Paylaş: Types of Enforcement Proceedings and Application Processes in Turkey
Enforcement of Promissory Notes (Kambiyo Senetlerine Mahsus Takip)
Promissory notes, such as checks or bonds, allow for a faster enforcement process. Key steps include:
- Application: The creditor applies to the enforcement office with the promissory note.
- Payment Order: The debtor is served with a payment order and given a period of 10 days to pay.
- Objection: Unlike other proceedings, objections in promissory note cases must be made on limited legal grounds and are less likely to halt the process.
- Enforcement: If no valid objection is raised, the enforcement process proceeds quickly, including asset seizure or garnishment.
Bankruptcy Proceedings (İflas Takibi)
Bankruptcy proceedings apply to commercial debtors (such as companies) that cannot meet their financial obligations. The creditor can file for bankruptcy if the debtor fails to meet a payment order. Steps include:
- Filing for Bankruptcy: The creditor initiates the process by filing a bankruptcy claim with the court.
- Bankruptcy Declaration: If the court determines that the debtor is insolvent, it declares bankruptcy.
- Liquidation: The debtor’s assets are liquidated to pay off creditors, and the business may be shut down.
Conclusion
Enforcement proceedings in Turkey provide a structured legal framework for creditors to recover debts, whether through court judgments, promissory notes, or bankruptcy filings. Understanding the different types of enforcement and their application processes is essential for both creditors and debtors. Each process has specific steps, deadlines, and legal requirements that must be followed to ensure the proper collection of debts.
