{"id":37712,"date":"2025-11-30T09:51:43","date_gmt":"2025-11-30T09:51:43","guid":{"rendered":"https:\/\/akdemirlegal.com\/legal-consultancy\/concordat-law\/"},"modified":"2026-04-14T12:39:37","modified_gmt":"2026-04-14T12:39:37","slug":"concordat-law","status":"publish","type":"page","link":"https:\/\/akdemirlegal.com\/en\/legal-consultancy\/concordat-law\/","title":{"rendered":"Concordat Law"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"37712\" class=\"elementor elementor-37712 elementor-11382\">\n\t\t\t\t<div class=\"elementor-element elementor-element-14d5d408 e-flex e-con-boxed content-parallax-no e-con e-parent\" data-id=\"14d5d408\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-588f0680 elementor-widget elementor-widget-text-editor\" data-id=\"588f0680\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>In periods of economic volatility and commercial uncertainty, maintaining financial balance is vital for both companies and individuals. In the Turkish legal system, the Concordat is one of the most effective legal protection mechanisms for debtors with a deteriorated financial status but a sustainable business model.<\/p>\n<p><span style=\"font-weight: 400;\">A Concordat is not just a shield protecting the debtor from bankruptcy; it is also a platform for reconciliation that safeguards the rights of creditors.<\/span><\/p>\n<h2><b>What is a Concordat?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Konkordato; mali durumu bozulmu\u015f olan bor\u00e7lular\u0131n, alacakl\u0131lar\u0131yla mahkeme huzurunda yapt\u0131\u011f\u0131 ve alacakl\u0131lar\u0131n belirli bir \u00e7o\u011funlu\u011fu taraf\u0131ndan kabul edildikten sonra mahkemece tasdik edilerek h\u00fck\u00fcm ifade eden bir **&#8221;bor\u00e7 yap\u0131land\u0131rma anla\u015fmas\u0131&#8221;**d\u0131r.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00b7 Objective: To prevent the bankruptcy of an honest debtor and ensure the continuity of the business.<br>\u00b7 Mechanism: Restructuring involves either extending the maturity of debts (tenhil) or reducing the total debt amount (tenzilat). <\/span><\/p>\n<style>.elementor-37820 .elementor-element.elementor-element-8570b16{--display:flex;--flex-direction:row;--container-widget-width:calc( ( 1 - var( --container-widget-flex-grow ) ) * 100% );--container-widget-height:100%;--container-widget-flex-grow:1;--container-widget-align-self:stretch;--flex-wrap-mobile:wrap;--justify-content:center;--align-items:center;--gap:0px 30px;--row-gap:0px;--column-gap:30px;--border-radius:50px 0px 50px 0px;box-shadow:0px 0px 3px 0px rgba(204, 204, 204, 0.5);--margin-top:30px;--margin-bottom:30px;--margin-left:0px;--margin-right:0px;--padding-top:30px;--padding-bottom:30px;--padding-left:15px;--padding-right:15px;}.elementor-37820 .elementor-element.elementor-element-8570b16:not(.elementor-motion-effects-element-type-background), .elementor-37820 .elementor-element.elementor-element-8570b16 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-color:#FAFAFA;}.elementor-37820 .elementor-element.elementor-element-8570b16.e-con{--flex-grow:0;--flex-shrink:0;}.elementor-37820 .elementor-element.elementor-element-8570b16 .elementor-repeater-item-7f1a22b{--float-image-width:30;--float-image-left:50;--float-image-top:30;}.elementor-widget-heading .elementor-heading-title{font-family:var( --e-global-typography-primary-font-family ), Sans-serif;font-weight:var( --e-global-typography-primary-font-weight );color:var( --e-global-color-primary );}.elementor-37820 .elementor-element.elementor-element-af82104 .elementor-heading-title{font-family:\"Marcellus\", Sans-serif;font-size:50px;font-weight:600;line-height:66px;color:#000000;}.elementor-37820 .elementor-element.elementor-element-af82104{width:var( --container-widget-width, 70.636% );max-width:70.636%;--container-widget-width:70.636%;--container-widget-flex-grow:0;}.elementor-37820 .elementor-element.elementor-element-af82104.elementor-element{--flex-grow:0;--flex-shrink:0;}.elementor-widget-button .elementor-button{font-family:var( --e-global-typography-accent-font-family ), Sans-serif;font-weight:var( --e-global-typography-accent-font-weight );background-color:var( --e-global-color-accent );}.elementor-37820 .elementor-element.elementor-element-535ec26 .elementor-button-content-wrapper{flex-direction:row-reverse;}.elementor-37820 .elementor-element.elementor-element-535ec26 .elementor-button{font-family:\"DM Sans\", Sans-serif;font-size:20px;font-weight:500;fill:#FFFFFF;color:#FFFFFF;background-color:#0B162D;border-radius:20px 0px 20px 0px;}@media(max-width:767px){.elementor-37820 .elementor-element.elementor-element-8570b16{--align-items:flex-start;--container-widget-width:calc( ( 1 - var( --container-widget-flex-grow ) ) * 100% );--gap:20px 20px;--row-gap:20px;--column-gap:20px;--border-radius:25px 0px 25px 0px;--padding-top:20px;--padding-bottom:20px;--padding-left:15px;--padding-right:15px;}.elementor-37820 .elementor-element.elementor-element-af82104{text-align:center;width:var( --container-widget-width, 