Debt Collectıon Practıce In Turkey
In practice, debt recovery in Turkey is initiated by Turkish debt collection lawyers who are the local and experienced legal professionals specialized in this field of work, or Turkish Debt Collection Offices who also known as ‘’Debt Collectors’’ in Turkey.
Debt Collectıon Laws And Procedure
Debt Collection in Turkey, also known as Debt Recovery in Turkey is regulated with Enforcement and Bankruptcy Law No.2004. To reach the law, you may visit https://www.mevzuat.gov.tr/mevzuat?MevzuatNo=2004&MevzuatTur=1&MevzuatTertip=3
The Begınnıng Of The Collectıon
Firstly, the process starts upon the demand of the creditor regarding the collection by the Enforcement Office. Secondly, Enforcement Office sends an official payment order to the debtor. If debtor doesn’t object within the 7-day period, then the creditor may have the right to seize the assets of the debtor.
The Annulation Process
Debtor may object the debt and/or the jurisdiction within the 7-day period given by the Law No. 2004. As a result, creditor has to bring the matter to the court demand an annulation of the objection. Statute of limitations for annullation is one year, after Enforcement Office sends the objection to creditor. If there is a mandatory alternative dispute resolution provision such as mediation or arbitration, creditor should apply to the relevant authorities within the given statute of limitations. The court makes its decision based on the evidence provided by the parties. If the court decides in favor of the debtor, debtor eludes the enforcement. If the court decides in favor of the creditor, court annuls the objection creditor shall have the right to seize the assets of the debtor.
After annullation of objection, creditor may demand seizure from the Debt Enforcement Office, by submitting the seizure costs. Upon the demand of the creditor, Enforcement Office seizes the all assets of the debtor. Those assets include bank accounts, vehicles, salaries and real estates.
After seizure, creditor demands from the Enforcement Office for valuation and public auction of the seized assets. Enforcement Office distributes the collected amount among the creditors after the auction.
Antroya is a member of numerous global debt collection organizations, such as FENCA, the Federation of European National Collection Associations, while also being in compliance with the standards of the related international organizations such as ACA and IACC. For further information, you may visit https://www.antroya.com/practice-area/no-cure-no-pay/ .
Antroya is also a preferred partner of EOS Global, a worldwide debt collection portal for international debt collections. To find information about EOS Global, you may visit https://eos-globalcollection.com/
If you would like to work with one of the best debt collection office in Turkey, feel free to choose Antroya, who handles thousands of enforcement cases that came to our office from around the world, with its staff that experienced and specialized in the area of international debt collection. To see our team, you may visit https://www.antroya.com/our-team/.