Enforcing a Money Judgment in Turkey: Execution Orders, Declaration of Assets, Attachment and Bank Garnishment, Sale, Ranking and Certificates of Insolvency under Enforcement and Bankruptcy Law No. 2004

A Turkish money judgment can be enforced while an appeal is pending, and the judgment debtor can stop enforcement only by depositing the amount or providing security (Code of Civil Procedure Arts. 350 and 367; Enforcement and Bankruptcy Law Art. 36). Enforcement starts at any enforcement office. The office serves an execution order giving the debtor seven days to pay and to declare its assets (Enforcement and Bankruptcy Law Arts. 32 and 34). A debtor who fails to declare its assets can be held in coercive detention for up to three months, and a false declaration is punishable by three months’ to one year’s imprisonment (Arts. 76 and 338). Bank accounts and other assets can be searched and attached electronically through the National Judiciary Network (UYAP) (Art. 78(1)). Third parties holding the debtor’s money receive garnishment notices and must object within seven days or be treated as holding it (Art. 89). Attached assets must be put up for sale within one year (Art. 106), and the proceeds are distributed according to a ranking that can be challenged within seven days (Arts. 140 and 142). If nothing more can be collected, the creditor receives a certificate of insolvency. That certificate is the basis for actions to set aside transfers to relatives and third parties, and the debt it records becomes time-barred only after twenty years (Arts. 143 and 277). This guide explains the stages for foreign institutional investors holding Turkish judgments. It reflects the legislation in force as at 26 October 2026.

Why enforcement deserves its own plan

For an institutional investor that has won a damages claim against a broker, a director or an issuer, the judgment is only a step towards payment. The defendant may pay voluntarily, but in fraud and manipulation cases defendants often have assets spread across companies, relatives and bank accounts, or under seizure in criminal proceedings. Turkish enforcement law gives a judgment creditor strong tools. These include electronic searches of the debtor’s assets, attachment of bank accounts at all branches through a single notice, coercive detention of debtors who refuse to declare their assets, and actions to set aside transfers to relatives. The tools work best when they are used early and in the right order.

Turkish enforcement is governed by Enforcement and Bankruptcy Law No. 2004. Proceedings are conducted by enforcement offices under the supervision of enforcement courts, through the National Judiciary Network (UYAP) (Art. 8/a). This guide covers enforcement of money judgments by attachment. Bankruptcy and concordat are explained in our guide to when a Turkish issuer or broker becomes insolvent, and protective measures before judgment in our guide to freezing assets in Turkey.

The stages at a glance

Starting enforcement

Which documents. Enforcement of judgments applies to court judgments ordering payment of money or the provision of security (Art. 32). The same rules apply to settlements and acknowledgements made before a court, notarial deeds containing an acknowledgement of a money debt, appeal guarantees and guarantees given at the enforcement office (Art. 38). A foreign judgment must first be recognised and declared enforceable by a Turkish court before it can be enforced. Foreign arbitral awards are enforced under the New York Convention and Law No. 5718. Both routes are explained in our guide to suing in Turkey or abroad.

Where. Enforcement of a judgment may be requested from any enforcement office (Art. 34). In practice, the creditor chooses an office convenient for the assets it expects to attach, and attachments elsewhere are carried out through other offices or directly in official registers (Art. 79).

Security for costs. Foreign natural and legal persons who start enforcement proceedings in Turkey must give security determined by the court to cover the costs of the proceedings and the other side’s losses. They are exempted on the basis of reciprocity (Law No. 5718 Art. 48). Treaty-based exemptions also exist. Whether a particular foreign institution is exempt should be checked before enforcement begins.

Electronic proceedings. All enforcement work is carried out through UYAP. Data, documents and decisions are processed, recorded and stored in the system, and electronic data created with a secure electronic signature have the force of a deed. A secure electronic signature has the same evidential force as a handwritten one (Art. 8/a). For a foreign creditor, this means that its Turkish lawyer can file requests, follow attachments and receive answers to garnishment notices without delay, wherever the client is.

