Following the objection of the debtor, there will have to filed a lawsuit in front of the Commercial Court in order to annul the debtor\'s objection.†In order to achieve this result and for the Court to decide for annulment, the plaintiff (creditor) has to submit all available supporting documents as invoices, agreements, contracts etc. If the Court is convinced it will decide to let the the debtor pay the total debt amount plus the legal interest and possibly will add an amount of up to 40% as indemnification fee for to the debtor\'s ungrounded objection.

No guarantees aso to the length of the court hearings can be given but from experience learns the judge can come to final Ruling within 3 or 4 court hearings. Please note that due to huge workload of the Istanbul Courts, the hearing dates may be scheduled once in approximately 2-3 months. The same over work load goes for experts and a certain patience will be required for the final expert report.

After the judge comes to its final Ruling the decision needs to be enforced by applying to the Execution Office. The latter will go over to attaching debtor\'s assets (movables and/or immovables) immediately and sell the attached property in a public auction. Client will have to pay for warehouse costs, sales expenses, transportation costs, and other expenses. The exact value of these cannot be estimated as these will depend on the substance and volume of the attached assets.†The total revenue will serve to pay the total debt claim plus legal interest, and reimbursement of all expenses back to creditor.

Financial Details

Just as the first phase of the legal process, our lawyers work no win no fee during the second step, the official lawsuit. This implies creditor does not have to pay the regular official advocacy fees of 5%-10% in advance of proceedings. However, creditor does have to take the following expenses into account.

Before the filing of the lawsuit, all the supporting documents need to be translated in Turkish by an accredited translator, and notarised by public notary. For this process extra costs should be accounted for. DAT-Consultancy can organise the translation of all documents and their notarization. However, the creditor needs to pay for these expense in advance. These vary from $25-$50 per page depending on the language to be translated. A notary stamp on foreign translated documents in Turkey is approximatelyTRY 50 (USD 30).

During the lawsuit the judge can decide to appoint experts, generally up to three; amongst them an impartial accountant, and another expert from academics. These experts will write a report based upon all evidence submitted by both parties. They are free to make visits to the debtor\'s headquarters accompanied by the judge to control e.g. its commercial books. They are free to ask for the handing of commercial books of client. Creditor may then be asked to cover for translation of its records.

Upon succesful recovery of the assigned claim in this phase (whether before, or after a Court Ruling), please be informed we first account for advocacy fees of 12% of the total claim, which will be deducted from the total recovered amount.