98.932% );max-width:98.932%;--container-widget-width:98.932%;--container-widget-flex-grow:0;}.elementor-37820 .elementor-element.elementor-element-af82104 .elementor-heading-title{font-size:22px;line-height:1.2em;}.elementor-37820 .elementor-element.elementor-element-535ec26 .elementor-button{font-size:17px;}}@media(min-width:768px){.elementor-37820 .elementor-element.elementor-element-8570b16{--width:96%;}}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"37820\" class=\"elementor elementor-37820 elementor-37399 elementor-37399\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8570b16 e-con-full e-flex content-parallax-no e-con e-parent\" data-id=\"8570b16\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-af82104 elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-heading\" data-id=\"af82104\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Get Legal Consultancy in Istanbul<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-535ec26 elementor-widget elementor-widget-button\" data-id=\"535ec26\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/akdemirlegal.com\/en\/contact\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"ti ti-arrow-right\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Contact Us<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n<h2><b>The Concordat Process<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The process begins with an application to the authorized Commercial Court of First Instance and consists of several critical stages: <\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Application and Preliminary Review:<\/b> Submission of the &#8220;Concordat Preliminary Project&#8221; and mandatory financial documents.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Temporary Respite (Ge\u00e7ici M\u00fchlet):<\/b> If conditions are met, the court grants a 3-month protection period and appoints a Temporary Commissioner.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Definitive Respite (Kesin M\u00fchlet):<\/b> If the project shows potential for success, the court grants a 1-year definitive protection period.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Creditors&#8217; Meeting: <\/b>Creditors vote on the proposed restructuring project.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Court Ratification: <\/b>If accepted by the required majority, the court approves the project, making it legally binding.<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Throughout this process, the debtor is under the supervision of the court and the bankruptcy commissioner.<\/span><\/p>\n<h2><b>Types of Concordat<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The types of concordat differ according to their stipulations and the timing of their application in the Enforcement and Bankruptcy Law.<\/span><\/p>\n<h3><b>1. Ordinary Concordat (Adi Konkordato):<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The most common type, aimed at preventing bankruptcy before it occurs. <\/span><\/p>\n<h3><b>2. Concordat within Bankruptcy (\u0130flas \u0130\u00e7i Konkordato):<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Proposed by a debtor who has already been declared bankrupt, seeking to lift the bankruptcy restrictions through a payment plan. <\/span><\/p>\n<h3><b>3. Non-Bankruptcy Composition Agreement<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">While this term is often used synonymously with &#8220;Ordinary Composition Agreement,&#8221; it technically refers to an agreement made before entering bankruptcy proceedings. The most strategic timing for a debtor to continue their business operations uninterrupted is to resort to this path when the first signs of financial distress are detected, before the conditions for bankruptcy are fully met. <\/span><\/p>\n<h3><b>4. Concordat through Asset Assignment (Malvarl\u0131\u011f\u0131n\u0131n Terki Suretiyle Konkordato):<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The debtor transfers all or part of their assets to creditors to be sold for debt recovery; often used as a faster alternative to liquidation. <\/span><\/p>\n<h2><b>How to File for Bankruptcy Protection?<\/b><\/h2>\n<p>A request for a composition with creditors is made by submitting a petition to the Commercial Court of First Instance located where the debtor&#8217;s main business is situated. Any creditor who is entitled to file for bankruptcy may also request the initiation of composition proceedings against the debtor by submitting a reasoned petition.<\/p>\n<p><span style=\"font-weight: 400;\">All required documents (Preliminary Composition with Creditors draft, financial statements, income statement, cash flow statement, etc.) must be prepared completely and accurately during the application process. This stage is the most critical point in the process, as the court will make its decision based on the seriousness and credibility of the draft. <\/span><\/p>\n<h2><b>Temporary and Definitive Stay Periods<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The protective shield that a concordat provides to the debtor begins with &#8220;morning hold&#8221; decisions.