Bankruptcy Law in Turkey

Dear colleagues,

I'd like to ask you questions regarding bankruptcy of a firm which is holding 50 % by a Turkish owner and 50 % by a foreigner. Now, the Turkish person got financial problems and has to file for bankruptcy. What are the consequences for the foreign owner? Does that mean he'll lose everything? How can he save his property and maybe also the property owned by the other part (Turkish owner)?
Must the the foreigner obey important things, e.g. register at a court?

I'm a German lawyer and maybe you can help me out. Do you know whether your Turkish Enforcement and Bankruptcy Law is very similar to the German law? I tried to find a German version or even an English version of this Law since my Turkish is not as good as yours! But had no luck!

And another question: How do you treat "loan of money" by foreign firms for Turkish firms?
Are there special regulations? And again, does there anybody know, whether this is similar to German law?

Thank you very much for your help... In return I'd love to answer your questions regarding German law.

J.Klie

Important questions! I also want to invest in a turkish firm and had the same thoughts. What happens if the turkish is becoming insolvent?
Is it better for me to invest in by just loaning money (credit) or is it better to invest in by owning 50% of the turkish firm as an owner?

Dear Konuk,

Do you know the legal type of the commercial company? (limited, share..?)

a limited sirket

Dear Konuk,

Pursuant to the Article 43 of the Turkish Code Of Enforcement And Bankruptcy Act (The Act) , a natural or legal person should be classified as a merchant (businessman) and/or be subject to the provisions applied for the businessmen, or specifically subjected to the bankruptcy as regards the Commercial Act in order to be legally liable for bankruptcy proceedings.Therefore, a partner of the Limited Company is not one of the abovementioned ones and cannot be subject to the bankruptcy since being a sole partner.The partner may only be eligible for the bakruptcy execution provided that the applicant for bankruptcy (claimant) should prove that the partner is a merchant due to his individual business apart from the partnership.

Also, a claimant may apply for the termination of the company due to the individual debts of one of the partners by seizing his share.You may prevent the dissolution by paying his debts or disenfranchising him (for the companies having more than two partners).

Dear Sirs
I have paid 80%of the purchase price for an apartment in a complex in Bodrum, the developer has just been made bankrupt.

Although I owe him 20%, he owes me (under late completion penalties) 29%. How do I register my claim with the Court?

Many thanks, Andrew