up of bankruptcy, bankruptcy postponement and restructuring transactions, Execution of merger or acquisition processes of insolvent or bankrupt companies, Complex restructuring transactions, Execution of structuringprocedures of bankrupt companies are provided by us.
However, the litigation services we offer as Turkey Bankruptcy Avukat; Bankruptcy cases, Bankruptcy appeal case, Exhaustion of legal remedies against the bankruptcy decision, Termination of the tender case, Negative determination case, Cancellation of savings case , Appeal case.
WHAT ARE THE CONSEQUENCES OF BANKRUPTCY?
With the issuance of the bankruptcy decision, the seizable assets of the bankrupt are recorded in the bankruptcy table. The properties here are not sold directly, but it is possible to rent them out. The rental income from the properties is recorded in the bankruptcy table. The bankruptcy is announced in the Turkish Registry Gazette and with the declaration of bankruptcy, the 3-year statute of limitations for the debts of the company begins. With bankruptcy, all enforcement proceedings on behalf of the bankrupt cease and creditors sign themselves up for bankruptcy. The debtors of the bankrupt make their debt payments after bankruptcy no longer to the bankrupt, but to the bankruptcy table. Debts due are due and current accounts prior to bankruptcy are closed. Legal proceedings filed on behalf of the bankrupt stop only until the end of the 2nd creditors' meeting.
As a result, if the process is followed together with an experienced Istanbul Bankruptcy Lawyer, it will be ensured that the rights granted to the person by the law can be used effectively. With the support of Istanbul Bankruptcy Lawyer , the person can use their rights effectively and quickly. We serve as an experienced Turkish Bankruptcy Lawyer operating in Istanbul and represent you in civil courts. As Istanbul Bankruptcy Lawyer, we provide support for the follow-up and management of the process when you encounter an event subject to bankruptcy law. As the Bankruptcy Lawyer of Turkey, we provide legal assistance during the execution proceedings related to the file in the case where the proxy relationship is established and in case of a lawsuit. As Istanbul Bankruptcy Lawyer, we provide services related to civil cases opened against you all over Turkey, especially in Alanya, Ankara with our crowded team of lawyers.