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Temporary Stay:<\/b> If the court finds the application appropriate, it immediately grants the debtor a temporary stay of 3 months. This period can be extended by another 2 months if necessary (a total of 5 months). During the temporary stay, enforcement proceedings against the debtor are suspended, no new proceedings can be initiated, and precautionary attachment orders cannot be enforced. At this stage, the court appoints a temporary concordat commissioner.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Definitive Grace Period: <\/b>If it is determined that the debtor&#8217;s financial situation can improve during the temporary grace period, the court will grant a definitive grace period of one year. This period may be extended by another six months in difficult circumstances. During the definitive grace period, the debtor continues their business under the supervision of a commissioner, and preparations are made for the creditors&#8217; meeting.<\/li>\n<\/ul>\n<h2><b>The Role of Creditors and Creditors&#8217; Meetings<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Konkordato, tek tarafl\u0131 bir irade beyan\u0131 de\u011fil, bir &#8220;uzla\u015fma&#8221;d\u0131r. Bu nedenle alacakl\u0131lar\u0131n tutumu belirleyicidir. S\u00fcre\u00e7 i\u00e7erisinde alacakl\u0131lar alacaklar\u0131n\u0131 bildirir ve komiser taraf\u0131ndan bu alacaklar kaydedilir. <\/span><\/p>\n<p>At the end of the process, a Creditors&#8217; Meeting is held. For the concordat project to be approved, one of the following two majorities is required:<\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A majority exceeding half of the registered creditors and claims.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A majority exceeding one-quarter of the registered creditors and two-thirds of the claims.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">At this meeting, creditors say &#8220;yes&#8221; or &#8220;no&#8221; to the payment plan presented by the debtor.<\/span><\/p>\n<h2><b>The Duties and Importance of the Concordat Commissioner<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The concordat commissioner acts as the &#8220;eyes and ears&#8221; of the court. They do not take over the management of the company but oversee the actions of the management bodies. <\/span><\/p>\n<p><b>Main Tasks:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To contribute to the completion of the concordat project.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To oversee the debtor&#8217;s activities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To provide the court with interim reports to inform it about the progress of the process.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To call creditors to a meeting and to preside over the meeting.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Examining the existence of receivables.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The commissioner&#8217;s reports play a vital role in the court&#8217;s confirmation decision.<\/span><\/p>\n<h2><b>How to Prepare a Concordat Project?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A concordat project is not a wish list, but a business plan based on mathematical and financial realities. The following points should be clearly stated in the project: <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What is the percentage or the payment term for the debts?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How the borrower will provide working capital.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What will be the source of the payments (sales proceeds, capital increase, asset sale, etc.)?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Apart from a composition with creditors, whether the debtor&#8217;s assets are sufficient to pay off the debts.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The project must be supported by independent audit reports and must be &#8220;credible&#8221;.<\/span><\/p>\n<h2><b>Common Mistakes During the Bankruptcy Proceedings<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The following mistakes often underlie bankruptcy proceedings:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Late Application:<\/b> Submitting the application after the company&#8217;s resources have been completely exhausted.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Unrealistic Projects:<\/b> Making commitments that cannot be fulfilled.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lack of Communication with Creditors:<\/b> Failing to involve and persuade creditors in the process.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lack of Legal Support:<\/b> The request is rejected due to procedural errors in the process.