Representation. Enforcement is conducted through a Turkish lawyer holding a power of attorney that covers enforcement proceedings. The lawyer’s fee in enforcement is calculated by the enforcement officer under the statutory tariff and added to the enforcement costs payable by the debtor (Art. 138).

The execution order and the debtor’s objections

The execution order. When a judgment for money or security is filed, the enforcement officer serves an execution order on the debtor. It states what has been awarded and orders payment within seven days. It warns the debtor that enforcement will follow unless a decision staying enforcement is obtained from the enforcement court or the appeal court. It also tells the debtor that it must declare its assets within the same period, that it will be held in coercive detention if it does not, and that it will be punished if it fails to declare or declares falsely (Art. 32(1)).

Limited objections. Within seven days of service, the debtor may apply to the enforcement court claiming that the debt is time-barred, has been deferred or has been extinguished. Enforcement is stayed on deferment or extinction only if this is proven by an official or duly certified document, or by an acknowledgement before the enforcement office or a court. Claims based on later payment, deferment or limitation may be made at any time, but payment or deferment must be proven by notarial documents or enforcement records (Art. 33(1)). The judgment itself cannot be re-examined. If the enforcement court rejects the objection, the debtor may appeal only by providing security for the debt (Art. 33).

Complaints. Acts of the enforcement office that are unlawful or inappropriate can be challenged by a complaint to the enforcement court within seven days of learning of them. Complaints that a right has not been granted or has been delayed without reason can be made at any time (Art. 16). Creditors use the same route against omissions or delays by the office.

Limitation of enforcement. Enforcement based on a judgment becomes time-barred ten years after the last enforcement act (Art. 39). Keeping the file active protects the creditor’s position.

Enforcement during appeals and reversal

An appeal to the regional court or the Court of Cassation does not stop enforcement of a money judgment. Enforcement is stayed only where the debtor deposits the amount awarded, or provides security accepted by the enforcement court, such as a pledge, securities or a reliable bank guarantee, or where its attached assets already cover the judgment. The debtor is then given a period to obtain a stay decision from the enforcement court (Enforcement and Bankruptcy Law Art. 36(1)). Where the appeal is finally rejected, the money deposited as security is paid to the creditor without further steps, and the creditor has priority over the security (Art. 36). The stages of appeal are explained in our guide to how a securities lawsuit proceeds in Turkey.

If the judgment is set aside on appeal, enforcement stops where it is. If it is later finally established that the debtor owed nothing or less, enforcement is reversed without the need for a further judgment, but rights acquired in good faith by third parties are protected (Art. 40). A creditor that enforces before the judgment is final takes this risk.

Declaration of assets

The duty. The declaration of assets is the debtor’s written or oral statement to the enforcement office. It covers the kind, nature and features of its assets, receivables and rights, whether held by itself or by third parties, in an amount sufficient to cover the debt. It also covers its earnings and income, its means of living in view of its lifestyle, and how it can pay the debt (Art. 74). In judgment enforcement, the duty arises within the seven-day period of the execution order (Art. 32(1)).

Sanctions. A debtor who fails to declare its assets is, on the creditor’s request, held in coercive detention by the enforcement judge until it makes the declaration. Detention may be ordered only once and may not exceed three months (Art. 76). A person who makes a false declaration under the Law is punishable, on the creditor’s complaint, by three months’ to one year’s imprisonment (Art. 338(1)). For directors and controlling persons with hidden assets, these provisions create real pressure.

Living above one’s means. If a debtor against whom a certificate of insolvency has been issued is proven to live above the minimum wage level, the creditor may apply within five years. The enforcement court then orders the debtor to pay a portion of its income above the minimum wage, not less than one quarter, to the enforcement office every month until the debt is paid. Failure to pay leads to coercive detention of up to one year (Art. 338(2)).

Attachment

When. If the debtor does not pay within the period in the execution order, its assets are attached. If the debtor is subject to bankruptcy and the creditor so requests, the competent commercial court may instead declare it bankrupt (Art. 37).

