The Turkish Enforcement Law under which all the debt recovery in turkey takes place is actually a reference to the Swiss Enforcement Law. That is why the Turkish standard is somehow influenced by the Federal Courts in Switzerland. Generally there is a judicial assistance agreement followed by Turkey and other countries like Austria, Germany, Morocco, China, Georgia, India, Italy, United Kingdom etc. Various law firms are there to help these clients by the help of their highly experienced team of Istanbul lawyer and Turkish lawyers.
Apart from this, there are also some countries which are excused from this deposit amount as the reciprocity principal in the Turkish Private State Law Act approves so. Countries like Egypt, Russia, Peru, Finland, Libya, Chile and Siberia are not entitled to pay any security deposit amount to the Turkish legal entities. The law firms in Turkey are extremely efficient in making debt recovery in turkey easy. There are lots of proficient lawyers such as the Istanbul lawyer who can deal with such cases of debt recovery in Turkey and offer great service to the clients.
Turkish Law involves two types of debt recovery in turkey. These are- action of debt and the debt enforcement proceeding. In the action of debt procedure, the creditor can take interim measures against the debtor with the help of qualified lawyers. In this case, the creditor has to prove in front of the court that an interim measure is what is best required at this point and that there are risks in collecting the debt. An Istanbul lawyer will be able to guide the creditor to secure his debt by means of undertaking the assets of the debtor.
If the creditor wins the case and gets the decision on his favor, he can expect to recollect his debt from the debtor within a stipulated time mentioned by the court a failure of which will lead to the seizure of assets of the debtor. Apart from this, the creditor can also go for the debt enforcement proceeding. Any governmental office for debt recovery in turkey may help in this matter. If the creditor gives an application for following his debt, the department will issue an order of payment to the debtor. If the debtor wants to object to this pay order, he has to do it within 7 days or else this would prove his acceptance of the alleged debt.