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lack of Transparency:<\/b> Engaging in transactions that raise suspicions of asset concealment.<\/li>\n<\/ol>\n<h2><b>Strategic Approaches to a Successful Bankruptcy Proceedings<\/b><\/h2>\n<p>A successful bankruptcy process requires sound legal and financial engineering.<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Early Diagnosis:<\/b> Professional help should be sought as soon as cash flow begins to deteriorate.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Transparency: Full transparency between the commissioner and creditors builds trust.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Negotiation Skills:<\/b> Professional language should be used in negotiations with banks and suppliers.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Flexible Planning:<\/b> A project should be prepared that can be revised according to market conditions.<\/li>\n<\/ul>\n<h2><b>What happens if a request for a concordat is rejected?<\/b><\/h2>\n<p>If the court does not approve the project submitted by the debtor, or if it becomes clear within the moratorium period that the composition agreement will not succeed, the court will reject the composition agreement application. According to the Bankruptcy Law, if the debtor is found to be insolvent, the court will, along with the rejection decision, directly declare the debtor bankrupt. This means the liquidation process of the company will begin. Therefore, a composition agreement application is a risky &#8220;make or break&#8221; decision and must be managed with expertise.<\/p>\n<h2><b>Why is a Bankruptcy Lawyer Necessary?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A concordat is not simply a matter of filing a petition; it is a complex process that combines knowledge of Enforcement and Bankruptcy Law, Commercial Law, Contract Law, and financial analysis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A concordat lawyer:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">By analyzing the company&#8217;s financial situation, it determines the most opportune time to apply.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It ensures that the preliminary project is prepared in accordance with the law.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">He\/She manages relations with the court and the commissioner.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">They represent the debtor at creditors&#8217; meetings and conduct negotiations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It provides a legal defense against possible objections.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Since a flawed filing can lead directly to a company&#8217;s bankruptcy, working with an experienced lawyer during this process is not a luxury, but a necessity.<\/span><\/p>\n<h2><b>Frequently Asked Questions About Concordat<\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16f4ee0 elementor-widget elementor-widget-ceaaccordion\" data-id=\"16f4ee0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ceaaccordion.default\">\n\t\t\t\t\n\t\t<div class=\"elementor-widget-container cea-accordion-elementor-widget\" data-toggle=\"1\">\n\t\t\t<div class=\"cea-accordions\" id=\"cea-accordion-1\"><div class=\"card cea-accordion\"><div class=\"card-header cea-accordion-header\"><a class=\"nav-item nav-link active\" href=\"#cea-accordion-1-1\"><span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\"><span class=\"cea-accordion-icon-closed\" style=\"font-size: 12px;\"><i class=\"ti-plus\"><\/i><\/span><span class=\"cea-accordion-icon-opened\" style=\"font-size: 12px;\"><i class=\"ti-minus\"><\/i><\/span><\/span>What documents are required to file for bankruptcy protection?<\/a><\/div><!-- .card-header --><div class=\"cea-accordion-content active\" id=\"cea-accordion-1-1\"><div class=\"card-body\"><div class=\"cea-accordion-pane\"><p>A preliminary draft of a composition agreement requires a list of the debtor's assets, a list of creditors and their amounts owed, comparative tables (composition agreement vs. bankruptcy), a reasonable assurance report (from an independent auditing firm), and financial statements for the last year.<\/p>\n<\/div><\/div><!-- .card-body --><\/div><!-- .cea-accordion-content --><\/div><!-- .card --><div class=\"card cea-accordion\"><div class=\"card-header cea-accordion-header\"><a class=\"nav-item nav-link\" href=\"#cea-accordion-1-2\"><span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\"><span class=\"cea-accordion-icon-closed\" style=\"font-size: 12px;\"><i class=\"ti-plus\"><\/i><\/span><span class=\"cea-accordion-icon-opened\" style=\"font-size: 12px;\"><i class=\"ti-minus\"><\/i><\/span><\/span>How long does the concordat process take?<\/a><\/div><!-- .card-header --><div class=\"cea-accordion-content\" id=\"cea-accordion-1-2\"><div class=\"card-body\"><div class=\"cea-accordion-pane\"><p>Including the provisional (3-5 months) and definitive (12-18 months) periods, as well as the confirmation proceedings, the entire process takes an average of 1.5 to 2 years.