Debt Collection In Turkey

I. OVERVIEW

Debt collection procedures in Turkey can be quite complex and can take a lot longer on average than most EU countries. The complexities arise from the lack of transparency and visibility within the domestic market along with the complex nature of legal proceedings for debt collection and the associated costs for such legal action.

Due to the closed nature of the market, it is extremely difficult to obtain the financial information of debtor companies. This uncertainty, coupled with the complexity of the legal proceedings and the associated costs, presents a significant issue for most foreign companies and nationals, as most of the creditors would like to obtain some sort of financial information of the debtor before starting the complex legal procedures and paying the relevant legal fees.