Legal Business

Sponsored briefing: The increasing number of enforcement and bankruptcy cases in Türkiye in recent years

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Türkiye Egemenoğlu Hukuk Bürosu

Using statistical data, Egemenoğlu Hukuk Bürosu reflects upon bankruptcy in Türkiye, and looks to the effective measures available for present businesses

In recent years, the liquidity shortage in the markets, the unexpectedly high increase in raw material costs, the sudden fluctuations in exchange rates and the problems arising from the deterioration of the supply and demand balance have caused serious economic difficulties for citizens and companies in our country. As a result of this situation, many companies are struggling under the financial burden of debt. As a result of deteriorating cash flows and financial structures, companies are experiencing difficulty in paying their debts, and are subsequently encountering enforcement proceedings, and even the risk of bankruptcy. Recent negative progress in the economy has also led to an increase in the number of execution and bankruptcy files.

Legal Business

Sponsored briefing: Q&A with partner Egemen Egemenoglu

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Turkey Egemenoğlu Hukuk Bürosu

1. Given Turkey’s recent economic problems and the problems created by the Covid-19 pandemic, how is this affecting your firm?

We can proudly say that we have successfully surpassed the challenging position that came along with the Covid-19 pandemic in all respectable matters thanks to our comprehensive experience gained throughout the 53 years in which we have provided legal services in Turkey. In these 53 years, our firm had to take innovative and cautious steps in order to tide over many different challenges such as several economic and political crises we have encountered as a country. So, when the first cases of Covid-19 were reported by the officials in Wuhan City, China, in December 2019, we knew that we had to prepare for the worst-case scenario. For this reason, we have accelerated our digitalisation process – thus taking it into a next level even though our digital infrastructure was already at advanced levels. As such, when the first Covid-19 case was announced in Turkey on 10 March 2020, we were already prepared to detach ourselves from our physical offices and started to work from our homes on 15 March 2020 through the decision mutually taken by our partners.