<\/p>\n<\/div><\/div><!-- .card-body --><\/div><!-- .cea-accordion-content --><\/div><!-- .card --><div class=\"card cea-accordion\"><div class=\"card-header cea-accordion-header\"><a class=\"nav-item nav-link\" href=\"#cea-accordion-1-3\"><span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\"><span class=\"cea-accordion-icon-closed\" style=\"font-size: 12px;\"><i class=\"ti-plus\"><\/i><\/span><span class=\"cea-accordion-icon-opened\" style=\"font-size: 12px;\"><i class=\"ti-minus\"><\/i><\/span><\/span>What happens if the concordat is not approved?<\/a><\/div><!-- .card-header --><div class=\"cea-accordion-content\" id=\"cea-accordion-1-3\"><div class=\"card-body\"><div class=\"cea-accordion-pane\"><p>If a debtor's request for a concordat is rejected, and the debtor is insolvent, the court will automatically declare them bankrupt.<\/p>\n<\/div><\/div><!-- .card-body --><\/div><!-- .cea-accordion-content --><\/div><!-- .card --><div class=\"card cea-accordion\"><div class=\"card-header cea-accordion-header\"><a class=\"nav-item nav-link\" href=\"#cea-accordion-1-4\"><span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\"><span class=\"cea-accordion-icon-closed\" style=\"font-size: 12px;\"><i class=\"ti-plus\"><\/i><\/span><span class=\"cea-accordion-icon-opened\" style=\"font-size: 12px;\"><i class=\"ti-minus\"><\/i><\/span><\/span>Does seizure of assets stop during a concordat process?<\/a><\/div><!-- .card-header --><div class=\"cea-accordion-content\" id=\"cea-accordion-1-4\"><div class=\"card-body\"><div class=\"cea-accordion-pane\"><p>Yes. With the temporary stay order, proceedings against the debtor, including public receivables subject to Law No. 6183 (taxes, social security contributions), are suspended, and no new proceedings can be initiated. However, secured creditors can initiate or continue proceedings, but they cannot obtain protective measures or carry out sales.  <\/p>\n<\/div><\/div><!-- .card-body --><\/div><!-- .cea-accordion-content --><\/div><!-- .card --><div class=\"card cea-accordion\"><div class=\"card-header cea-accordion-header\"><a class=\"nav-item nav-link\" href=\"#cea-accordion-1-5\"><span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\"><span class=\"cea-accordion-icon-closed\" style=\"font-size: 12px;\"><i class=\"ti-plus\"><\/i><\/span><span class=\"cea-accordion-icon-opened\" style=\"font-size: 12px;\"><i class=\"ti-minus\"><\/i><\/span><\/span>Can a company continue operating during a concordat process?<\/a><\/div><!-- .card-header --><div class=\"cea-accordion-content\" id=\"cea-accordion-1-5\"><div class=\"card-body\"><div class=\"cea-accordion-pane\"><p>Yes, the primary purpose of a concordat is to ensure the company's survival. The company continues its operations under the supervision of a commissioner and within the limits set by the court. <\/p>\n<\/div><\/div><!-- .card-body --><\/div><!-- .cea-accordion-content --><\/div><!-- .card --><div class=\"card cea-accordion\"><div class=\"card-header cea-accordion-header\"><a class=\"nav-item nav-link\" href=\"#cea-accordion-1-6\"><span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\"><span class=\"cea-accordion-icon-closed\" style=\"font-size: 12px;\"><i class=\"ti-plus\"><\/i><\/span><span class=\"cea-accordion-icon-opened\" style=\"font-size: 12px;\"><i class=\"ti-minus\"><\/i><\/span><\/span>Is a concordat a suitable solution for every debtor?<\/a><\/div><!-- .card-header --><div class=\"cea-accordion-content\" id=\"cea-accordion-1-6\"><div class=\"card-body\"><div class=\"cea-accordion-pane\"><p>No. A concordat is for debtors whose financial situation has deteriorated but who still have \"hope for recovery.\" If the company's business model has completely collapsed or its assets are far from sufficient to cover its debts, bankruptcy may be a more appropriate course of action.  <\/p>\n<\/div><\/div><!-- .card-body --><\/div><!-- .cea-accordion-content --><\/div><!-- .card --><div class=\"card cea-accordion\"><div class=\"card-header cea-accordion-header\"><a class=\"nav-item nav-link\" href=\"#cea-accordion-1-7\"><span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\"><span class=\"cea-accordion-icon-closed\" style=\"font-size: 12px;\"><i class=\"ti-plus\"><\/i><\/span><span class=\"cea-accordion-icon-opened\" style=\"font-size: 12px;\"><i class=\"ti-minus\"><\/i><\/span><\/span>Difference Between a Composition with Creditors and Bankruptcy?<\/a><\/div><!-- .card-header --><div class=\"cea-accordion-content\" id=\"cea-accordion-1-7\"><div class=\"card-body\"><div class=\"cea-accordion-pane\"><p>Bankruptcy is the process by which a company ceases operations and its assets are sold to pay off debts (liquidation). A concordat, on the other hand, is the process by which a company continues its operations, restructures and pays off its debts, and returns to commercial life. <\/p>\n<\/div><\/div><!-- .card-body --><\/div><!-- .cea-accordion-content --><\/div><!