Concordat Law

With the Law on Enforcement and Bankruptcy Law and Amendments to Certain Laws numbered 7101 dated 15.03.2018, bankruptcy postponement was abolished and the institution of concordat was introduced. Concordat is an institution that was introduced for the purpose of companies or merchants whose businesses have been disrupted due to certain reasons to be able to hold on to commercial life and to help them recover.

In fact, the institution of concordat, which had been in our law years ago but lost its function with the introduction of bankruptcy postponement, has been made functional with the new law. Concordat is a subject that requires detailed and technical knowledge such as the court to which application should be made, obtaining a temporary respite, preparation of the concordat preliminary project, obtaining a definite respite, preparation of the concordat project that will ensure the approval of a certain majority of creditors. As Kuzey Law & Consultancy, we serve our clients with our expert staff who receive training from the lecturers who are involved in the preparation of the articles of law regarding concordat.