Best Restructuring & Insolvency Lawyers in Besiktas

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Karaduman & Esin
Besiktas, Turkey

English
Karaduman & Esin Law Firm offers comprehensive legal services in Turkey, encompassing consultancy, transactional, and dispute resolution across various practice areas. The firm's expertise includes administrative law, anti-corruption and compliance, antitrust and competition, corporate and...
Caliskan Okkan Toker
Besiktas, Turkey

English
Çalışkan Okkan Toker is a distinguished law firm based in Istanbul, Turkey, offering comprehensive legal services to both Turkish and international clients. The firm's practice areas encompass corporate and commercial law, capital markets, banking, mergers and acquisitions, e-commerce,...

Founded in 1985
English
Established in 1985, Hasan Şahin Avukatlık Ortaklığı operates from offices in Istanbul and Ankara, providing comprehensive legal services across various sectors. The firm's expertise encompasses banking and finance, mergers and acquisitions, energy law, intellectual property, labor law, public...
Heuvels Uras Europe
Besiktas, Turkey

Founded in 2019
English
Heuvels Uras is a full-service commercial law firm based in Turkey, offering a comprehensive range of legal services to both domestic and international clients. The firm's practice areas encompass corporate and mergers and acquisitions, shipping and transportation, litigation and dispute...
KARAKAYA HUKUK
Besiktas, Turkey

Founded in 2009
English
Karakaya Hukuk Bürosu represents international and local companies, financial institutions, and individuals in Turkey, with a particular focus on criminal law, criminal procedure law, and administrative law. The firm is committed to upholding human rights and the principles of the rule of law,...
ELIG Gürkaynak
Besiktas, Turkey

Founded in 2005
English
ELIG Gürkaynak Attorneys-at-Law, established in 2005, is a prominent independent Turkish law firm headquartered in Istanbul. The firm boasts a team of 90 legal professionals, offering comprehensive services across various legal disciplines. Their areas of expertise encompass competition law,...
Okat Law
Besiktas, Turkey

Founded in 1997
English
Okat Law, based in Istanbul, is a corporate commercial law firm with specialized expertise in banking, finance, and capital markets, complemented by substantial experience in litigation. The firm focuses on cross-border transactions involving Turkish banks and corporate entities, offering timely,...
SAĞLAMDEMİR HUKUK BÜROSU
Besiktas, Turkey

English
Sağlamdemir Hukuk Bürosu, located in Istanbul, Turkey, offers a comprehensive range of legal services with a particular emphasis on Intellectual Property Law. The firm provides expert guidance in areas such as trademark, patent, and industrial design registrations, as well as handling disputes...
Baysal & Demir Law Firm
Besiktas, Turkey

Founded in 2021
English
Baysal & Demir is an international law firm based in Turkey, renowned for its commitment to excellence and client-focused approach. Founded by senior lawyers with extensive international academic credentials, the firm specializes in complex legal issues, offering high-quality and consistently...

Founded in 2004
English
KESKİN&KESKİN Hukuk Bürosu, established in 2004 by senior partner Merâl Keskin, is a prominent boutique law firm in Istanbul specializing in corporate law. With over three decades of experience in corporate and capital markets law, Merâl Keskin has led the firm to provide comprehensive legal...
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About Restructuring & Insolvency Law in Besiktas, Turkey

Restructuring and insolvency law deals with the legal processes that come into play when individuals or businesses face financial distress or are unable to meet their financial obligations. In Besiktas, Istanbul, as in the rest of Turkey, these processes are governed by the Turkish Execution and Bankruptcy Law, along with related commercial and civil codes. The aim of these laws is to provide structured procedures for dealing with financial difficulties, whether through negotiation and restructuring of debts or, in more serious instances, through insolvency proceedings that may result in liquidation or debt settlement. Given Besiktas's status as a vibrant business district and its mixture of commercial, service, and residential areas, both companies and individuals in the region may find themselves needing to understand or participate in these legal processes.

Why You May Need a Lawyer

Legal assistance is often required in restructuring and insolvency cases for several reasons. Businesses facing financial hardship may need support assessing their options, such as negotiating with creditors or applying for bankruptcy protection. Individuals who are struggling to repay debts might need help understanding their rights and obligations, as well as developing a workable debt restructuring plan. Legal representation can be especially important when dealing with creditors, submitting court applications, or navigating complex regulations. Lawyers ensure that all procedures are correctly followed, minimize liabilities, and help protect client interests-whether you are a debtor seeking relief or a creditor seeking debt recovery.