Electronic search and attachment. The creditor may, without first requesting attachment, search the debtor’s assets, rights and receivables through UYAP and the systems integrated with it. If assets are found, attachment can be requested through the system, and the enforcement office attaches them electronically. Public bodies, credit institutions and financial institutions must integrate their systems with UYAP for this purpose (Art. 78(1)). Information obtained may not be shared unlawfully.

Execution of attachment. The enforcement office carries out attachment within three days of the request. Assets elsewhere are attached through the local office, and assets registered in official registers may be attached directly by the office conducting the enforcement through an annotation in the register (Art. 79). Assets sufficient to cover the creditor’s principal, interest and costs are attached, but not more (Art. 85(1)).

Book-entry shares. Shares of Turkish listed companies are held in book-entry form at the Central Registry (MKK). Rights over book-entry capital market instruments are effective against third parties from the date of notification to MKK (Capital Markets Law Art. 13(5)). Attachments of a debtor’s shares are therefore given effect through the Central Registry system. How holdings are recorded is explained in our guide to Turkish book-entry securities and the Central Registry.

Exempt assets. Certain assets cannot be attached. These include State property, personal belongings and household goods of the debtor’s family (but not money, securities, gold and other valuables), the tools a debtor needs for a profession based on personal work, and a home suited to the debtor’s circumstances (Art. 82(1)). For debtors with substantial assets, these exemptions rarely limit recovery.

Garnishment of bank accounts and receivables

The garnishment notice. Where a receivable of the debtor, or a movable in a third party’s hands, is attached, the enforcement officer notifies the third party. The notice states that it may from then on pay only to the enforcement office, that payment to the debtor is invalid, and that it must deliver the movable only to the office (Art. 89(1)). A notice served on the headquarters of a legal person or institution covers all its branches, and the headquarters must answer for all of them (Art. 89(7)). Notices and answers may be exchanged electronically through UYAP and count as service (Art. 89, final paragraph).

The third party’s answer. A third party that claims, for example, that it owes nothing, that it does not hold the asset or that it has already paid must say so within seven days of service (Art. 89(2)). If it does not object, the debt or asset is deemed to be with it, and a second notice is sent. If it also fails to object to the second notice within seven days and does not pay, it is given fifteen days to pay or deliver, or to bring an action for a declaration that it owes nothing. It must file proof of that action within twenty days, failing which enforcement continues against it. In that action, the third party must prove that it owes nothing to the debtor. If it loses, it is ordered to pay compensation of at least 20% of the amount in dispute (Art. 89(3)).

False answers. If a third party objects in time, the creditor may prove before the enforcement court that its answer is untrue and seek its punishment under Art. 338(1) and compensation (Art. 89(4)). The rule applies equally to officials who answer untruthfully by reason of their office.

For a creditor, simultaneous notices to all banks through UYAP are usually the fastest way to secure cash. Bank secrecy does not protect a debtor against attachment through these channels. The relationship between secrecy and enforcement is explained in our guide to bank secrecy, customer secrets and personal data in Turkey.

Third-party ownership claims

Debtors and their associates often claim that attached assets belong to someone else. Where an asset in the debtor’s possession is said to belong to a third party, the office gives the creditor and the debtor three days to object, and their silence counts as acceptance. A debtor or third party that knows of the attachment must make its claim within seven days of learning of it, or lose the right to make it in the same proceedings. Persons living with the claimant, and its business partners, are deemed to know of the attachment from the date of the claim (Art. 96). If the creditor objects, the enforcement court decides whether enforcement continues. If it continues, the third party must bring an ownership action within seven days (Art. 97).

Where the asset is in the hands of a third party claiming ownership, the creditor is given seven days to bring an ownership action against it. If it does not, the third party’s claim is deemed accepted. The asset cannot be sold until the action is decided (Art. 99). Creditors should be ready to sue promptly where assets are found with relatives or connected companies.

