In commercial life, it is one of the common legal issues to collect receivables arising from commercial transactions, as well as to resort to legal institutions such as Concordat, due to economic difficulties for companies. With our expert and professional team on Execution-Bankruptcy-Concordat, we successfully manage the entire process in terms of both getting companies out of debt and restructuring debts.
Our office provides counter-defences such as the execution of legal proceedings with lawyers who are experts in enforcement law, collections as a result of the aforementioned proceedings, the debtors as a result of the enforcement proceedings, such as objection, collusion smuggling, negative clearance lawsuit, Bankruptcy Office Attorney, Bankruptcy Administration Attorney and Concordat request. It also offers fast solutions with its knowledge and experience.
For this purpose, our Law Firm provides services with a large and dedicated team of experienced lawyers and enforcement personnel to provide this service specifically. Effective collection is carried out with pre- and post-prosecution search services, with a special enforcement follow-up department and enforcement team formed with the follow-up officers in the office in order to promptly collect the receivable and to reach the result as soon as possible. Lawyers and employees of our office, which have experience in collective enforcement proceedings of banks and institutions, are experts in enforcement programs.
Enforcement follow-up of court orders and foreign exchange documents (check-promissory note), their collection Collateralization of commercial and personal receivables, conversion of guarantees into money, protection of rights and interests in enforcement proceedings against clients and prevention of damage, Restructuring, improving and reorganizing the financial situation of the company, in the sale of all or a part of the company, defining the risks, managing the whole process from the Concordat Application to the Concordat Announcement, including the Temporary and Final periods, and again, if it is decided to open the Bankruptcy and if the Bankruptcy is filed, the Bankruptcy Directorate handles the relevant file, management until the conclusion of the bankruptcy, as the bankruptcy desk and/or the bankruptcy administration representative, depending on whether the liquidation is Ordinary or Simple Liquidation.
concordat
The legislator expanded the scope of the concordat considerably by abolishing the institution of “bankruptcy postponement” with the law numbered 7101 dated 28.02.2018. This institution has been reorganized in the articles. In its final form, the concordat has become an enforcement and bankruptcy mechanism, including the abolished “bankruptcy postponement”.
Concordat as per Article 285 of the Execution and Bankruptcy Law: Any debtor who cannot pay his debts when they are due or is in danger of not paying on due date, may request a concordat in order to be able to pay his debts or to get rid of a possible bankruptcy by giving a term or making a reduction. Concordat can be defined as the “Structuring Project” planned to save the debtor from bankruptcy by reducing and/or making maturity of debts.
The court, which determines that the necessary documents (all legal documents) submitted with the concordat request are complete, must immediately issue a “Temporary Delay-Injunction Decision.” The court has no discretion in this matter. “Concordat Commissioner or commissioners” are appointed with the temporary respite decision.
The temporary deadline is 3 months from the date of application, and in cases deemed necessary by the Court, it can be extended for another 2 months, upon the request of the debtor or the commissioner. No legal action can be taken against the decision to accept the temporary respite request, to appoint a temporary commissioner and to extend the temporary respite.
The court invites the debtor or the creditor who requests bankruptcy to the hearing within the temporary respite period. If, together with the written report of the temporary concordat commissioner, considering the objections of the creditors, and considering the reality of the Project submitted to the Court, and considering whether the applicant is in good faith or not, if it is concluded that he can restructure the debts, he gives a “definite deadline” decision; otherwise, he rejects and decides for bankruptcy. If the court considers that the preliminary project of the concordat will be successful, it will give the debtor a one-year deadline. The final deadline may be extended up to six months by the court upon the reasoned report and request of the commissioner. If the extension request comes from the debtor, it takes the opinion of the court commissioner and the creditors’ board, if any, and makes its decision. At the end of the trial, the decision of approval of the concordat by taking the opinion of the commissioners and-or not the approval of the concordat will be decided, and the bankruptcy of the applicant will be decided.