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Concordat and Reconstruction

As per the state of emergency declared on July 20, 2016 in Turkey under Article 4 of Decree Law numbered 669, corporations are prohibited from requesting suspension of bankruptcy and the courts are prohibited to rule upon. Through this prohibition rule, another opportunity, namely, the concordat, has again come into effect and started to be used by the corporations.
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How can we help?

Within this scope, our Law Firm provides legal service by considering the needs of our clients including evaluating the financial statements by experts, preparing applicable and effective concordat projects; negotiating with the creditor companies and putting the concordat projects into practice in due of time after the said projects are approved through the court. Our Law Firm is experienced in the official (judicial) concordat which can be made in three different ways, the ordinary concordat where the debtor can file a concordat proposal through a petition to the Execution Court, the concordat in the bankruptcy and the concordat through asset abandonment.

Who do we help?

Any party who is in a poor financial situation and wishes to benefit the restructuring option can benefit from our service where our experienced associates guide the party when it comes to pay the debt in line with the agreement stipulated under the concordat, namely the reconstruction agreement between the debtor and the creditors.

Significant commercial practices including advising:

– Leading and managing the process of concordat of one of the main petroleum company in Turkey

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