Local Laws Overview

Restructuring and insolvency in Turkey, including Besiktas, are primarily governed by the Turkish Execution and Bankruptcy Law (İcra ve İflas Kanunu). This law establishes the framework for debt collection, bankruptcy proceedings, restructuring arrangements, and concordatum (a form of debt restructuring agreement supervised by the court). Recent amendments to this law have introduced more flexible restructuring options such as prepackaged restructuring and allowed for more effective creditor-debtor negotiations. Specific aspects that are crucial in Besiktas include:

  • Court jurisdiction - Most insolvency and restructuring proceedings for companies based in Besiktas will be handled by the Istanbul courts within the district's boundaries.
  • Types of proceedings - Debtors can file for insolvency, request a concordatum, or apply for restructuring either through formal court processes or via out-of-court negotiations.
  • Creditor actions - Creditors have defined processes for filing claims and can initiate proceedings if debtors default.
  • Protection measures - Upon filing certain applications, debtors may receive temporary protection from collection actions to enable restructuring discussions or settlements.
  • Supervision - The courts supervise most formal proceedings to ensure fairness and legality.
  • Special rules - Besiktas, as a commercial center, sees higher numbers of company-related proceedings, including those related to startups and SMEs.

Frequently Asked Questions

What is the difference between restructuring and insolvency?

Restructuring involves negotiating new terms for existing debts to help the debtor recover or reorganize. Insolvency occurs when a debtor is unable to pay debts as they become due, and may result in formal bankruptcy proceedings, liquidation, or forced asset sales.

Can individuals file for bankruptcy in Besiktas?

Yes, individuals can file for bankruptcy in Turkey, including in Besiktas, if they are unable to meet debt obligations. There are specific criteria and procedural steps set by law for individuals, as well as for businesses.

What is concordatum and how does it work?

Concordatum is a legal arrangement where a debtor seeks court approval to restructure debts and avoid bankruptcy. It requires court supervision, submission of a restructuring plan, and approval by creditors.

How are creditors protected during restructuring?

The law requires transparency, court supervision of the process, and majority approval by creditors for debt restructuring plans. Creditor rights are protected through detailed claim procedures and objection rights.

What legal protections does a debtor have?

Debtors may obtain court-granted protection from enforcement proceedings (such as asset seizures) during restructuring or concordatum processes, allowing time to negotiate with creditors.

Can out-of-court settlements be reached with creditors?

Yes, parties are encouraged to reach amicable settlements before or during court proceedings. Such agreements are valid so long as they comply with relevant laws and are documented appropriately.

How long do insolvency proceedings typically take?

Timelines vary depending on the complexity of the case, but insolvency and restructuring proceedings in Turkey can take several months to a few years, especially if there are disputes among creditors.

What happens to company employees during insolvency?

Employee wages and entitlements have a priority status among creditor claims. The appointed trustee or administrator is responsible for ensuring employees’ rights are respected during proceedings.

Are there alternatives to insolvency for struggling companies?

Yes, options include restructuring loans, entering into concordatum arrangements, seeking new capital, or negotiating voluntary arrangements with creditors to avoid formal insolvency.

How can a lawyer assist in restructuring or insolvency cases?

A lawyer can assess your eligibility for legal remedies, prepare and submit court applications, represent you in negotiations, draft agreements, and ensure your rights are protected throughout the process.

Additional Resources

For those seeking further information or assistance, several organizations and government bodies can be helpful:

  • Istanbul Bar Association - Offers referrals to experienced lawyers, including specialists in restructuring and insolvency.
  • Istanbul Chamber of Commerce - Provides support and information for businesses in financial distress.
  • Central Registry Agency (MKK) - Handles certain notifications and filings related to company structures.
  • İcra ve İflas Daireleri (Execution and Bankruptcy Offices) in Besiktas - Issue official notices and administer debt enforcement proceedings.
  • Turkish Ministry of Justice - Publishes updates and resources on relevant legislation.

Next Steps

If you believe you require legal assistance in a restructuring or insolvency matter in Besiktas, begin by collecting all relevant financial and contractual documents. Make a note of any communication with creditors, payment defaults, or enforcement actions so far. Next, consult with a qualified restructuring and insolvency lawyer. Many lawyers offer an initial consultation to outline your options and likely outcomes. If you are a company manager, ensure that you involve key stakeholders early in the process. For individuals, seek advisory services from local bar association support lines or public legal aid if needed. Acting promptly increases the range of available solutions and helps prevent further legal or financial complications.

Lawzana helps you find the best lawyers and law firms in Besiktas through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Besiktas, Turkey - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.