Turkey: Insolvency/Bankruptcy/Re-Structuring

Commonly referred to as “Technical Insolvency,” this concept is regulated under Article 376 of the Turkish Commercial Code (“the Code”) under the heading “Loss of Capital, State of Insolvency.” The provisions of the article define the circumstances of capital loss and insolvency for companies and set forth the procedures to be followed and the measures that may be applied in such cases.

İcra takiplerinde tebligat, borçlunun hakkında başlatılan takipten haberdar edilmesini ve kanunun kendisine tanıdığı itiraz, şikâyet ve diğer hukuki yollara süresi içerisinde başvurabilmesini sağlayan temel usuli işlemlerden biridir. Özellikle ödeme veya icra emrinin usulüne uygun şekilde tebliğ edilmesi; takibin kesinleşmesi, haciz aşamasına geçilmesi ve borçlunun malvarlığı üzerinde cebri icra işlemlerinin uygulanabilmesi bakımından büyük önem taşımaktadır.

In enforcement proceedings, service of process is a fundamental procedural mechanism that ensures that the debtor is duly informed of the proceedings initiated against them and is able to exercise their statutory rights of objection, complaint and other legal remedies within the prescribed time limits. In particular, proper service of a payment order or enforcement order is crucial for the finalization of enforcement proceedings, commencement of attachment proceedings and implementation of compulsory enforcement measures against the debtor’s assets.