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Concordat; It was thought that the principle of sharing the existing assets of a company that ceased its activities with the creditors in accordance with legal provisions protected the creditors and provided a fair solution. However, over time, it was understood that every company that ceased its activities left a difficult wound in the economy. In order to eliminate this negative situation, maintain economic balance and at the same time protect the rights of creditors, the legislator established the institution of Bankruptcy Postponement. Bankruptcy Agreement is defined as an agreement that includes the details of the financially distressed debtor’s payment of debts with a certain term and rate approved by the court. In recent years, the frequent demand for bankruptcy agreements in our country has made concordat an important element of commercial life.
The bankruptcy postponement process, which must be carried out under the guidance of experts who are knowledgeable in finance, economics, and law, is of vital importance for the debtor. The debtor, who can continue its activities with the approval of bankruptcy postponement under the guidance of experts, can find himself/herself bankrupt as a result of the guidance of non-specialists in this field. In view of the importance of the bankruptcy agreement, our lawyers have focused not only on the legal aspects but also on the financial and economic aspects of the possible bankruptcy, and have gained the competence to manage the entire process in all its aspects.
Thanks to this competence, our office has successfully implemented the bankruptcy agreement process with many clients so far.
How Does Your Conciliation Management Process Work?
- Based on our preliminary work, technical reports such as the necessary business plan for conciliation, asset declarations, and financial analysis reports are prepared with the assistance of experts in the field.
- This is followed by an application to the Commercial Court for an insolvency agreement and the decision on temporary respite.
- Then, the definitive respite is obtained, and the insolvency agreement project is approved at meetings with creditors and secured creditors.
- Finally, the conciliation project is ratified by the court.
The preliminary work in the first stage affects all subsequent steps. If the presented project is not suitable for the company’s financial situation or does not realistically restructure the debts, the project may be rejected by the court or creditors. This may lead to the debtor’s insolvency and loss of rights. To prevent such losses and to manage the conciliation process successfully, Kapital Law Office provides comprehensive legal consultancy and advocacy services to our clients during the conciliation process with our competent lawyers.
We always aim to find solutions to your questions such as “What is Concordat? How is Concordat declared? How is the İflas Anlaşması structured?” Our İzmir Konkordato lawyers are always ready to assist you, so please do not hesitate to contact our İzmir law office. To access more information on this topic, click here.