Bankruptcy Process in Turkey and Debt Collection
Let’s clarify the subject of bankruptcy process in Turkey and debt collection in this content. To find a significant answer to this question, we need to understand a subject. This subject is exactly the word of ‘bankruptcy’. Suppose a company has financial problems.So it disrupts the balance between incomes and expenses. The company cannot pay its debts on time anyway. Thus, it becomes impossible for the company to continue its existence and activities. The company goes bankrupt mostly because it became impossible to recover its receivables on time. The damage becomes huge and the company loses its ability to the return for the investment. So the company experiences corruption and frustration.
A Turkish company, which has become bankrupt, has the opportunity to declare concordat, and can apply to the court with a project. This means that the company can not be traced legally for a certain period of time and its debts are postponed. The company is allowed to recover their work within the given reasonable time until it becomes able to pay off its debts. If the Turkish court deems the presented project to be credible, it gives the company a 3-month temporary deadline and examines the applicability of the project and whether the financial data are correct or not , through the trustee. If the company’s project is not accepted and the commitments are not fulfilled, the bankruptcy decision is made about the applicant.
How Does the Trustee Process Work?
The assets of the bankrupt Turkish company are transferred to the bankruptcy administration. The government appoints the bankruptcy administration.The bankruptcy book is kept about the company. Thus, the bankruptcy administration liquidates all the assets of the bankrupt company. The bankruptcy administration meets with the foreign and Turkish creditors. This administration register their receivables at the bankruptcy desk for liquidation and distributes the receivables. The experts make this according to bankruptcy process in Turkey and debt collection. So the goods of the bankrupt are sold. Also the bankruptcy administration rank them according to the concession and application order.
How to Handle a Long and Difficult Bankruptcy Process in Turkey and Debt Collection
The answer is simpler than you think. 3 words! Working with professionals…As ARS Consultancy, we have been aiming to raise awareness since 2011. We provide amicable solutions before legal action. We offer our pre-legal Receivable Management services in Turkey. As ARS Consultancy we have international customers with No Recovery, No Fee principle. So we are not demanding any additional expenses. ARS Consultancy’s main business focus is International Debt Collection. Also we have specialists who are trained and talented to monitor in every step of a trade. We are Turkey’s first and leading International Debt Collection Agency. So we keep working on and monitoring our customers’ International cases professionally.
Working with us helps you to be aware of your customers. You can know these customers are going through a bankruptcy process or not. Because we always monitor the companies closely. Accordingly, we share our reviews with our clients. So our clients know when a change occurs in the financial situation of Turkish debtors.
After the start of a bankruptcy process we do not have much to do. But if you work with us, we can help you about bankruptcy process in Turkey and debt collection. At the same time, we help your Turkish customers to settle your debts. We ensure that before they go bankrupt. As ARS Consultancy, we are here for you not only collecting your bad debts in Turkey. Also we help you about your receivables which are due.
Director of Foreign Affairs | ARS Consultancy