Best Restructuring & Insolvency Lawyers in Turkey

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Oran Partners

Oran Partners

1 hour Free Consultation
Istanbul, Turkey

Founded in 2016
10 people in their team
English
Turkish
Oran Partners stands out as the only law firm in Turkey focused entirely on medical malpractice. Our team of committed trial lawyers specializes in representing international individuals affected by medical negligence and their families. We bring a wealth of insight from both the medical and legal...
Pi Legal Consultancy

Pi Legal Consultancy

15 minutes Free Consultation
Ankara, Turkey

Founded in 2021
55 people in their team
English
Spanish
Turkish
 Pi Legal Consultancy [PiLC] is a legal & business consulting international law office in Turkey. We have four offices based in İstanbul, Ankara and Batman. We also enjoy solution partners and lawyers based in most European Countries, Canada and the United States. PiLC is one of the...
Arnone & Sicomo - International Law Firm

Arnone & Sicomo - International Law Firm

15 minutes Free Consultation
Istanbul, Turkey

Founded in 2017
28 people in their team
Italian
Turkish
English
Arnone & Sicomo is an International Law Firm founded by attorneys Gioia Arnone and Donatella Sicomo, with offices in major Italian cities including Palermo, Milan, Rome, Salerno, Catania, Cuneo, Venice, and Trento, as well as international locations such as London, Barcelona, Luxembourg,...
Kula Law Firm
Izmir, Turkey

Founded in 2009
11 people in their team
English
Turkish
Kula Law Firm providing comprehensive legal services to corporations and natural persons. One of the main facts of the Law is to be compatible with the changing conditions within the country and the world. Kula Law Firm adopts as a principle to be attuned to these changes expeditiously and always...
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Lexin Legal

Lexin Legal

1 hour Free Consultation
Istanbul, Turkey

Founded in 2018
12 people in their team
English
Turkish
Arabic
Russian
Italian
German
Kurdish
Armenian
Hebrew (modern)
Lexin Legal is a law firm established by two founding partners, Onur Calisici and Oruc Aygun with the primary objective of providing legal services in an efficient and effective manner. Lexin legal’s international composition draws experts from a wide range of countries mainly including Turkey,...
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Tekin Law Firm

Tekin Law Firm

30 minutes Free Consultation
Istanbul, Turkey

Founded in 2000
3 people in their team
English
Turkish
International Arbitration Lawyer in Türkiye – Tekin LawAt Tekin Law Firm, we specialize in international arbitration and cross-border dispute resolution, delivering strategic legal solutions grounded in over 25 years of global experience. Our founder brings a rare blend of private practice,...

Legal guides written by Tekin Law Firm:

  • Arbitration in Turkey
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Egemenoğlu Hukuk Bürosu
Istanbul, Turkey

Founded in 1968
English
Established in 1968, Egemenoğlu Hukuk Bürosu is one of Turkey's oldest and largest full-service law firms, with offices in Istanbul and Bursa. The firm employs over 50 attorneys, including seven partners, and offers comprehensive legal services across various sectors. Its primary practice areas...

Founded in 2015
English
Uluköklü & Partners is a boutique law firm based in Istanbul, Turkey, offering exceptional legal services to both local and international clients. The firm's team is recognized for their in-depth knowledge and expertise, enabling them to provide tailored legal solutions that address clients'...
Sisli, Turkey

English
LEGE Attorneys at Law, headquartered in Istanbul, Turkey, offers legal consultancy and advocacy services grounded in reliability, speed, and solution-oriented principles. The firm specializes in areas such as Corporate/Commercial Law, IT/Technology Law, Energy/Environmental Law, and Corporate...
Kaşlıoğlu Hukuk Bürosu
Istanbul, Turkey

English
Established in 1974 by Attorney İsmail Kaşlıoğlu, Kaşlıoğlu Hukuk Bürosu has been delivering comprehensive legal services for over four decades. Based in Istanbul, the firm collaborates with offices in Ankara, İzmir, Bursa, and Adana, as well as international associates, to provide a broad...
AS SEEN ON

About Restructuring & Insolvency Law in Turkey

Restructuring and insolvency law in Turkey deals with legal processes and rules designed to address businesses or individuals facing financial distress or insolvency. These laws provide a framework for both debtors and creditors, helping manage situations where debts cannot be paid on time or restructuring is required for financial recovery. The goal is often to protect the interests of creditors while giving debtors a chance to resolve their financial problems, whether through reorganization, settlement, or liquidation procedures.

Why You May Need a Lawyer

Many situations can prompt the need for a restructuring and insolvency lawyer in Turkey. Common scenarios include:

  • Your company is struggling to meet its financial obligations and needs to restructure its debts.
  • You have received payment orders, enforcement proceedings, or bankruptcy filings against your business.
  • You want to initiate restructuring before insolvency proceedings become necessary.
  • You are a creditor seeking to recover debts from an insolvent debtor.
  • You need to understand your rights and obligations under Turkish insolvency procedures.
  • You are a shareholder or director concerned about potential personal liability arising from insolvency.
  • You want to negotiate with creditors to avoid bankruptcy or liquidation.

