3- Concordat Provisions

Concordat Provisions

• 
  The concordat becomes binding with the verdict of attestation.
• It can also be decided that the concordant will become binding with the finalization of the verdict of approval.
• In this case, the effects of the contract shall continue until the date of binding of the concordat without prejudice to the exceptions stipulated in the law.
• onnective concordat is compulsory for all claims arising from the deadline before the request of the concordant or without the permission of the commissioner.
• The second paragraph of this article shall not apply to the receivable receivables written in the first period of Article 206, the receivables of the pledged creditors that meet the value of the pledges and the receivable receivables under the Law No. 6183.
• Debts concluded with the permission of the Commissioner within the deadline, including the loans granted by credit institutions, are not subject to the conditions of concordat, in the ordinary concordat, are deemed to be the table debt to the concordat or to a subsequent bankruptcy by the addition of assets.

• The same rule applies to counter-actions in the continuous debt relations to which the debtor, who accepts the performance of the act against the commission, with the permission of the Commissioner.

Concordat Provisions – Comment:

When the request for a concordat is only approved by the court, all arrangements relating to concordat shall apply. The fact that the application dossier has been submitted to the court does not include the petitioning company. The execution proceedings shall continue in the same manner unless the judge approves this application. However, according to the law; When the information requested in the concordat project is provided to the court, the court delegation declares the concordat by giving a 3-month admission period without any other conditions. In addition, the court delegation can declare concordatum by providing additional time up to 45 days for the provision of missing documents.

From the declaration of the concordat, the creditor can not follow the execution of the debt within the concordat process but the amount it will receive is the table debt. Table debt, in the case of bankruptcy, even if the privileged receivable will be the priority debt. This situation should not be confused with the debts made before the concordat process. Obligations before the concordat process are presented to the court with a payment plan together with the concordatorium project. If the Borrower does not pay according to this plan, the basis to be applied is different. Details can be found in the following article.

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