AC
Anasayfa Makaleler Enforcement and Bankruptcy Law

Concordat Process: Reconciliation and Certification from the Debtor

24 Şubat 2026 Enforcement and Bankruptcy Law 2 dk okuma 15 görüntülenme Son güncelleme: 8 Mayıs 2026

EBL art.285-309 regulates the "concordat" institution, which gives the debtor in financial distress the opportunity to reach an agreement with his creditors. With the 2018 amendments, the process was clarified and replaced "bankruptcy postponement".

Types of Concordat

  • Executive concordat: Ordinary concordat (approval of the majority of creditors).
  • Concordat for bankruptcy: Agreement with creditors in bankruptcy.
  • Concordatum by abandonment of assets:Transfer of assets to creditors

Process

  • Debtor application: Petition to the Commercial Court of First Instance + preliminary project + balance sheet.
  • Temporary grace period (3 months): Enforcement proceedings will be suspended while the court conducts its investigation.
  • Appointment of interim commissioners.
  • Definite deadline (1 year, 6+6 months extension): If the concordat preliminary project is approved.
  • Creditors' meeting: Majority + amount ratio.
  • Confirmation decision: The court confirms the creditor decision and debtor capacity.
  • Application: Payment plan at agreed rates.

    • Effects of Respite

    • Enforcement proceedings stop.
    • Precautionary seizure/injunction decisions remain.
    • The debtor cannot sell his assets or establish a mortgage/pledge (except for the approval of the commissioner).
    • The debtor's ability to continue commercial activities.

    Majority of Creditors

    • Approval of half the number of ordinary creditors + 2/3 of the receivable amount.
    • Or approval of 2/3 of the number of creditors + half the amount.
    • Privileged creditors (pledged, state) as a rule, full payment outside concordat.

    Supreme Court 23. HD and HGK — Established Approach

    23. HD and HGK require concordat as a condition that "the debtor is in real financial difficulty"; "malicious" applications will be denied a deadline. The payment rate and duration in the preliminary project must constitute a "justifiable interest" for creditors.

    Negative Decision — Bankruptcy

    • Bankruptcy if the preliminary project cannot be prepared within the deadline.
    • Bankruptcy if creditors' approval cannot be obtained.
    • Bankruptcy if certification conditions are not met.
    • With the bankruptcy decision, the debtor's assets are liquidated.

    Practical Steps for the Debtor

  • Financial analysis with financial advisor + lawyer.
  • Realistic preliminary project (payment rate, duration).
  • Preliminary discussion with creditors.
  • Complete file submission to the court.
  • Cooperation with commissioners.

    • Practical Advice for Creditors

  • Follow the concordat announcement.
  • Do not be late in reporting your receivables.
  • Exercising rights at the meeting of creditors.
  • Evaluate whether the preliminary project is reasonable or not.
  • Receivables pursuit in the bankruptcy estate in case of a negative decision.

    • Concordat is a complex process. Execution-bankruptcy law lawyer is a must.

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