Recognition and enforcement ofaward of the ICAC at the UCCI in the Turkish Republic
The Ukrainian enterprise, one of the largest East European manufacturer of abrasive material, applied to Interlegal upon enforcement of award made by ICAC at the UCCI against the Turkish debtor, acting as a buyer under the sales contract.
Having received a positive arbitration award, the Client faced the need in its enforcement against the foreign counteragent outside Ukraine. This process was subject to hard control by fiscal services, due to the law regulations on fund return.
Having assessed the debtor’s financial status and prospects of actual award enforcement in the Turkish Republic, Interlegal experts initiated the proceedings upon its recognition and permission to enforce by the Turkish court.
With joint efforts of Interlegal Ukrainian and Turkish offices, the Turkish court awarded to satisfy the application in full. Successful negotiations with the debtor resulted in major debt recovery in the process of recognition.