A Turkish court has ruled Ulusoy Ulasim, one of Turkey’s leading coaching companies, bankrupt.
Sozcu Daily reported that Anadolu 1st Commercial Court of First Instance has legally declared the bankruptcy of the company and rejected the delay request of the company. The court decision comes after three bankruptcy protection periods filed by Ulusoy Ulasim AS in November 2018.
Ulusoy Ulusim’s lawyer, Abidin Ogul, opposed the court decision and asked for a time extension, claiming that coaching companies in Turkey generally don’t make a profit in the winter season and that the company should continue its works as the summer approaches, but it was declined.
The company broke up in 2008 due to a family dispute, and Ulusoy Seyahat was declared bankrupt in 2017, but Ulusoy Ulaşım AŞ announced that it was not associated with Ulusoy Group anymore and continued its coaching service.
Ulusoy Seyahat handed over company rights to Emre Bastug, who owned Ulusoy Ulasim, and declared bankruptcy in 2017. Ulusoy Ulasim also announced bankruptcy on 23 November 2018, and the court allowed three months for the company to recover, but appointed commissioners to monitor the financial works.
Turkish news portal Diken reported that Ulusoy’s bankruptcy is a result of market volatility following Turkey’s 2018 financial crisis. Ulusoy was one of 3,000 companies that applied for bankruptcy protection.
When the Turkish Lira weakened to a historical 40 percent low against the US Dollar last year, and more than 20 percent inflation hit the market for the first time during the ruling Justice and Development Party’s (AKP) 15 year-long rule, many companies declared bankruptcy. Recently, Pamukkale Coaching, which was founded 57 years ago, has also gone bankrupt.