Navigating financial distress and legal procedures without proper guidance can lead to negative outcomes. An experienced lawyer can help you understand your options, ensure compliance with Turkish laws, and work towards the most favorable solution for your circumstances.

Local Laws Overview

Turkish restructuring and insolvency law is mainly regulated by the Turkish Commercial Code and the Enforcement and Bankruptcy Law. Key aspects include:

  • Types of Proceedings: Turkey recognizes bankruptcy (if a debtor is unable to pay debts), concordat (restructuring through creditor agreement), and restructuring of capital companies or cooperatives.
  • Bankruptcy: Creditors or debtors can initiate bankruptcy proceedings. Once declared bankrupt, the debtor's assets are liquidated for distribution among creditors.
  • Concordat: A formal process enabling debtors to propose a payment plan to creditors, seeking protection from bankruptcy. Approval requires creditor and court consent.
  • Restructuring by Agreement: Capital companies and cooperatives in financial distress may apply for restructuring through an arrangement supervised by the court.
  • Creditor Rights: Creditors can file claims, participate in meetings, and challenge certain debtor transactions.
  • Moratorium and Suspensions: Courts may grant moratoriums, temporarily halting enforcement actions against the debtor.
  • Liability: Company directors and shareholders may have certain duties during financial distress, and failure to comply can result in personal liability.

Legal procedures can be complex and time-sensitive. Understanding the implications and requirements of each process is essential for protecting your interests.

Frequently Asked Questions

What is insolvency under Turkish law?

Insolvency occurs when a debtor cannot pay its debts as they fall due or is over-indebted. Both individuals and businesses can be declared insolvent, leading to legal proceedings for asset liquidation or restructuring.

What are the main insolvency procedures in Turkey?

The primary procedures are bankruptcy, concordat (court-approved restructuring), and restructuring of capital companies or cooperatives. The appropriate process depends on the legal entity and the financial situation.

Who can apply for bankruptcy in Turkey?

Both debtors and creditors can apply to the court for the bankruptcy of a business or individual. The applicant must provide evidence that the debtor is unable to pay debts.

What is a concordat?

A concordat is a restructuring process where a debtor proposes a repayment plan to creditors. If enough creditors and the court approve, the concordat becomes legally binding and protects the debtor from bankruptcy proceedings.

Is there a way to restructure debt without going bankrupt?

Yes, Turkish law provides for concordat and restructuring of capital companies or cooperatives, which aim to allow a debtor to reorganize and continue operations instead of facing liquidation.

What happens to a company's assets during bankruptcy?

Once bankruptcy is declared, all enforcement actions are suspended. A trustee (administrator) is appointed by the court to manage and liquidate the assets, which are distributed among creditors according to legal priority.

Can creditors challenge actions taken by the debtor before bankruptcy?

Yes, creditors may contest transactions made before insolvency if they believe the actions harmed creditor interests, such as fraudulent transfers or preferential payments.

What liabilities do company directors have in insolvency?

Directors are required to act in the best interest of creditors during financial distress. Failing to meet these duties or engaging in wrongful trading can lead to civil or even criminal liability.

How long do insolvency and restructuring processes take?

The duration varies depending on the complexity of the case, the number of creditors, and court workload. Processes like concordat have statutory timeframes, but bankruptcy cases can take several months to years to fully complete.

Is professional legal assistance necessary during restructuring or bankruptcy?

While not mandatory in all cases, professional legal help is highly recommended. Proper legal guidance ensures all procedures are followed, rights are protected, and the chance of successful restructuring is maximized.

Additional Resources

  • Central Bank of the Republic of Turkey: Publishes reports and statistics related to economic indicators and financial sector health.
  • T.R. Ministry of Justice - Enforcement and Bankruptcy Departments: Oversees enforcement offices and provides information on insolvency procedures.
  • Local Bar Associations: Can assist in finding qualified lawyers specializing in restructuring and insolvency.
  • Union of Chambers and Commodity Exchanges of Turkey (TOBB): Publishes business guides and supports entrepreneurs facing financial challenges.
  • Turkish Banks Association: Offers resources and guidance on debt management and creditor negotiations.
  • Non-Governmental Organizations (NGOs): Some NGOs provide financial literacy, mediation, and support services for distressed businesses and individuals.

Next Steps

If you believe you or your business may be facing financial distress or insolvency in Turkey, consider the following steps:

  • Assess your current financial situation thoroughly and gather all relevant documentation, including contracts, loan agreements, and accounting records.
  • Consult a qualified restructuring and insolvency lawyer who understands Turkish law and local court practices.
  • Discuss all available options, including out-of-court settlements, court-supervised restructuring, or bankruptcy protection.
  • Follow your lawyer’s guidance to ensure legal compliance, protect your assets, and maximize your chance of a successful recovery or orderly resolution.
  • If you are a creditor, seek advice on how best to recover debts and protect your rights during the debtor’s insolvency process.
  • Stay informed about deadlines and requirements to avoid missed opportunities or negative legal consequences.

Legal situations involving restructuring and insolvency are sensitive and complex. Proactive and informed action, supported by professional advice, is crucial in securing the best possible outcome for your circumstances in Turkey.

Lawzana helps you find the best lawyers and law firms in Turkey 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 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.