Sale of attached assets

Time limit. The creditor or the debtor may request the sale of attached assets within one year of attachment, and this also applies to receivables from third parties. If a timely sale request does not lead to a sale at auction, the period is extended by one year for the requesting creditor (Art. 106(1)–(2)). The costs of valuation and sale must be paid in advance with the request, or the request is deemed not made (Art. 106(3)).

Lapse of attachment. If the sale of an asset is not requested within the statutory period, or a request is withdrawn and not renewed in time, the attachment lapses. A sale request may be withdrawn only once. A creditor whose inaction causes an attachment to lapse bears the related costs (Art. 110). Monitoring these periods is therefore essential, especially in long files with many attachments.

Participation, ranking and distribution

Participation. Until the proceeds of the first attached asset are paid in, other creditors may participate in the attachment at the same level if their claims are based on documents listed in the Law. These include judgments in actions filed earlier, earlier certificates of insolvency, and official or certified documents dated earlier (Art. 100).

Distribution. Costs relevant to all creditors, such as attachment, sale and distribution costs, are paid first from the proceeds. The rest is shared in proportion to claims, including enforcement costs and accrued interest (Art. 138).

Ranking. If the proceeds are not enough to pay all creditors, the enforcement office draws up a ranking. Creditors are ranked as they would be in bankruptcy, but for the first three ranks the relevant date is the date of the attachment request (Art. 140). Each creditor may challenge the ranking within seven days of service. A dispute about the existence or amount of another creditor’s claim is brought as an action before the court at the place of enforcement. A dispute only about the order of ranking goes to the enforcement court by complaint (Art. 142).

How money reaches the creditor. All cash payments to enforcement offices are made into accounts opened in the office’s name at banks designated by the Ministry of Justice. Money collected during attachment is kept in the office’s safe until it is paid into the bank account, at the latest by the end of the first business day after collection. Payments to the creditor are made by the enforcement director’s instruction to the bank, to the account designated by the person entitled. The instruction must be given within three business days of the money reaching the office’s account (Art. 9). A foreign creditor should give its lawyer, or an account designated by it, clear payment instructions at the outset.

The certificate of insolvency and what follows

Issue. If the creditor has not been paid in full and the conditions are met, the enforcement office issues a certificate of insolvency for the remaining amount, free of fees and taxes. It is recorded in a public register kept in each province (Art. 143).

Effects. The certificate is a document acknowledging the debt and gives the creditor the rights in Art. 277 to bring actions to set aside transactions. If the creditor resumes enforcement within one year of receiving it, no new payment order is needed. No interest may be claimed on the amount stated in it. The debt becomes time-barred against the debtor twenty years after the certificate is issued. The debtor may pay at any time with accrued interest to have the certificate removed from the register (Art. 143).

Setting aside transfers. Gifts and transfers to relatives within the look-back periods, and transactions made with intent to harm creditors, can be set aside so that the creditor can enforce against the assets as if they had never left the debtor’s estate (Arts. 277–284). These actions are explained in our guide to freezing assets in Turkey for investor claims.

Bankruptcy as an alternative route

Enforcement by bankruptcy is available only against merchants and persons subject to bankruptcy under special laws, which includes companies. A creditor may also proceed against them by attachment. A creditor that chooses one route may abandon it once and start the other without paying further fees (Art. 43). Under a judgment, if the debtor does not pay within the period in the execution order, the creditor may ask the commercial court to declare a debtor subject to bankruptcy bankrupt (Art. 37).

Bankruptcy is collective: assets are realised for all creditors, ranked under the law. Attachment, by contrast, benefits the attaching creditor and those who participate in time. The choice depends on the debtor’s solvency, the number of competing creditors and the assets known. Concordat proceedings started by the debtor can suspend enforcement, as explained in our insolvency guide. Damages and interest calculations, which determine the amount enforced, are explained in our guide to calculating damages in Turkish securities claims.

Points for foreign institutional investors

Plan before judgment. Identify the defendants’ assets, use precautionary attachment where possible, and follow seizures in the criminal case. A first-instance judgment can then be turned into attachments immediately.