-- .card --><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7a0f742 e-flex e-con-boxed content-parallax-no e-con e-parent\" data-id=\"7a0f742\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-589c9c3 elementor-widget elementor-widget-heading\" data-id=\"589c9c3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">For other areas of legal consultancy:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2098448 e-grid e-con-boxed content-parallax-no e-con e-parent\" data-id=\"2098448\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-62782a9 e-con-full e-flex content-parallax-no e-con e-child\" data-id=\"62782a9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ca8336e elementor-widget elementor-widget-heading\" data-id=\"ca8336e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Commercial Law<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e3aed70 e-con-full e-flex content-parallax-no e-con e-child\" data-id=\"e3aed70\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3bbb183 elementor-widget elementor-widget-heading\" data-id=\"3bbb183\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/akdemirlegal.com\/service\/insurance-law\/\">Insurance Law<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e6d60ad e-con-full e-flex content-parallax-no e-con e-child\" data-id=\"e6d60ad\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8738763 elementor-widget elementor-widget-heading\" data-id=\"8738763\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/akdemirlegal.com\/en\/legal-consultancy\/maritime-trade-law\/\">Maritime Trade Law<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-dbda4d6 e-con-full e-flex content-parallax-no e-con e-child\" data-id=\"dbda4d6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-938e447 elementor-widget elementor-widget-heading\" data-id=\"938e447\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/akdemirlegal.com\/en\/legal-consultancy\/blockchain-cryptocurrency-law\/\">Blockchain Law<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f19d280 elementor-section-boxed elementor-section-height-default elementor-section-height-default content-parallax-no\" data-id=\"f19d280\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0d62c90\" data-id=\"0d62c90\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a2941d animated-fast cea-tablet-align-left cea-separator-type-normal elementor-invisible elementor-widget elementor-widget-ceasectiontitle\" data-id=\"4a2941d\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"ceasectiontitle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"section-title-wrapper\"><div class=\"title-wrap\"><div class=\"sub-title\"><span class=\"subtitle-dots \" >Do You Have Questions?<\/span><\/div><h2 class=\"section-title none cea-nrml\" data-animation=\"none\"  >Contact Form<\/h2><div class=\"elementor-divider\"><span class=\"elementor-divider-separator\"><\/span><\/div><\/div><!-- .title-wrap --><div class=\"section-description\"><p class=\"section-content\">Istanbul Law Firm: We are always here for your support needs.<\/p><\/div><!-- .section-description --><\/div><!-- .section-title-wrapper -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a6fde03 elementor-widget elementor-widget-contactform\" data-id=\"a6fde03\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"contactform.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"contact-form-wrapper cf-style-default\"><div class=\"contact-form\">\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f37679-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"37679\">\n<div class=\"screen-reader-response\"><p role=\"status\" 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aria-invalid=\"false\" placeholder=\"Firstname\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span>\n\t\t<\/p>\n\t<\/div>\n\t<div class=\"col-md-6\">\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Email\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span>\n\t\t<\/p>\n\t<\/div>\n\t<div class=\"col-md-6\">\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-phone\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-tel wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-tel\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Phone Number\" value=\"\" type=\"tel\" name=\"your-phone\" \/><\/span>\n\t\t<\/p>\n\t<\/div>\n\t<div class=\"col-md-12\">\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-message\"><textarea cols=\"40\" rows=\"10\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\" placeholder=\"Message\" name=\"your-message\"><\/textarea><\/span>\n\t\t<\/p>\n\t<\/div>\n\t<div class=\"col-md-12 mt-3\">\n\t\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner\" type=\"submit\" value=\"Submit\" \/>\n\t\t<\/p>\n\t<\/div>\n<\/div><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n<\/div><!-- .contact-form --><\/div><!-- .contact-form-wrapper -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>In periods of economic volatility and commercial uncertainty, maintaining 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