Act in parallel. Bank garnishments, register annotations and requests for a declaration of assets can all be made at the start. Delay gives debtors time to move cash and creates competition with other creditors.

Watch the deadlines. Seven-day periods apply to ownership actions, ranking challenges and complaints, and attachments lapse if sale is not requested within a year (Arts. 99, 106, 110 and 142).

Use the insolvency certificate. Where enforcement yields too little, the certificate of insolvency opens the way to set aside transfers to relatives and connected companies (Arts. 143 and 277).

Frequently asked questions

Can a Turkish money judgment be enforced before it becomes final?

Yes. Appeals do not stop enforcement of money judgments; the debtor must deposit the amount or provide security to obtain a stay (Enforcement and Bankruptcy Law Art. 36).

How long does the debtor have to pay after the execution order?

Seven days from service (Art. 32).

Can the debtor reopen the merits in enforcement?

No. It may only object that the debt has been paid, deferred or is time-barred, within seven days, with strict proof requirements (Art. 33).

What if the debtor does not declare its assets?

It can be held in coercive detention once for up to three months (Art. 76). A false declaration is punishable by three months’ to one year’s imprisonment (Art. 338(1)).

Can bank accounts be attached at all branches at once?

Yes. A garnishment notice served on a bank’s headquarters covers all branches, and notices can be sent through UYAP (Art. 89).

What happens if a bank or third party ignores a garnishment notice?

The debt is deemed to be in its hands, and it must pay or bring a declaratory action. If it loses that action, it pays compensation of at least 20% (Art. 89(3)).

Can listed shares of a debtor be attached?

Yes. Rights over book-entry instruments are effective against third parties from notification to the Central Registry (Capital Markets Law Art. 13(5)).

Are any assets exempt?

Some, such as household goods and a home suited to the debtor’s circumstances, but not money, securities or valuables (Art. 82).

How long does a creditor have to request sale?

One year from attachment, extended by one year if the auction fails; otherwise the attachment lapses (Arts. 106 and 110).

What if a relative claims to own the attached asset?

The creditor must object and, where the relative holds the asset, bring an ownership action within seven days (Arts. 96, 97 and 99).

How are proceeds shared among creditors?

Costs first, then proportionally; where proceeds are insufficient, under a ranking following the bankruptcy order, which can be challenged within seven days (Arts. 138, 140 and 142).

What is a certificate of insolvency?

A document issued for the unpaid balance, acknowledging the debt, enabling actions to set aside transfers, and preserving the claim for twenty years (Arts. 143 and 277).

Must a foreign creditor give security in enforcement?

Foreign persons starting enforcement must give security unless exempted on reciprocity or by treaty (Law No. 5718 Art. 48).

Can a creditor choose bankruptcy instead of attachment?

Against merchants and companies, yes, and it may switch routes once without new fees (Arts. 37 and 43).

How long is a judgment enforceable?

Enforcement based on a judgment becomes time-barred ten years after the last enforcement act (Art. 39).

Related guides

• Turkey’s 2026 Fund and Market Manipulation Crisis: Legal Guide for Foreign Institutional Investors — the entry point to this series
• MSCI’s Turkey Index Freeze and the Legal Response
• Lease Certificates (Sukuk) in Turkey
• Inflation Accounting in Turkey: TMS 29 and the Tax Books
• Individual Application to Turkey’s Constitutional Court and the ECHR
• Privileged Shares in Turkish Listed Companies
• Freezing Assets in Turkey for Investor Claims
• How a Securities Lawsuit Proceeds in Turkey
• Suing in Turkey or Abroad
• When a Turkish Issuer or Broker Becomes Insolvent
• Turkish Book-Entry Securities and the Central Registry (MKK)
• Calculating Damages in Turkish Securities Claims
• Bank Secrecy, Customer Secrets and Personal Data in Turkey
• Recovering Investor Losses from Insurers in Turkey
• Service of Documents in Turkish Proceedings